San Diego, CA (PRWEB) March 26, 2010
Douglas Wilson Companies (DWC) has been appointed receiver for the 39-unit Barn Lofts -- an adaptive reuse condominium development encumbered by a $19.6 million loan -- at 940 East 2nd Street in downtown Los Angeles.
A specialist in distressed real estate and court-appointed receiverships, DWC will oversee the final piece of construction on the conversion of the 57,703-square-foot brick and steel A-frame structure built in 1906 as a warehouse for the Spreckels Brothers Sugar Company.
“The project was 90 percent completed when the developer/owner went into default,” said CEO Douglas P. Wilson. “Our job is to protect and maintain this unique asset while completing construction and preparing the units to go to sale.”
Located on the eastern edge of downtown in the heart of the L.A. Arts District, the Barn Lofts were designed in 2006 by Rockefeller Partners Architects as three-story loft-style town homes: ground floor for office/studio, main floor for living/dining room and kitchen, and the third level as a master suite. Exterior brick walls were refurbished and preserved, although the original roof was replaced in order to create individual skylights.
Construction is expected to be complete and all outstanding encumbrances resolved within 120-180 days.
Based in San Diego, Calif., Douglas Wilson Companies operates six offices around the United States, including Atlanta, Las Vegas, Miami, Orlando and San Francisco. To date, the company has provided problem resolution for more than 600 projects involving assets valued in excess of $10 billion.
MORE ABOUT DOUGLAS WILSON COMPANIES
Founded in 1989, Douglas Wilson Companies is one of the largest firms of its kind, providing a wide range of specialized business and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITS, financial institutions and property owners nationwide.
Services include workout and problem resolution, crisis/force majeure response, asset management, consulting, business planning, receivership, development, entitlement, and construction management.
# # #