Home Run
In April 2009, I posted on Normandy Real Estate Partners and Five Mile Capital Partners buying the landmark John Hancock Tower in Boston for $20 million of equity and the assumption of $640 million of debt (Normandy and Five Mile bought the mezzanine debt and foreclosed on the property).   Today, I read that the building is being sold for $930 million to Boston Properties, which includes the assumption of the $640 million in debt.  I am not sure if Normandy and Five Mile invested any more than their $20 million in improvements or had to plunk down some cash to lease the building, but on the surface, $270 million profit on a $20 million investment in about eighteen months is incredible.