The Business Journal of Milwaukee: Millions needed to finish First Place
Court-appointed receiver Michael Polsky, a Milwaukee attorney, has been assigned to manage the financial woes of First Place on the River. Since First Place went into receivership earlier this year, the condominium development spent nearly $7 million, with the majority going to contractors who had either filed liens against the development or sued the development for payment.
According to Polsky, First Place needs another $18.2 million before it can be properly completed. This request for additional funds will help pay for completing the condominium units, installing a marina, marketing, and paying required real estate taxes.
The Mandel Group of Milwaukee was named in May to assist in the completion of the condominium development, marketing and sales of the condominium units, as well as manage the condominium association.
According to Rick Kirchen, writer for The Business Journal of Milwaukee, it sounds like Mandel has yet to begin any work.
The article mentions that once the development is complete, Polsky can move forward with his plan to hire the Mandel Group to manage First Place.
It has been reported that First Place was 90 percent complete when it went into receivership.
According to Polsky’s plan, the best outcome would result in all of the financial backers to recover 75 percent of the $56 million owed them by the development.
Other creditors involved in First Place do not agree with Polsky’s decisions regarding the treatment of satisfying the development’s outstanding debts. According to the article, AnchorBank, the lead bank for First Place, would have priority position for having their position restored prior to the other creditors receiving payment.
Kirchen provides a very complete and detailed explanation for the reasons behind First Place’s financial troubles and identifies the sources for the remaining costs for the development. Click here to read about what’s next for First Place on the River>>>
-----Labels: Real Estate
Current Downtown Listings!
The Regency House #2305 - $175,000Fantastic 23rd floor condo is in move-in condition, has been updated throughout, and has some of the best views of gorgeous sunsets and the city's skyline. Regency is located within walking distance to Lake Michigan, parks, and museums. Enjoy the neutral decor, updated kitchen and bathroom, and newer carpeting. The newly-remodeled kitchen features hardwood floors, granite countertops, stainless-steel appliances, stainless-steel under-mounted sink, and contemporary lighting. Kitchen opens up to Great Room with breakfast bar. Bathroom features ceramic tile and newer vanity. Luxury living at its finest - concierge, on-site security, heated outdoor pool, clubhouse, fitness center, and valet parking. HOA dues include all this plus heat, central air, and hot water. Regency is a pet-friendly association.
Click here to read more about this condo in the sky>>>
New Price! Western Leather Lofts #109 - $240,900Are you looking for a truly urban experience? Then look no further than this spacious, two-story warehouse-lofted condo. This amazing unit features exposed Cream-City brick, original wood posts and timbered ceilings, concrete-heated floors (dues include heat!). Structural steel open staircase and suspended catwalk adds even more living space to live and entertain. Second floor addition creates enough space for a second bedroom or home office. Sunlight floods the entire condo through its six oversized windows. Stainless-steel appliances, custom cabinets, large island with breakfast bar complete the well-thought-out kitchen. Other conveniences include in-unit laundry hook-ups and one indoor parking space. Master bedroom suite features exposed brick, whirlpool tub, heated towel rack, and walk-in-closet. Western Leather Lofts is a pet-friendly association. Free home warranty!
Click here to read more about this warehouse-lofted condo>>>
For more information about these featured properties, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com. -----
Labels: Real Estate
Chicago developer, Richard Curto of RSC & Associates, has cancelled one of two proposals planned for the Park East which would have created a housing, retail, and entertainment complex. The reason? According to Curto, the economic slowdown, specifically in the retail industry, has made it difficult for many of the Park East developments to break ground. On top of that, the slowdown in the condo market hasn’t helped either. Finally, commercial lenders have also cut back on the number of loans for large real estate developments.
