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The Grandview
Boston, MA
Fee managed for mezzanine lender to represent it as the developer for its bankruptcy
SITUATION:
19-story, 62-unit condo, two retail unit unfinished building two years behind schedule; developer filed bankruptcy, incomplete construction of the unfinished tower, negative union issues.
THE PLAN:
Bonded lien creditors with cash to clear title; refinanced existing debt; chose a new construction team to commence construction and iron out union issues; redesigned portions of the building and units, rebranded and repositioned with exciting new marketing strategy.
RESULTS:
Repaid the acquisition and development loan 13 months after taking over the project; mezz lender recovered all investment and exit fees; resolved zoning and union problems; exceed sales pro forma; client recovered all of its investment and exceeded original goals.
