The Beach House
JREA had the opportunity to acquire a condo development which was slated to have 43 units. This was one of the first luxury buildings in this area of the Rockaways. The sellers were in default on their loan and needed to recapitalize. JREA purchased the debt from the lender, completed the work, and sold 95% of the units within 12 months. The IRR on this transaction as 44%