Situs Inc. is assisting a Chapter 7 Bankruptcy Trustee with the preparations for a bankruptcy auction of the Gramercy Park Condominiums, a luxury mid-rise multi-family asset located in the prime Medical Center submarket of Houston, Texas.
“Due to the significant amount of capital chasing Class A deals, we are receiving tremendous interest from cash buyers across the country,” says Randall Tuller, principal at Situs Inc. “We are looking forward to facilitating the sale of this prime property, especially considering the complexity of the asset, its ownership structure, and related extended litigation.”
Pending court approval, the auction will be conducted on August 26 in the US Bankruptcy Court in Reno, NV. Situs is confident that there will be keen interest in the sale.
Constructed in 2005/2006, the property was financed by individual investors holding fractionalized interests. Various entities that controlled the servicing rights went through a series of bankruptcies beginning in 2006, with Asset Resolution, an entity affiliated with Silar Advisors, LLC, ultimately controlling the servicing. With only 4 of the units sold, the property was foreclosed in late 2008.
Details on the property and the auction process can be found at www.SitusCompanies.com/gramercy.