San Diego, CA
A 244 unit high rise condominium in San Diego, CA
Client – Lehman Brothers (“Lehman”)
Engagement – Asset Management (Completed)
Total Capitalization – Over $100MM
Completed Deed in Lieu of foreclose to successfully transfer ownership of the Property to Lehman (previously the mezzanine lender). Completed senior loan restructure to extend the loan and allow leakage to Lehman on each unit sale to reduce future funding obligations.
Engaged a fee developer to take over the Project, adjusted pricing to market levels and restarted the sales effort. Paid off the construction loan in less than 12 months and was able to return Lehman’s entire mezzanine investment.