New Life for a Partially Built Condo Project in Mill Valley
In DWC’s most recent assignment relating to incomplete construction, the firm is overseeing a Mill Valley, Calif. multifamily property that was partially built before the owner defaulted on its loan.
A receiver for a partially built project
Under an order in the Superior Court of California, County of Marin, DWC President Michele Vives was named Receiver for a prominently located three-story building in Mill Valley containing nine condo units with a mix of floor plans, including 2-bedroom, 2-bathroom layouts. At the time of the order, construction of the units included some interior framing and partial exterior siding, and elevators had yet to be installed.
Development experience applied to a broken construction assignment
DWC is applying its extensive experience in real estate development and construction management (including large-scale multifamily projects) to the assignment, which involves taking financial control of the property and overseeing and completing all construction.
Recent experience serving as Chief Restructuring Officer for a 525-acre partially complete resort property in La Quinta, as well as overseeing the restoration and sale of the troubled “Hadid House” property in greater Los Angeles, has further prepared DWC’s team for broken construction assignments.
“Given our vast history as a developer, as well as recent assignments involving partially completed construction, we are in a unique position to manage the completion of this project,” Vives says. “The diversity of our experience and services, as well as our current and past experience on assignments in the Bay Area market, makes us especially equipped to see the Mill Valley project to completion, while protecting the value of the property so it can go to market for sale.”
Facing a stalled or partially built project? Learn more about DWC’s receivership and fiduciary services or call (619) 641-1141.
