PROJECT 1: 16th Street

DESCRIPTION:

This property had been vacant for years and due to its deteoriation the next door neighbor took the owner to court to try to take control of the property by Petitioning for an Appointment of a Conservator.

CHALLENGE:

The problem was that the current owner didn’t have the track record and resources to acquire financing to fix up the property.  Since the neighbor was forcing her hand, if she was unable to renovate the property and she was going to lose control of her property.

SOLUTION:

We decided to partner with the owner and because of our experience and banking relationships we were able to obtain a construction loan for the renovation.  At that point, we were able to show the court that renovations were about to begin and as a result we won the case and the “Petition for Appointment of a Conservator” was denied.  We proceeded to build 3 apartments for Student Housing near Temple University.