VALUE ADDED BY INTERWEST CAPITAL
Interwest acquired this nonperforming loan in receivership with an absentee borrower over a compressed time period during the holiday season. Further obstacles included a complicated redemption period/foreclosure process and a defunct historic tax credit structure which Interwest restructured to avoid a recapture penalty on behalf of the tax credit investor.
720 N. Old World Third, Milwaukee, WI 53203
Real Estate. Loan. Subsequent foreclosure to fee ownership.
Originally built in 1913 as a hotel, this 12 story historic building underwent a $23mm gut-renovation to highly-amenitized apartments in 2007. The property is located in the Milwaukee Riverwalk district of downtown.