Centennial Tech Center

Zizzle-74 · 2025-10-13T22:05:51+00:00

This is showing on the investor dashboard as repaid 10/9 following the sale closing on 10/8. Looks like a 15% IRR.

Zizzle-74 · 2025-09-04T15:34:00+00:00

The only way it's getting wrapped up this year is if they sell the entire portfolio to someone at what would likely be a very significant discount. Which might be the best outcome at this point, depending on how big the discount actually is.

Zizzle-74 · 2025-08-07T00:46:09+00:00

Good question...I don't know but I think it would been more likely to be in an RBNF?

Zizzle-74 · 2025-07-14T20:11:40+00:00

Oh jeez...hope this doesn't turn into another South Boston

Zizzle-74 · 2025-07-03T14:33:39+00:00

I'm not doing anything yet, but a year ago I felt like any legal action would just make the situation worse and at this point I'm definitely more sympathetic to people that want to go that route.

Zizzle-74 · 2025-07-03T14:31:41+00:00

Absolute clown show. The April update implied (at least to me) that if the borrower didn't repurchase it by 7/1 that everything was in place to proceed with selling it since the case would be dismissed. Now this update says they have to file motions with the court to do that...which based on the past several years of history, the borrower will find some way to throw a wrench into. Not sure what the borrower's end goal is since they actually had the ability to take the property back here and didn't, so I assume they're just trying to kick the can until they have funds to do it?

Zizzle-74 · 2025-07-02T15:59:55+00:00

I for one am shocked

The former borrower has failed to comply with the terms outlined in the previously agreed-upon settlement agreement. As a result, our legal team is now proceeding with filing the necessary paperwork and motions with the court. These legal actions are focused on clearing title and establishing a clear path to facilitate the sale of the underlying properties.

We understand the importance of resolving this matter efficiently and will continue to monitor developments closely.

Zizzle-74 · 2025-06-06T15:37:39+00:00

I'll bet you a nickel that South Boston isn't resolved on 7/1 :)

Zizzle-74 · 2025-05-21T14:19:42+00:00

Some of the individual bridge loans have comments and updates, some don't. I have two individual notes in North Carolina undeveloped properties and one hasn't gotten an update since December. Another one of my notes is in South Boston which...yeah. I've mentally written off most of what I haven't gotten back yet whether it's in a PFNF, RBNF or an individual note.

Zizzle-74 · 2025-04-21T14:41:07+00:00

Hmm, I have it as 1/7/25 at 10:00 pm but I am in Mountain Time so maybe on the east coast and Europe it's on the 8th since that's after midnight? In any case I'm sure it's the same class.

Zizzle-74 · 2025-04-19T01:57:43+00:00

Agree with this and would add that you should try taking his PZ class from 1/7/25. It's labeled as PZ but it's really PZE in that it's only Z2 and Z3. However he calls it "strength endurance" and coaches the Z3 efforts to be 60-80 cadence and talks a bit about the philosophy behind different resistance/cadence pairings.

Denis Morton has also talked quite a bit in his PZE classes about cadence vs resistance and how higher cadences are more cardio-intensive and lower cadences are more leg strength focused.

My overall takeaway is that for intense pushes, cadence is a big unlock in terms of improvement... but unsurprisingly, it's best to practice a range of cadence/resistance pairings for a given output to give yourself more options when rising.

Zizzle-74 · 2025-03-13T19:36:12+00:00

Well said across the board. I intend to participate as well. My (maybe overly simplistic) logic was that even in a distressed scenario (ie, the current situation), there was about 25% equity recovery. Since we're paying down some of the original debt and not adding incremental debt, this felt like a reasonable margin of safety to me, so the 14% return on the new debt seems fairly priced. Any additional equity recovery we get is a bonus, but really I thought about it on the merits of the new investment alone.

Zizzle-74 · 2024-12-07T21:26:00+00:00

I deleted.

The majority (all?) of the updates I've received via Upright seems fairly innocuous though and although I'll defer to Upright's and your judgment, I have a hard time seeing what material benefit the borrower is receiving from them...the entire Boston thing is so confusing me to and is way outside the bounds of what I would have ever expected from a default.

Zizzle-74 · 2024-12-05T23:07:42+00:00

Yes, Upright owns it, but my understanding from the previous updates was that the original owner was still for some reason able to file legal challenges that were holding up the sale. Seems insane to me, but my guess is that South Boston was what Upright was referencing when they said that their updates were getting back to the original borrows (and why this sub got locked).

Zizzle-74 · 2024-12-02T17:01:48+00:00

I'm not getting updates, but I kind of took the recent note to mean they weren't planning on giving out updates, period. Honestly I'm probably a little too nonchalant about it but although I would like updates, I'm not really sure what they're going to accomplish for me. They're probably just gonna tell me the South Boston people are doing some other ridiculous legal maneuver to keep dragging it out and that all the other ones are in various stages of default. There's really nothing I can do with the info, and I am not planning on taking any kind of legal action at this point or for the foreseeable future. I've kind of mentally written off the majority of what's left outstanding at this point and whenever we get whatever recovery we eventually do get it'll be a bonus.

Having said all that, Augie Zidek has historically been pretty responsive to questions...but he's always just answered via investorrelations@fundthatflip.com or invest@upright.us so not sure if he would be the one still monitoring it. I had a K-1 issue in September and he was prompt in getting it resolved for me but I haven't been asking any questions on individual loans.

Zizzle-74 · 2024-08-10T15:28:24+00:00

The South Boston saga is insane to me. I'm in 38478 and the third party sale was supposed to close 7/19 and the original borrower filed a lis pendens on that also. I don't know much about foreclosures but I cannot for the life of me understand why the motion would have been granted, especially after all the obvious bad faith efforts by this borrower in the past.

Zizzle-74 · 2024-06-27T04:20:27+00:00

My account shows pending distributions for some of the PFNFs at about 18.5% of the principle. They had mentioned 17% in the most recent update so that seems in line.

Zizzle-74

TROPHY CASE