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Greenwich Place/Greenwich Oaks
Greenwich, CT
Fee managed for mezzanine lender acquired by deed in lieu of foreclosure settlement.
SITUATION:
1969 and 1971 era apartment complexes as part of a conversion in 2005; developer aggressively vacated 466 unit properties but was sued with gusto by disgruntled renters being displaced. A public relations nightmare ensued, mezzanine lender moved to foreclose; nearly 70 pending lawsuits, liens and unpaid invoices totaling $8m+.
THE PLAN:
RDS worked with the lender to negotiate a deed in lieu of foreclosure; immediately established a strike team to triage and address the property’s issues; settle lawsuits; deconstructed condo; settled lien claims; reached out to the tenants and outlying community.
RESULTS:
RDS help negotiate the acquisition of the properties without a bankruptcy or litigation; all lawsuits and claims resolved; repositioned development as higher-end apartments; settled lien claims at $0.40 to the dollar while maintaining goodwill; currently receiving positive press coverage; leasing 20 units a month.
