PROMENADE AT DORAL II, LLC

Case Highlights

• Managed negotiations among vendors, lien holders, lenders and developer
• Maintained property, directed construction as needed and provided overview of project to potential buyers
• Worked with secured lenders to maintain the property through a sale process

Case Narrative

DSI was appointed as State Court Receiver of this condominium development in northwestern Miami-Dade County.  The property consists of 26 developed acres with partial completion of 6 of 15 buildings and 207 of 531 total units.  The property was secured with bank debt of over $50 million.  The Receiver’s immediate focus was directed to issues relating to security, insurance, access, life safety issues, permitting and zoning issues and code violations.  Thereafter, the Receiver directed construction as needed and coordinated maintenance activity to ensure the property was adequately protected against problems involving mold or other weather-related issues. The Receiver worked with the initial lender and the new lender (via a note purchase) to actively operate the property in a manner to maintain permits during a foreclosure proceeding.