Sucks for them to sell it at this point, you would think the investors would really want to at least keep this thing until physical construction wraps up, I mean they already have a construction loan in place. The proceeds you'll get on this thing 33% finished compared to just wrapping up construction using the loan are huge.
One good thing is that this is going to market not because it's distressed or the market is distressed, but because of issues with the investor/ownership group.
You would think someone would love to come in and swoop this up, finish it off, and they could likely sell it for a fairly large premium in a short period of time. No big incentive to change the plans. The longer the sale takes or the more they drag their feet selling, assuming construction continues, the chances increase greatly at getting this to completion.
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So I was out biking with Jesus last week...
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