In December 2007 Cisterra purchased a distressed note encumbering the entire downtown block bounded by J Street, 7th, 8th and Island Avenues at approximately 40% of the cost of the debt capital stack. The owner was in default on the note and through an aggressive pursuit of the foreclosure process Cisterra eventually obtained ownership of the site at a foreclosure sale in October 2008 after being granted relief from stay by the bankruptcy court. Cisterra is now evaluating development alternatives to eventually turn this opportunistic loan purchase into a profitable development endeavor.
