Fee Simple Ownership Via Purchase & Foreclosure of Distressed Mortgage Note
JONESTOWN, PA – September 1, 2011 — Excel Group announced today that the firm has acquired the fee simple ownership of the 50-room Quality Inn in Jonestown, Pennsylvania and plans to convert the hotel to a Comfort Inn.
The firm acquired the $1.75 million distressed mortgage note for the property in March in all cash, and closed in 10 days. Upon acquisition of the note, Excel Group pursued foreclosure, however just prior to the action, the borrowing entity filed bankruptcy.
“Our legal team was able to act quickly to gain the confidence of the judge and the Chapter 11 trustee,” said Shoham Amin, managing partner of Excel Group. “We got the stay removed, completed the foreclosure auction, and ultimately took title to the property.”