Sabana Puerto Rico
Property Type: Condominium Project
Location: Fajardo, Puerto Rico
Value Created: Disposition of 19 individual units totaling $2.6 million, then facilitated the balance of the disposition of unsold units to a single buyer
Trigild was appointed receiver of a fractured condominium project in Fajardo, Puerto Rico that consisted of 300 condominiums. The unsold units needed to be taken to market for disposition and were in various stages of deferred maintenance. Because the HOA had not been set up, the property remained under the control of the owner/developer. As a result, the ownership entity was liable for expenses for the project.
Trigild implemented a multi-faceted strategy to maximize return to the client:
- Immediately initiated the process of setting up HOA with the help of local counsel
- Interviewed various local real estate brokers to implement a new marketing strategy for the unsold units
- Surveyed all remaining unfinished units to arrive at a cost to complete the units for delivery to new buyers
- Within 30 days Trigild was able to turn over the HOA to the unit owners thereby reducing the receivership entity’s operating expenses by 40%.
- Within 18 months Trigild was sold 19 units to individual buyers and then successfully facilitated the sale of the balance of the units to a single buyer.
- Trigild managed the construction process to ensure on time delivery of units to the new unit owners.