Clockwise from top left: Attorney Edward Harris, Bluestone Group’s Eli Tabak, Lowell Dansker of Intervest Bancshares and Jamaica streetscape
From the August issue: For the owners of distressed properties, it’s a harrowing ride to stabilization. Note sale, foreclosure, bankruptcy or recapitalization, there is no easy path from financial trouble to stable footing. And while some savvy investors have seized control of valuable New York City properties, many owners and lenders have lost billions of dollars through distressed real estate sales and restructurings since the financial crisis began.
This month The Real Deal takes a closer look at five deals and how they unfolded.
In the first, the Bluestone Group pursued an unusual path to gain ownership of a 200-plus-unit apartment building in Jamaica, Queens. Instead of following the familiar route of buying a nonperforming mezzanine note or a first mortgage, Bluestone bought the owner’s defaulted line of credit that was secured by an ownership interest, and then foreclosed on the equity. Click here to read the story.
