High-Rise Condominium Units
Industry:Real Estate & Construction
Company:High-Rise Condominium Units
The developer of a multi-family property with 570 high-rise condominium units was in default with its secured lender on the property’s unsold units.
Because the developer was unable to handle warranty, punch list and other financial obligations in a timely manner, the lender moved for the appointment of a Focus Professional to serve as Receiver of the properties.
As Receiver, Focus Professionals assumed the following responsibilities:
- Assumed control of the remaining unsold units in the building
- Preserved, protected and maintained the value of the property
- Worked with other stakeholders in resolving building envelope issues
- Dealt with all Home Owner Association issues, including the transfer of Board control to the homeowners
- Retained outside assistance in matters of building maintenance and hygiene issues
- Focus currently has an annual budget set in place so the secured lender is aware of the property’s lending obligations for the next year.
- The Home Owner Association is now properly funded.
- Units were sold on behalf of the secured lenders
- Focus worked with all stakeholders to preserve and protect the value of the secured lender’s collateral and the value of the entire project.