Asset Class: Hotel & Residential Tower Development Site
Status: Non-performing loan
RP CRE Role: Advisor / Broker / Sale
Situation:
A large financial institution was the holder of three promissory notes with an aggregate principal amount of ~$118 million. The notes were secured by a sizable parcel of land in midtown Manhattan.
Performed a detailed market review and valuation of the collateral to establish pricing parameters; identified more than 50 interested buyers; pre-screened and negotiated with 10 potential buyers; gathered and organized all due diligence materials; and maximized recoveries to the lender through a successful sale.
Asset Class: Hotel & Residential Tower Development Site