Two partially-built, luxury residential mansions located in Beverly Hills, California.  

Project Description

After $30 million was invested into the properties, significant change orders and cost overruns lead to the borrower defaulting on its loan with the lender.  Mid-constructed properties were exposed to the elements, and a Receiver was appointed and provided the authority to continue construction and market them for sale.

Scope of Work

This complex project involved two 11,000 square foot luxury residential mansions located in Beverly Hills. The partially built properties were exposed to the elements with unfinished roofs, no walls, and unprotected structural beams.  Moreover, construction had stalled for 8 months, and permits and insurance were on the precipice of expiring.  The general contractor and subcontractors were owed millions of dollars for work already performed.


Project Resolution

Through long-standing relationships and experience as a developer, DWC was able to remobilize contractors on the properties, preserve the invaluable building permits, renew a sophisticated owner-controlled insurance program, and negotiate with the general contractor and multiple subcontractors to finish work.  

During this highly-involved and complicated process, the Receiver led parallel tracks engaging top local brokerage firms to sell both properties via a Receivership sale and maximize recovery to the estate.  The Receiver was able to generate multiple offers for the half constructed properties – a very unique and sophisticated asset to market – and the properties were successfully sold for $27 million generating a significant recovery for the lender.

Project Name

Laurel Way

Client

Superior Court of the State of California, Los Angeles County

Location

Los Angeles, CA

Service Provided

    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.

    ADDRESS

    1620 Fifth Avenue
    Suite 400
    San Diego, California 92101

    PHONE

    (619) 641-1141

    EMAIL

    info@douglaswilson.com