MIAMI, FL - July, 2009 - The Torre Mackle Group, Inc., a Miami-based construction and development firm specializing in the completion and remediation of distressed real estate assets, has been engaged to finish the construction of Terzetto Villas, a 62-unit residential complex in Aventura, Florida. The contract was awarded following a court decision appointing a receiver when the property's developer defaulted on its financial obligations. Following detailed cost and feasibility analyses, the project's receiver and largest creditor, Ocean Bank, decided to move forward with completion of the project.
The Torre Mackle Group launched its distressed asset practice in late 2008 in response to the growing number of troubled commercial and condominium properties in South Florida. The region, currently home to at least 232 known troubled assets representing $6.9 billion in problematic loans, ranks third in the U.S. for the volume of commercial real estate and condo projects now at some level of financial distress, according to the independent research group Real Capital Analytics.
Frank Mackle, Principal of The Torre Mackle Group, believes the ‘perfect storm' underway in the real estate industry has created a niche for firms with expertise in inheriting construction projects midstream. "Many owners and developers defaulted on their financial responsibilities when the real estate bubble burst, prompting lenders to seize their unfinished properties. Because distressed asset remediation is not a bank's core business, these institutions rely on firms like The Torre Mackle Group to help determine the best course of action for the property and execute that plan," said Mackle.
