When it comes to maneuvering through the ever-changing world of distress, persistence pays. Take San Diego-based Pathfinder Partners, which recently brought back onto the market a long-stalled 68,000-squarefoot office and medical condominium. The project-which consists of 10 suites ranging from 5,200 to 10,700 square feet on 4.2 acres-is called Eastlake Professional Center and comprises six buildings in Chula Vista's Eastlake area in San Diego.
Pathfinder, which was formed in July 2006 to specialize in distressed and opportunistic investments, bought the property at a foreclosure sale. But, as in many distress deals these days, getting the property wasn't simple.
"Sales at the property, which received its certificate of occupancy in 2008, had been stalled for several years," says Mitch Siegler, senior managing director of Pathfinder Partners. Siegler tells DAI that the original borrower defaulted on a $16.3-million loan and was embroiled in litigation with the lender, preventing the sale of any condos.
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