SITUS COMPLETES SALE OF BANKRUPT CONDO COMPLEX
HOUSTON — Situs has represented the Bankruptcy Trustee in the sale of Gramercy Park Condominiums, a luxury mid-rise multifamily asset in the Medical Center submarket of Houston. Constructed in 2005 and 2006, Gramercy Park was financed by 230-plus individual investors. Later in 2006, various entities which controlled servicing rights to the property initiated a series of bankruptcies with Asset Resolution, an affiliate of Silar Advisors, and the property was foreclosed on in late 2008 with 220 units unsold. An auction was conducted this September in which Situs negotiated terms with the stalking horse bidder, Alliance Realty Partners, which ultimately closed on the property. Martin Bronstein, David Malev, Randall Tuller, Maury Bronstein and John Wall, Jr. led the Situs team in the transaction.