Property

The Jackson, NJ, property consisted of two parcels comprised of 355 acres, approved for the construction of 902 age-restricted residential units and was located in a growing part of central New Jersey. 

Situation

After spending years obtaining approvals, the developer of this property ran into financial issues and no longer had the ability to complete the project. The lender filed a foreclosure action, and the developer in response filed bankruptcy. The lender filed a competing Chapter 11 bankruptcy sale to the debtor, which consisted of our team, conducting a strategic marketing plan and auction. The lender contacted our team to run a professionally marketed, structured sales process in an effort to accelerate the sale process and recover all of its money.

Strategy

We first evaluated the real estate and determined it was best to split the land into two parcels, and offered them separately via an open-outcry auction, with the creditor having the right to credit bid.

Result

Our national marketing program produced several bidding parties, resulting in 100% recovery for the lender.