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CASE STUDIES

BROKEN CONDO DEAL (MIAMI)
Services:	Construction Manager, Property Manager, Disposition Agent
Asset:	160 unit Broken Condo deal
Synopsis:	GE Capital took back the property after the developer defaulted on the construction loan/mini-perm.
Challenges:	• Over 100 lawsuits were filed by contractors, subcontractors and individual homeowners • A suit was also filed by the Homeowners Association • The building was not yet finished
Solutions:	• Settled all of the mechanics liens • Took over the HOA • Settled lawsuits with HOA and the existing owners • Hired residential condo broker, but sold remaining units in bulk
Results:	• We marketed and negotiated on behalf of GE a bulk sale of the remaining units • GE recovered 100% of their original construction loan/ mini-perm

DISTRESSED RETAIL CENTERS (PHOENIX)
Services:	Construction Manager, Leasing Agent, Disposition Agent
Asset:	3 Retail Centers
Synopsis:	GE Capital took back all three properties after the borrower defaulted on the loan. Two properties had existing grocery anchors, the third had a vacant anchor space.
Challenges:	• Each retail center had significant vacancy • The borrower let each property fall into disrepair which required extensive remediation • The lack of an anchor tenant on one of the centers
Solutions:	• Evaluated and identified all maintenance issues • Remediated the deferred maintenance including new parking lots and new roofs • Installed new facades to update the look of the properties • Leased the vacant anchor space as well as the vacant shop space
Results:	• Identified buyers and sold two of the three properties • Proceeds from the two sold properties have repaid a majority of the outstanding loan proceeds • We are currently marketing the third property for sale

DISTRESSED MULTIFAMILY (OHIO & COLORADO)
Services:	Construction Manager, Property Manager, Disposition Agent
Asset:	3 Multifamily Properties (2 in Columbus; 1 in Colorado Springs)
Synopsis:	Huntington Bank provided mezzanine financing to the borrower behind Fannie Mae first mortgages. The borrower mismanaged the properties which caused a large value erosion.
Challenges:	• The Colorado Springs Property was 65% occupied • The Columbus properties were each >80% occupied • All three properties had extensive deferred maintenance
Solutions:	• Evaluated the physical needs of each property, remediated the deferred maintenance and hired new staff • Rehabilitated down units and put them back into service/leased vacant units • Created an extensive marketing campaign for each property
Results:	• All three properties were leased up to >95% occupancy • Negotiated and sold the two Columbus properties to one buyer • Sold the Colorado Springs property to another buyer for the highest price per unit ever paid in Colorado Springs for a 1980s vintage property • Huntington Bank recaptured in excess of 100% of their original investment

BROKEN CONDO/ MIXED USE PROPERTY (Wisconsin)
Services:	Construction Manager, Property Manager, Disposition Agent
Asset:	147 Condo units with 30,000 s.f. of retail space
Synopsis:	Borrower received TIF financing from the City to build the project but lackluster sales resulted in a borrower default.
Challenges:	• The property had many mechanics liens and lawsuits from contractors • The HOA was in complete disarray • The City was upset since they provided tax incentive financing • The vacant retail had not been marketed or leased.
Solutions:	• Remediated the deferred maintenance • Paid-off all mechanics liens and settled all lawsuits • Worked in tandem with the HOA • Implemented new marketing strategy for unsold units and vacant retail
Results:	• 52 units have been sold so far • Negotiating a proposal for 10,000 s.f. (or 1/3) of vacant retail space