The Peninsula at St. Johns Center – REDUCED BUYER DEFAULT & HELD PROJECT VALUE
|Location||1431 Riverplace Blvd. Jacksonville, FL 32207|
|# of Units||234|
|Principals||American Land – Granvil Tracy, President|
|Project Value||$136,850,000 Gross sell-out value|
|Investment Partner||Jacqueline Hamilton, Lehman Brothers|
- The building’s general contractor went out of business due to rising construction costs and could not complete the construction of the building.
- The building sold out ahead of schedule, but was completed during the worst economic crisis in recent history which created widespread buyer fears, buyers resistance to close and demand for incentives.
|The Solution||ALV oversaw all aspects of operations and bridged the gap while the new GC got up to speed. Maintained constant contact with each buyer and educated buyers to reinforce the value of their investment. Adopted flexible closing schedules to meet individual buyer’s needs.|
|The Results||REDUCED BUYER DEFAULT & HELD PROJECT VALUE – Significantly reduced buyer default by calming fears and completing construction within budget and on time. Limited closing incentives to an average of $6K per unit. Successfully closed 100% of the 234 units. Maintained low homeowner assessment delinquency at only 1%. First project in Jacksonville to qualify for and receive FNMA approval. Paid off Senior loan balance November 2008.|