Bahrain Bank’s Ch. 11 Reorganization Plan Includes Disposal of its U.S. Investments
Arcapita Bank, an international investment firm based in Manama, Bahrain, plans to wind down operations as part of a proposed reorganization plan filed in its voluntary Chapter 11 bankruptcy cases in the United States.
The bank plans to put $2.37 billion portfolio of investments in real estate, private equity and venture capital, and infrastructure up for sale -- the bulk of the assets in the United States.
The plan allows Arcapita and its affiliates to continue to operate their businesses and manage their properties.
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Arcapita’s largest U.S. real estate holdings include:
Arcapita US Residential Development III,
a $435.1 million collection of development joint ventures formed in October 2005 to invest in a portfolio of U.S. apartment properties that were planned to be converted and sold as condominiums. Bourbon Square Apts. is a joint venture conversion of a 612-unit rental community in a suburb of Chicago. 147 Waverly Place in New York is a joint venture to convert a 12-story office building in Greenwich Village into 20 luxury residential condominiums, all of which have been sold.
Arcapita US Residential Development II,
a $245 million joint venture that has developed the Elysian, a 61-story high-rise tower in the heart of Chicago’s Gold Coast neighborhood. The project comprises 52 residential condominiums, 188 hotel units, as well as retail space, health club, restaurant and on-site parking.
Arcapita US Residential Development I,
a $182 million joint venture with Bainbridge Communities Management for a condominium conversion in Orlando, FL. The joint venture purchased two apartment properties totaling 911 units, as well as a contiguous 48-acre parcel.
Arcapita US Senior Living Yielding IV,
a $493.5 million fund, owns and operates 19 senior living properties with 3,936 residential units which are diversified geographically across the United States.
Arcapita International Luxury Residential Development I,
a $689.4 million portfolio, comprising four luxury residential developments: Castello di Casole, a 4,300-acre development situated in the Tuscany region of Italy planned to include a 41-suite luxury boutique hotel and 40 renovated and newly constructed villas; Aspen Valley Ranch, an 813-acre parcel in Aspen, CO, planned for luxury ranch homes or improved lots with various ranch amenities; Pond Bay Club, being constructed on a 15-acre beachfront parcel on the island of St. John that will consist of 50 fractional units and facilities; One Steamboat Place in Steamboat Springs, CO, consists of 38 whole ownership condominiums and 42 private residence club units with support facilities.
A Bankruptcy Court hearing on the proposal is expected within the next 45 days before being submitted to creditors for a vote.
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