Veranda at Ventana

Receiver to Broken Condo Conversion Development

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  • Case Name

    -

  • Court

    Pima County Superior Court

  • Engagement Type

    Real Estate Receivership

Multi-Family Class A broken condo conversion development consisting of 113 apartments within the 42 garden style buildings.

Situation

Receiver took possession of the real property called Veranda at Ventana, located at 5751 North Kolb Road, Tucson, Arizona 85750, due to maturity default and contentious relations between Lender and Borrower. The Property is a Class A broken condo conversion development located in the foothills of the Catalina Mountains in Tucson, Arizona.

 

Strategy

The collateral consisted of one hundred and thirteen (113) one and two bedrooms for rent apartments intertwined throughout the forty-two (42) garden style buildings on the property with another two hundred and ninety-five (295) units having already been sold to individual residents. Additionally, the Receiver was tasked with the operation, management and governance of Veranda at Ventana’s HOA that was responsible for the common grounds, clubhouse and pool of the entire property.

The Receiver working through the web of affiliated corporate entities of the Borrower was able to assess and retain the essential employees of the property. This provided for the seamless transfer of operations without interruption to the service and support for tenants and residents alike.

 

Solution

Resolute was able to effectuate the Sale of the collateral and transfer ultimate control of the HOA to a willing and able Buyer.  Working together with the Title Agency and the Receiver’s Counsel, the Receiver was able to shepherd the sale through the Court and allow the ultimate transaction to meet all negotiated deadlines per the contract.  The Property closed escrow and gross proceeds satisfying the outstanding loan obligation of the Plaintiff, the Receiver’s fees and that of our Counsel as well as other associated costs associated with the closing.