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.
In addition to partnering with banks seeking to maximize the value of their newly-acquired assets, The Torre Mackle Group works with lenders and investors who intend to ‘preserve and protect’ their unfinished property until market activity picks up or financing becomes more readily available.
“Navigating the tangled web of distressed asset remediation is no easy task,” said Venny Torre, Principal of The Torre Mackle Group. “Resuming a stalled construction project is often marred by sore relationships with former contractors, financial issues, permitting roadblocks, and constant questions regarding construction feasibility. Essentially, we have taken on the role of workout specialist for the construction industry.”
The Torre Mackle Group’s other primary area of focus is Chinese drywall mitigation, a market that has been in growth mode since the U.S. Consumer Product Safety Commission first received complaints about problems associated with drywall imported from China in December 2008. While the long term health effects of the Chinese-made drywall are unknown, homeowners have reported a rotten-egg smell in their homes, a list of allergy-like symptoms, and corroded wiring and air ducts. Estimates indicate that as many as 35,000 homes were constructed with Chinese drywall between 2004 and 2007 in Florida alone.
About Torre Mackle Group
Torre Mackle Group, Inc. is a Miami, Florida-based construction and development firm specializing in the completion and remediation of distressed real estate assets, including properties that have been affected by Chinese drywall contamination. The Firm’s founders, Venny Torre and Frank Mackle, are both long-time South Florida real estate builders, owners, investors and contractors. Together, they offer clients 50 years of construction industry expertise. Please visit http://www.torremackle.com for more information.