NATURE OF ASSIGNMENT:
Primary: Lender Services / Receivership
Primary Industry: Real Estate & Construction
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 are assuming the following responsibilities:
- Assuming control of the remaining unsold units in the building
- Preserving, protecting and maintaining the value of the property
- Working with other stakeholders in resolving building envelope issues
- Dealing with all Home Owner Association issues, including the transfer of Board control to the homeowners
- Retaining 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 are continuing to be sold on behalf of the secured lenders.
- Focus continues to work with all stakeholders to preserve and protect the value of the secured lender’s collateral and the value of the entire project.