In September 2008, Regent purchased promissory notes with an outstanding value of approximately $24 million secured by a project called Cobblestone on the Lake. The Cobblestone property consisted of 290 condominium and townhome units, of which 103 had been built and sold, 115 were fully built and unsold, and the remaining units were in different stages of construction, on 13.68 acres located in Fort Myers, Florida. Regent successfully sold the promissory notes in December, 2009.