The lender’s goal was to reposition the property as quickly as possible and sell the asset. Upon commencement of the assignment, we quickly determined that the property was suffering from several issues related to the undeveloped condition of the adjoining site. Several meetings were held with the Town of Plainfield to determine effective solutions.
The Town of Plainfield was pleased with how the transition progressed. The Bank was also pleased with the property transition. Although they had to invest substantial funds to address the erosion issues, the projects where completed on time and within budget.