Borror Real Estate was contracted to close the deal.
As previously highlighted, Reflections on the Lake, a 457 unit property, had been ordered into receivership. Gryphon, the designated receiver, contracted Borror Property Management to come in and manage the property in March 2012. Borror Property Management was successful in restoring the struggling project back to a stabilized well-inhabited complex again.
After the successful restoration, the receiver was pressured from several outside parties, including the Franklin County Treasurer, to list the complex for sale because of its delinquent property taxes. While several brokers were making a case to potentially list this property, it was Borror Commercial Real Estate who came out on top. Because Borror Property Management had directed and managed the revitalization of this property for 18 months, the commercial real estate team was then equipped to submit a much more thorough financial analysis, which ultimately led to Borror Commercial Real Estate receiving the opportunity to market the property to potential investors.
Once granted authority from the receiver and the blessing of the note holder to sell the complex, Borror Commercial Real Estate swiftly sourced a buyer. “Borror has a network of clients, some of whom we felt might be interested in this particular property.” said Jeff Baur, Executive Vice President of Borror Properties. “We made some phone calls, and were able to negotiate the deal and get it into contract in about three days.” he added. After 18 months, the Borror family of companies succeeded in rehabilitating, revitalizing, sourcing a buyer and closing the transaction on this previously failing complex.
The deal closed August, 2013 and we are proud of our team and companies working together to make it happen.
**The team of experts at Borror all worked together to assess, control, stabilize, source a buyer and ultimately assist in selling this large property in receivership at unprecedented speed and efficiency. Borror’s team collaborates to take on all real estate transactions no matter what the circumstances. Call the experts at Borror for your commercial real estate needs today.