Trigild Named Receiver for Puerto Rico DevelopmentThursday, May 17, 2012
San Diego-based Trigild, which provides management and consulting services related to distressed properties, has been appointed receiver and asset manager of a 300-unit luxury residential community in Puerto Rico.
A May 16 company statement said this is Trigild’s first property assignment outside the continental United States. The firm was assigned by the U.S. District Court of Puerto Rico to oversee all management and operations of Ocean Club at Seven Seas, located in the city of Fajardo.
Josh Hall, Trigild’s eastern regional director of real estate, said the Federal Deposit Insurance Corp. is the property’s current lender, after the agency took over the failed Westernbank Puerto Rico. The FDIC requested that Trigild be appointed receiver over the community, which was valued at approximately $80 million when built in 2007.
The 14-acre gated community is located 30 miles from San Juan and includes 13 four-story and two three-story buildings totaling approximately 1.1 million square feet. Trigild took over management of the property in early May and is directing the sale of 66 unsold condominiums within the community.
Trigild in coming months will complete deferred maintenance and construction on unfinished condos, while transitioning daily management to the community’s homeowner association.
“We are exploring all opportunities — from a portfolio sale to individual sales,” Hall said in the statement.