Real Estate Owner Variant Finds Buyer To Pay $275 Million for Apartment Projects

Variant Holding Co., a Tucson, Ariz.-based commercial real estate company, found a buyer to pay $275 million for 26 of its 27 apartment projects (In re Variant Holding Company LLC, Bankr. D. Del., 14-12021, motion filed 3/4/15).

To make the sale possible, Variant arranged an increased loan to pay part of a settlement it worked out with a creditor.

Variant filed a Chapter 11 petition in Delaware in August to stop funds affiliated with Beach Point Capital Management LP from foreclosing ownership interests in apartment projects in seven states 26 BBLR 1237, 9/11/14. To wrap up the bankruptcy, Variant ...