“Every day we try to do the next right thing for our investors and our allies within the industry, so this was a no-brainer... This would have eventually cost good people their hard earned money" Tracy Smith - CEO
SAN DIEGO (PRWEB) December 11, 2017
Downkicker Investments Inc., a San Francisco based company takes over $7 Million in projects from a failing San Diego developer in order to protect investors from losing their money. Downkicker Investments was asked to review the projects after delays and a poor track record of communication from the developer. It didn't take very long for the company’s CEO, Tracy Smith, to realize that funds had been misappropriated and the projects were nowhere near the standard of workmanship needed in order to bring the prices that are prevalent for those neighborhoods. The projects were already in the beginning stages of foreclosure, which put all of the investors at risk of losing everything they had invested. Mr. Smith took action and working with Paradyme Funding (the original funding broker) and each individual investor, he formed a plan and with the cooperation of everyone, he took over the projects. Working closely with Paradyme Funding through the lengthy negotiation process with the struggling developer, the projects were able to be salvaged. New terms have been settled upon with the first lenders and all of the equity investors have been saved from the certain loss that the foreclosures would have caused.
Ryan Garland, CEO of Paradyme Funding Inc. said, “Our first priority is always protecting our investors. We are so grateful that Mr. Smith and Downkicker Investments stepped in to work alongside us in order to salvage these projects and keep our investors safe.”
The properties have been saved from foreclosure and construction is underway on the first two projects, the first of which is slated to be on the market in mid December. When asked how the plan to take over these projects came about, Mr. Smith stated, “Every day we try to do the next right thing for our investors and our allies within the industry, so this was a no-brainer. We knew this developer had many failing projects and that was beginning to wear on these four projects. This would have eventually cost good people their hard earned money. We stepped in, stopped that and brought some peace of mind in the middle of a stressful situation.”
Downkicker Investments is excited to wrap up these projects and bring closure to this whole situation.
The projects locations are:
574 W. Mariscal Road, Palm Springs, CA
2006 Catalina Boulevard, San Diego, CA
2173 W. El Norte Parkway, Escondido, CA
807 Barr Avenue, San Diego, CA
Downkicker Investments, Inc.
315 Montgomery Street - 9th Floor
San Francisco, CA 94104