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Greenwich Place - Greenwich, CT
SITUATION  |  THE PLAN  |  SUCCESS
  • 1969 & 1971 vintage apartment complexes were acquired as a condominium conversion in 2005. It was the largest residential deal in Connecticut with a total capitalization of $300 million
  • The developer aggressively sought to vacate the 466 unit properties, emptying 300 of the units
  • The remaining residents sued the developer for wrongful eviction, illegal rent hikes, improper condo documents, and inadequate notice
  • 100 separate complaints were filed with the state's Human Rights Commission
  • There was continuous negative press in major news publications
  • Part of the property was on a land lease and the owner sued to terminate the lease due to the defaults of the borrower
  • Mezzanine lender moved to foreclose
  • Borrower's equity partner became the tenant under a master lease, and threatened to file bankruptcy
  • Nearly 70 pending or new lawsuits, mechanics liens and unpaid invoices totaling over $8 million
  • Hundreds of incomplete punch and warranty claims, many requiring immediate attention, were deferred
  • Nearly 300 units were taken down to stud with an anticipated $40 million cost to restore them
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CASE STUDIES
RADCO is the market leader in delivering extraordinary value and returns from coast to coast. Read more about our distinctive projects below.
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