They bought and refurbished a Victorian home and got zoning approval to build a second structure, a Mediterranean-style building with three residential units.

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Robert Williams said there were worries it would be higher than any other structure in the area around the school, which was largely residential.

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The deal has a similar structure to that of a pending deal Nationstar announced last month to acquire a significantly larger MSR portfolio from Residential Capital, the mortgage subsidiary of Ally that filed for Chapter 11 bankruptcy May 14.

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