Early in 2008, Glenfield Capital began to focus on distressed residential developments, recognizing these assets originally put the most pressure on financial institutions. We acquired several assets from United Community Bank and Bank of North Georgia, a division of Synovus Bank, including loans and REO, with debt valued at over $19 million. In the first quarter of 2011, we completed the sellout of all remaining residential units.
Glenfield Capital closed multiple transactions during this time, including The Promenade at NorthPlace. We closed this acquisition two weeks after the collapse and bankruptcy filing of Lehman Brothers in September 2008. In December 2008, we held Atlanta’s first suburban real estate auction on the new upscale brownstone style townhomes in the Dunwoody/Perimeter/Sandy Springs area.