Bankruptcy


Recent Sales Results:

Real Estate
River City Renaissance 440 Unit Portfolio


Client Represented: Eastern District of Virginia Case No. 14-34080-KLP
Asset Location: Richmond, VA
Asset Type: 29 Apartment Buildings in the Fan and Museum Districts, 73% Occupied
Sale Price: $37,500,000

SVN Team Solution & Result: The auction attracted serious interest from major private equity funds, real estate investment trusts, national mutli-family operators and owners in 22 US States and one Province. 430 plus prospective entities and purchasers entered the dedicated, secure and virtual data room. The portfolio sold to one entity.
Former State Operated Psychiatric Hospital


Client Represented: State of Michigan
Asset Location: Northville Township, MI
Asset Type: 424 Acre PUD
Sale Price: $31,500,000

SVN Team Solution & Result: The auction marketing program drew interest from 22 national developers with reputations for completing commercial, office and residential developments of a large size and scope. The property received a high bid of $31.5 MM representing $30+ MM in revenue for the State of Michigan. The sale returned non productive surplus property to the tax rolls, and relieved the state of $500,000 per year in annual maintenance and security costs.
144,330 SF Fully Leased Retail Center


Client Represented: U.S. Bankruptcy Court Case No. BK-S-01-23232-LBR
Asset Location: Las Vegas, NV
Asset Type: Levitz Plaza
Sale Price: $14,200,000

SVN Team Solution & Result: The auction attracted international interest. The SVN team located a buyer with a preemptive offer which included a fourteen day close and a contingency of being approved to assume the conduit loan. Loan assumption approval was received, and the property closed two weeks prior to the scheduled auction date. The auction produced a $14.2 MM sale, well above the published minimum bid.
117 Unit Mixed Condo/Apartment Project


Client Represented: U.S. Bankruptcy Court Case No. 09-14451-BKC-RAM
Asset Location: Miami Beach, FL
Asset Type: 9 Two Story Buildings on 1.97 Acres of Land
Sale Price: $6,200,000

SVN Team Solution & Result: The auction was held in court with a confirmation hearing held before the judge at the conclusion of the bidding for the property. The sale well exceeded the opening bid of $5 MM which was required by the court.
Nationally Anchored Retail Center


Client Represented: U.S. Bankruptcy Court Case No. 11-19440-TJC
Asset Location: Avalon Plaza, Salisbury, MD
Asset Type: 3 Buildings on the Main Thriving Commercial Corridor
Sale Price: $5,925,000

SVN Team Solution & Result: The auction attracted serious interest from major equity funds and national retail operators. 100 plus prospective purchasers entered the buyer momentum process and multiple groups inspected the property. The live auction was conducted with four qualified bidders present in court chambers and five (5) qualified bidders attending via SVN's online bidding platform.
Fully Operating RV Resort with 153 Pad Sites


Client Represented: U.S. Bankruptcy Court Case No. 11-38054-EEB
Asset Location: Loveland, CO
Asset Type: 13.47 Acre Wooded Site with Clubhouse, Swimming Pool and Putt-Putt Golf
Sale Price: $3,600,000

SVN Team Solution & Result: Loveland RV Resort was an operating business with 153 pad sites and multiple amenities. The auction attracted interst from buyers in 17 states and resulted in bidding from four (4) qualified bidders and a final sale price of $3.6 MM. This sale price represented 100% of the lenders appraised value.
Class "C" Apartment Building


Client Represented: U.S. Bankruptcy Court Case No. 13-19514-NVA
Asset Location: Cole Gardens Apartments, Washington, DC
Asset Type: 52 (2) Bedroom and 14 (3) Bedroom Units
Sale Price: $3,460,000

SVN Team Solution & Result: The auction was conducted during an extreme winter season in the Mid-Atlantic. This presented unusual challenges for buyers seeking to conduct onsite due diligence and underwriting of the asset. A total of 75 interested entities from 16 different states, Canada and Dubai reviewed the information in the dedicated website's data room established for the property.
200,000 SF Multi-Event Complex


Client Represented: Middle District of Louisiana Case No. 03-80898
Asset Location: Louisiana Cowboy Town, Alexandria, LA
Asset Type: 27.72 Acres on Highway One
Sale Price: $2,900,000

