Problem:

JBL Special Assets Department was appointed by the court as the receiver of a residential condominium unit with 30,000 square feet of commercial space. The project was fully funded but less than a handful of units sold and numerous vendors had not been paid in some time.

Solution:

JBL Companies Special Assets Department worked with the vendors addressing the loss of revenue. The Special Assets team regained the vendor’s support and services were able to move the project forward. A strong marketing program was put into place to to sell the project as a potential upside in a flourishing apartment market versus a condominium market. As part of the marketing plan, the apartments were introduced with the potential of individual resale value and investment opportunities. The end result was enhanced value of the property which in turn was beneficial to the financial institution.