The Tuxhorn Company has worked with builders and lenders involved in complex and challenging distressed condominium projects. These condominium developments all suffered similar issues such as:
- Inexperienced investor groups faced with internal conflicts and capital calls
- Lack of oversight of the Department of Real Estate approval and budget process
- Inability to manage changing conditions, impacting construction budget and completion dates
- Lack of a coordinated marketing effort to effectively reach potential buyers
- Unrealistic pricing structures and slow sales rates
We worked with managing partners and lenders to realistically derive a true financial condition of the condominium project. Often the borrower is hopelessly pursuing an unrealistic plan to recoup their investment, which is actually compounding the problem and increasing losses on the development.
The Tuxhorn Company has worked with borrowers to present a true and accurate plan, including timeline and budget to the lender. The plan also establishes management responsibilities and priorities to complete the project. Our strategic plans were used as a basis of negotiation to resolve the disputes.
