Focus Management Group

Real Estate Industry Experience

High-Rise Condominium Units

Service:

Receivership

Company:

High-Rise Condominium Units

Situation:

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.

Focus Scope:

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.

Tasks Performed:

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

Results:

  • 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.
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