Project Description

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Santa Fe Condominiums

PROJECT DETAILS:

Location: Chicago, Illinois
Product Type: Residential Townhomes
Project Value: $6,000,000

 

PROJECT DESCRIPTION:

We were retained by a court appointed receiver on behalf of a private equity group to stabilize then market a failed Planned Unit Development. When we were brought on to the project, the property consisted of two 24-unit condominium buildings and a partially completed parking lot for approximately 48 cars; 19 of 24 units in the first building had been completed and sold and the second building was a vacant shell. With the permission of the courts and the lenders, we successfully worked with the City of Chicago to re-establish the PUD, complete the unfinished infrastructure work, finish and sell the five remaining units in the first building to individual owners and then market and sell the second building to an investor.