Situation:
36,000 square feet of unanchored retail outside Ft. Lauderdale, FL
100% occupied, wealthy submarket
2005 origination, 2015 maturity
Loan moved to special servicing in early 2011 on a non-monetary default
$11.4M loan
Consideration & Solution:
The borrower engaged Hart Advisors Group after negotiations had failed with the special servicer via the Borrowers legal counsel
The loan had been transferred to special servicing in July 2011
Hart Advisors Group completed an independent assessment of the market, reviewed projections, and completed a proposal to the Special Servicer
Hart Advisors Group worked directly with the Special Servicer to “start over”, erasing the prior negative experience dealing with the Borrower’s counsel
Hart Advisors Group was the Asset Manager
The Borrower was referred by Hart Advisors Group to local counsel and a national mortgage broker familiar with the subject property to complete the transaction
RESULTS The new loan closed in 90 days from the servicer approval