Services:

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

Asset:

Mid-rise Condominium Community.

Synopsis:

In Bonita Springs, Florida, AGA was appointed receiver of a failed, partially sold out mid-rise condominium project. The community contains 60 units in two separate buildings, a pool with recreational facilities and parking garages. The community is part of a larger, area-wide community association.

As receiver, AGA is handling oversight of the condominium association and maintenance of the bank owned units and the common area facilities. In addition, AGA is undertaking life safety work and working with the condominium members to stabilize their financial operations.

Challenges:

Limited financial records, legacy issues arising from failure of developer, newly formed condominium association, expired licenses and permits and cost prohibitive lender force placed insurance coverage.

Solutions:

Undertook strategic analysis of asset and determined creation and implementation of a long term maintenance plan for bank owned units would preserve value better than leasing units.

Created and implemented a maintenance plan for common elements including all new vendors and settlement of past due accounts payable.

Utilized AGA’s team of operational specialists to oversee efforts.