R2 purchased the note on a partially completed Class A student housing development in 2010.

R2 purchased and consolidated $2,800,000 in liens and filed a bankruptcy reorganization plan in late 2011, which resulted in R2 obtaining title. R2 broke ground on Phase 2 of the development in conjunction with a strategic partner.

The asset quickly achieved 100% occupancy and sold for $46,000,000 in September 2012 to American Campus Communities (NYSE:ACC).