Miami Beach, Fl
A 580 unit mixed use condo/hotel project in Miami Beach, FL
Client – Lehman Brothers (“Lehman”)
Engagement – Asset Management (Completed)
Total Capitalization – Over $400MM
Completed Deed in Lieu of foreclose to successfully transfer ownership of the Property to Lehman in November 2009. Developed new business plan and restarted residential condominium sales by engaging new sales team, PR firm and creative marketing firm. In the first year alone, YoY net sales improved 169% while increasing price per square foot over 18%. Sold over 300 units for over 264MM of gross proceeds between November 2009 and December 2012. Through strategic and aggressive pricing, increased average PSF from $400PSF to over $1,000PSF
Developed capex budget (7+MM) to complete unfinished portions of the Property and to enhance other areas. Worked with Canyon Ranch to reduce annual operating losses by over 88% between 2009 and 2011.
Prepared monthly draw requests and reporting packages, on-site HOA oversight, property management.