TRANSACTION SUMMARY
In 2003, an institutional investor sought out The Congress Group to oversee a development project in its investment portfolio that was underperforming. The institutional investor has been one of The Congress Group's development partners for many years. The project consisted of two condominium towers in Miami Beach, Florida. The Congress Group analyzed the project and discovered that the construction and sales of the units were mismanaged. The General Partner placed the project in bankruptcy. The Congress Group had the opportunity to resolve the project’s issues.

VALUE ADDED BY MANAGEMENT
The Congress Group became the court-appointed development manager and turned the project around in a two-year time period. The Congress Group successfully fixed the project’s liability issues, executed sales of the units and fully paid back the construction lender. The project was completed in 2005.

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