Village Oaks at Temple Terrace - Tampa, FL

Appointed Receiver After Foreclosure Proceedings

Situation:

This was a fractured condominium conversion with an inefficient leasing program in place. There were unpaid HOA dues, overdue real estate taxes, notices of mortgage default and excessive 3rd party vendor contracts.

RADCO Development Solutions Plan:

We contacted first mortgage lenders of sold units and increased top line revenue by repositioning. We controlled expenses and appealed tax reassessment.

Success:

We increased occupancy to 100%, reduced concessions and successfully appealed tax reassessment. Sale value was maximized, recovering 100% A-Note investment and portion of B-Note principal. This was the first time that an appointed receiver has completed a bulk sale in foreclosure action without lender taking title, preventing successor developer liability.

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