A partially constructed 38 unit condominium project that consisted of one (1) six-story podium style building over a two-level subterranean parking garage located in Los Angeles, CA.
Douglas Wilson Companies (DWC), agent for Receiver, was tasked to preserve, protect and eventually complete the construction of the collateral.
During the term of the approximately two-year receivership, DWC negotiated all mechanics’ liens on title, settled various pre-receivership claims with preferred subcontractors necessary for the successful completion of the building, engaged an architect and structural engineer to make required changes to rectify deficiencies found in the construction drawings, identified and oversaw a successful mold remediation program, completed public improvements surrounding the property and secured release of the associated surety bonds, and obtained a certificate of occupancy upon completion of the building and its 38 units.
An entity affiliated with the Plaintiff took title to the property at the trustee’s sale, and DWC facilitated transfer of the property to the new owner.
Superior Court of the State of California for the County of Los Angeles, North Valley District Chatsworth
Los Angeles, CA
Douglas Wilson Companies was founded in 1989 to provide a wide range of specialized business, workout, and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITs, financial institutions, and property owners throughout the United States.
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San Diego, California 92101