The Arbors at Branch Creek was an acquisition of a distressed loan after a failed condominium conversion.

StoneBridge purchased the note on approximately 50% of the unsold condos from the FDIC, foreclosed on the loan, and began operating the bulk as rentals.  Through a combination of short sales and foreclosure auctions,  SBI was able to acquire 99% of the units over a two-year period, allowing for a collapse of the condominium regime and an exit to an institutional investor.