The Company made a 50% investment in the mezzanine debt on the Starrett-Lehigh building in the Chelsea district of New York City. The total original loan in the amount of $152 million was used to acquire the building, and the borrower placed an additional $26 million in reserves for capital expenditures and interest. The original loan was divided into a senior portion of approximately $102 million, and a subordinate (mezzanine) portion of approximately $50 million. The building is a two million square foot, nineteen-story warehouse/showroom type building in the Chelsea section of Manhattan. Following the completion of capital expenditures, the building became a major hub for art galleries and other design showrooms. The loan was repaid in full in 2001.