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Village Oaks at Temple Terrace
Tampa, FL
Appointed receiver after foreclosure proceedings
SITUATION:
Fractured condo conversion -19 of 234 units sold; inefficient leasing program in place; sold units ripe with unpaid HOA dues, overdue real estate taxes and mortgage defaults; real estate tax reassessment based on condo valuation.
THE PLAN:
Petition the court to allow receiver to sell asset in receivership; RDS contacted first mortgage lenders of sold units to show prospective buyers a path to recreate the fee interest; increased top line revenue with repositioning of lease effort; renegotiated vendor contracts, appealed tax reassessment.
RESULTS:
Revitalized leasing program without timely and costly process of changing management firms, increased occupancy to 100% while reducing concessions; successfully appealed tax reassessment; maximized sale value, recovered 100% A-Note investment and portion of B-Note principal; completed the second fractured condo transaction ever in Florida; the first time that an appointed receiver has completed a bulk sale in foreclosure action without the lender taking title, preventing successor developer liability.
