Garrison Quickly Steers Properties To Ch. 11 Exit

Law360, New York (May 5, 2011, 4:50 PM EDT) -- After paying off a $107 million loan, Garrison Investment Group on Wednesday brought to an end Chapter 11 bankruptcy cases it filed in New York on behalf of four commercial properties in Reston, Va.

Garrison, which took control of the properties after foreclosing on mezzanine loans held by private equity real estate investment company Penzance Management LLC, filed four bankruptcy petitions in December to stave off foreclosure.

"Down in Virginia, they send out a notice and 30 days later the property goes up for sale," said...
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