Role: Bank Executive
Client: Managing Director of Special Assets Group
Business Description: SFR Development (Macomb County, Michigan)
- 46+ Acre Site Condo
- 101 Developed Lots
Critical Issues:
- Defaulted $4,255,000 development loan
- Occurred during 2088-2010 housing crisis
- Abandoned, overgrown development
- Broken condo issues
- Located near foot of SANG runway
- Project had failed twice before
- Cleaned up entire development
Resolution:
- Landscaped entire development
- Cured local and State regulatory issues
- Met with early homeowners to resolve many issues
- Developed DEQ mitigation plan
- Hired Realtor Broker to sell lots
- Hired builder to build several spec homes
- Both project & homes showed very well
- Immediately began selling homes then lots
- All lots sold and most sites built
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