Stage Set For Class A Property Bankruptcy Auction

HOUSTON, Aug. 12 /PRNewswire/ -- Situs Inc. is assisting a Chapter 7 Bankruptcy Trustee with the preparations for a bankruptcy auction of the Gramercy Park Condominiums, a luxury mid-rise multi-family asset located in the prime Medical Center submarket of Houston, TX.  Situs has been actively exposing the 220 units (out of 224) to the market, but the sale has been delayed due to lengthy court proceedings.  Pending court approval, the auction will be conducted on August 26 in the US Bankruptcy Court in Reno, NV.  Situs is confident that there will be keen interest in the sale.  "Due to the significant amount of capital chasing Class A deals, we are receiving tremendous interest from cash buyers across the country," said Randall Tuller, a principal at Situs Inc.  "We are looking forward to facilitating the sale of this prime property, especially considering the complexity of the asset, its ownership structure, and related extended litigation."   Details on the property and the auction process can be found at www.situscompanies.com/gramercy.

Constructed in 2005/2006, the property was financed by individual investors holding fractionalized interests.  Various entities that controlled the servicing rights went through a series of bankruptcies beginning in 2006, with Asset Resolution, an entity affiliated with Silar Advisors, LLC, ultimately controlling the servicing.  With only 4 of the units sold, the property was foreclosed in late 2008.  

About Situs

Situs Inc. is the brokerage arm of The Situs Companies, a leading provider of global commercial real estate advisory services to the financial services industry.  Since 1985, clients have relied on Situs' experience, insight and best-in-class processes.  Combining creativity, flexibility and strategic planning, the company offers life of the loan solutions from due diligence to disposition. The company is recognized throughout the industry for consulting, advisory, servicing, outsourcing and disposition solutions. More recently, the company added capital markets and platform restructuring expertise through its affiliate, Oasis Real Estate Partners.  Situs is headquartered in Houston and has offices throughout the United States and Europe.  Visit our website at www.situscompanies.com.

SOURCE Situs Inc.