An industrial condo park strategically located in Oahu’s second city, La Kapolei was poised to absorb the tourism-related light industrial activity being forced out of Honolulu. Unfortunately as the property neared completion, the economy began sinking and our borrower struggled to finish the park, pay contractors or sign any leases. However, we still believe in the original thesis. When the borrower handed us the keys, we paid off the liens and got the 17 buildings ready to occupy. Navigating the thorny legal and regulatory environment, we restructured the condo plan and governance regime, greatly reducing property taxes. We brought in the best local industrial leasing agency and focused on local entrepreneurs and short-term leases. La Kapolei leased up, and when the leases started to roll a few years later, the economy was back, the park and its surroundings were thriving and larger tenants were lining up. We started to field unsolicited bids and soon sold La Kapolei for a profit.