SVN Team Solution & Result: An live auction was held with twelve (12) registered bidders including local, regional and national interests. The auction produced a $1.1 MM offer that was bid up post auction to 1.375 million and then $1.7 MM. Due to multiple offers, the transaction was brought before a bankruptcy judge, where in-court, open bidding drove the price up further.
The Popular 8,900 SF "Madame X Mansion"


Client Represented: Eastern District of Louisiana Case No. 09-12041
Asset Location: New Orleans, LA
Asset Type: Historic 4 Story French Quater with Courtyard and Carriage Way
Sale Price: $1,980,000

SVN Team Solution & Result: Fifteen (15) registered and qualified bidders presented $50,000 cashier's checks on auction day in order to be eligible to bid. The bidding opened at $1 MM and rapidly increased in $100,000 increments. Within just four exciting minutes the property was sold. The court appointed bankruptcy trustee quickly approved the sale price as the total creditor's claims were exceeded by $480,000.
75% Occupied Mid Rise Apartment Building


Client Represented: District of Maryland Case No. 13-19514
Asset Location: Hampton Court, Baltimore, MD
Asset Type: 28 Units and 1 Commercial Space
Sale Price: $1,950,000

SVN Team Solution & Result: The auction generated interest from 14 States/Districts with 129 entities executing the NDA and 34 groups attending the guided property tours. A total of 5 third party entities submitted their initial written offers and bid qualification documents. The auction concluded with an all cash bid.
37,000+ SF Industrial Property on 2.8 Acres


Client Represented: Case No. CACE 13-19350 (07)
Asset Location: Organic Dynamics Building, Pompano Beach, FL
Asset Type: Industrial property on 2.8 Acres
Sale Price: $1,575,000

SVN Team Solution & Result: A live auction was conducted with one qualified bidder present in the conference room and one qualified bidder attending via telephone. The auction resulted in a final bid of $1.57 MM from the original stalking horse bidder. The court approved the sale at the hearing several days following the auction.
17 Remaining, Residential Condominium Units


Client Represented: Northern District of Florida Case No. 14-40483-KKA
Asset Location: Tallahassee, FL
Asset Type: 5 Story Office Building Converted to Urban Style Residential Condominiums
Sale Price: $1,253,750

SVN Team Solution & Result: The portfolio sold in bulk and closed with one entity at a price exceeding the pre-auction stalking horse bid. "Specifically, [the SVN team was] able in advance to identify a qualified and able stalking horse bidder which added value to the overall process and maximized the sales results”—Debtor's counsel.
Personal Property
Bankruptcy of Truland Electrical


Client Represented: U.S. Bankruptcy Court
Asset Location: Ladysmith, Virginia
Asset Type: Electrical Contractor
Sale Price: $1,240,851

Client Challenge: The property was located in several different locations across Virginia, Maryland, Washington DC, and North Carolina. The SVN team worked to get all assets in one location in order to be sold prior to the court's deadline.

SVN Team Solution & Result: The SVN Team pulled all assets into one sale location by offering the property for sale in a an online bidding platform that attracted bidders from around the globe. A wide variety of inventory, trailers, tools, equipment, and office trailers were offered with over 500 registered bidders worldwide.
Couvrette Bankruptcy Liquidation


Client Represented: U.S Bankruptcy Court
Asset Location: Salem, Virginia
Asset Type: Metal Working Company, specializing in ATM Machines
Sale Price: $378,710

Client Challenge: Selling assets from a no longer operating company, located in two different locations. The SVN team was able to secure and sell the assets prior to the court’s deadline.

SVN Team Solution & Result: The SVN Team sold all of the assets that were located at the two sites with over 300 registered online bidders. The key items sold included ATM machines, trucks, tractors, and trailers.
Old Virginia Brick Liquidation


Client Represented: Lender
Asset Location: Salem, and Madison Heights, Virginia
Asset Type: Brick Manufacturing Company
Sale Price: $916,330

Client Challenge: Securing properties from trespassers and dealing with an uncooperative debtor. The SVN team had a limited amount of time to lot and tag (inventory) items and liquidate the assets.

SVN Team Solution & Result: The SVN team sold all assets that were located at the two sites with over 500 registered online bidders. The key items sold included brick inventory, brick manufacturing equipment, trucks, tractors, and trailers.