Services:

Receivership, Condominium Financial Workout, Property Management and Construction Services.

Asset:

Mid-rise Condominium Community.

Synopsis:

In Hollywood, Florida, AGA was appointed receiver of a failed, partially complete mid-rise condominium project. The community contains 114 units in three separate buildings and is within an existing condominium community and its association.

As receiver, AGA is handling releasing of the units, including evictions and closing new leases to increase occupancy and overseeing reconstruction of improperly built units. In addition, AGA is undertaking life safety work and working closely with the condominium association board to stabilize their financial operations.

Challenges:

Need to deal with multiple critical issues simultaneously in an immediate manner; limited financial records, embezzlement of funds, life safety repairs, tenant evictions, legacy issues arising from failure of developer, unsafe structures, existing condominium association, expired licenses and permits and inadequate insurance coverage.

Solutions:

Developed and implemented a turnaround improvement and leasing plan for the asset.

Efficiently corrected capital and safety issues in a cost effective manner utilizing AGA’s team of operational specialists.