Pivotal acquired one of the largest pools of Arizona RTC assets in 1993 through purchase of eight loans secured by large parcels of land located within Arizona . One of the eight loans was the $25 million participating first and second notes and deeds of trust to UDC Homes against Foothills Club West, a 1,600-acre master planned community in the South Mountain submarket of metropolitan Phoenix (the Foothills Club West Loan had previously been renegotiated from its original $85 million balance). The loans were in various stages of default, though the Foothills loan was performing. In subsequent years, Pivotal was successful in acquiring title to many of the properties and selling them at substantial profit. When UDC filed for Chapter 11 protection in 1995, Pivotal successfully protected its secured position, received payment of all principal and interest and collected profits participation well above initial expectations.