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Houlihan/Lawrence forms capital recovery group.

Houlihan/Lawrence forms capital reconvery group

Houlihan/Lawrence Inc. announced the formation of the Capital Recovery Group, a full-service organization to assist banks and other institutional clients in managing and marketing troubled residential and commercial properties.

The Capital Recovery Group is composed of Houlihan/Lawrence senior management and a board of advisors of outside consultants with special real estate expertise. The McGrath Group, a division of Houlihan/Lawrence, will play a major role in the operations of the Capital Recovery Group.

In its first transaction, The Capital Recovery Group represented a major New York City bank in the sale of 21 Lake Street, a 71-unit mid-rise apartment building in downtown White Plains, to a group of Venezuelan investors. The building, which was built in 1988 as a condominium, has been operated by the bank as a rental since its foreclosure two years ago.

In another recent transaction, The Capital Recovery Group sold a condominium in Cromwell, Connecticut, a suburb of Hartford, to Peak Development of South Salem. Known as Woodland Heights, the 109-unit garden apartment-turned condominium had been in bank foreclosure before its sale.

Services provided by the Capital Recovery Group include appraisals and appraisal review, strategies for disposition of properties, accounting and monthly invoice control, property management, marketing, project analysis and planning, project completion and restructuring of existing governmental approvals. The Group provides market strategies for completed and partially completed projects, approved and raw land, and large-scale projects.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Jan 22, 1992
Words:239
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