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BankruptcyThe Bankruptcy StrategistFeatures

Navigating the SARE Runway: A Secured Creditor’s Perspective

By Allison Arotsky
October 31, 2025

In re Bordeaux Ventures, LLC, No. 3:25-BK-02702, 2025 WL 2967288 (Bankr. M.D. Tenn. Oct. 17, 2025), illustrates some of the risks and strategies a secured creditor might consider when a real estate debtor files a bankruptcy case to stay an impending foreclosure.

In Bordeaux Ventures, the debtor’s sole asset was a large tract of vacant real property qualifying as “single asset real estate” (SARE). See, 11 U.S.C. §101(53) (defining “single asset real estate” to mean “real property constituting a single property or project, other than residential real property with fewer than four residential units, which generates substantially all of the gross income of a debtor who is not a family farmer and on which no substantial business is being conducted by a debtor other than the business of operating the real property and activities incidental thereto.”).

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