Challenges:
• Over 100 lawsuits were filed by contractors as well as mechanics liens
• A lawsuit was also filed by the Homeowners Association
• The building was not yet finished
Solutions:
• Paid-off all of the mechanics liens
• Took over the HOA
• Settled lawsuits with the HOA and the existing owners
• Hired residential condo broker, but sold remaining units in bulk
Results:
• Marketed the property and negotiated on behalf of GE for a bulk sale of the remaining units
• GE recovered 100 percent of their original construction loan/ mini-perm
