ClearRock Properties (Prima’s predecessor) and its capital partner purchased a non-performing loan secured by four office properties totaling 270,000 SF in the South End submarket. During the initial year of ownership, ClearRock completed a “friendly” foreclosure and created a corporate structure allowing it to unlock significant value by solving environmental, access, parking, and financing issues. Following the sale of 880 Canal to its user (Cornell University Veterinary Services), ClearRock successfully completed a comprehensive renovation and lease-up program for 700 Canal while vacating the remaining tenants at 860 Canal to create a 100,000-SF development site. The site was purchased in 2017 by a developer who started constructing a Class A office building, resulting in an increase in the market values of the remaining properties (700/850) prior to sale.