Las Vegas, NV (PRWEB) July 13, 2012
District Court Judge Jerry Weise granted a group of 34 individual investors a temporary restraining order, postponing the foreclosure sale of the United HealthCare Services building at 2716 N. Tenaya Way (case no. A-12-658265-C, Eighth Judicial District Court of Nevada). The loan reached maturity in August 2011, and the owners have been working to restructure the loan since then. In early 2012 the owners hired Breakwater Equity Partners, a consulting firm specializing in commercial loan workouts nationwide, to step in and craft multiple strategies to help the tenant-in-common owners restructure their debt.
On June 8, 2012 the TIC owners filed a lawsuit against the lender alleging fraud and other wrongdoing. The Tenaya Investors also allege that the special servicer, LNR Partners, is trying to force the thriving health services complex into foreclosure so it can be purchased at a discount. The first hearing in the case took place in a Las Vegas courtroom on Friday, July 6. The property was scheduled for foreclosure on Monday, July 9. The temporary restraining order prevents the special servicer, LNR Partners, from foreclosing on the property until after a preliminary injunction hearing on July 23.
“We are pleased with the ruling because it allows the Tenaya Investors to present their evidence in court,” said the investors’ attorney, Randy Howard. “All we want is the opportunity to demonstrate that these Wall Street giants are trying to deny individuals the chance to protect their investment.”
“The United HealthCare Services building is a tremendous property that still maintains a positive cash flow,” said Armand Nicholi, chief financial officer of Breakwater Equity Partners. “We are working in good faith to find a solution to refinance the loan and allow the investors a chance to recover their property.”
About Breakwater Equity Partners
Breakwater Equity Partners is a San Diego, CA based commercial real estate workout consultancy and investment firm. Through Breakwater’s extensive experience on over 200 engagements with loan values in excess of a $2.5B, the firm has devised a totally unique, multidisciplinary approach to uncovering and resolving distressed asset situations. Breakwater’s professional team combines legal, financial, economic, banking, and real estate expertise to devise customized strategies for each unique case regardless of market (gateways to tertiary), asset class (single and multi-family, office, flex, multi tenant land, time shares, development, power centers) or loan type (portfolio or CMBS). Please visit our website at http://www.breakwaterequity.com to review case studies on representative deals.
Breakwater Equity Partners, please call 858-490-3630 or visit http://www.breakwaterequity.com.