Challenge

Representing the Lender in the sale of The Flats at Lincoln Station, a 1.51 acre lender-owned Transit-oriented development, approved for multi-family and retail uses.

Resolving multiple outstanding obligations linked to the previous developer, discovered through Due Diligence.

Strategy

Lender representation in the Sales Transaction

  • Provide the bank with the Broker Opinion of Value
  • Identify prospective buyers
  • Negotiate with the Master Developer

Asset Resolution

  • Resolve the unsatisfied obligations of previous developer

Services

The team acquired the listing by providing an extensive Broker Opinion of Value; identified potential buyers and selected the final buyer.

Through Due Diligence, the team discovered the outstanding obligations by the previous developer and successfully resolved them, ensuring the success of the sale.

Results

The Team’s extensive market knowledge resulted in the listing being awarded to Colliers after competition.

Resolved the distressed asset problems and sold it for $1,500,000 (91% of listing price) to Lincoln Station Apartments within 5 months.