3ZERO3 Apartments
Receivership
Project Highlights
A 112-unit, 15-story high-rise in downtown Seattle's Belltown neighborhood had ambitions to be the first net-zero residential high-rise. With an initial timeline of a 2021 opening, the project had extended into 2024.
Challenge
With an insolvent developer and the project seriously over budget, Goldman Sachs pushed into receivership.
solution
The project's lender sought the Court’s appointment of JFP Partners (formerly J. Fanelli Properties, LLC) as receivers to oversee completion of $20M in construction, lease-up and disposition of the property.
Result
Successfully completed construction
Obtained Certificate of Occupancy
Managed lease-up
Managed disposition of property
Seattle, WA
2025
Partners
Goldman Sachs
Swinerton Construction
CBRE Commercial Real Estate
Ave 5 Property Management
Snell & Wilmer
Our Approach
With over three decades of experience developing, owning, and operating real estate, including advising and managing distressed projects, our principals also serve as expert witnesses on real estate matters and provide other consulting and real estate brokerage services.
![](data:image/svg+xml,<svg display="block" role="presentation" viewBox="0 0 594 330" xmlns="http://www.w3.org/2000/svg"><g d="M 173 293.37 L 192.89 293.37 C 198.93 293.37 208.85 293.37 208.85 304.32 C 208.85 315.27 198.93 315.22 192.89 315.22 L 179.97 315.22 L 179.97 329.07 L 173 329.07 Z M 194.41 309.23 C 198.39 309.23 201.87 308.89 201.87 304.27 C 201.87 299.65 198.38 299.36 194.41 299.36 L 179.97 299.36 L 179.97 309.23 Z M 227.42 293.37 L 235.37 293.37 L 252.7 329.07 L 245.33 329.07 L 241.6 320.87 L 221.03 320.87 L 217.25 329.07 L 209.84 329.07 Z M 238.86 314.88 L 231.4 298.97 L 223.94 314.88 L 238.87 314.88 Z M 260.77 293.37 L 282.23 293.37 C 290.67 293.37 296.76 295.29 296.76 304.03 C 296.76 310.61 292.05 314.24 286.79 314.54 L 297.74 329.07 L 289.15 329.07 L 278.79 315.03 L 267.74 315.03 L 267.74 329.07 L 260.77 329.07 Z M 281.2 309.23 C 286.89 309.23 289.79 308.4 289.79 304.17 C 289.79 299.94 286.89 299.16 281.2 299.16 L 267.75 299.16 L 267.75 309.23 Z M 319.6 299.36 L 303.64 299.36 L 303.64 293.37 L 342.53 293.37 L 342.53 299.36 L 326.57 299.36 L 326.57 329.07 L 319.6 329.07 Z M 350.2 293.37 L 357.56 293.37 L 381.43 319.15 L 381.43 293.37 L 388.11 293.37 L 388.11 329.07 L 381.73 329.07 L 356.88 302.36 L 356.88 329.07 L 350.2 329.07 Z M 399.01 293.37 L 431.02 293.37 L 431.02 299.36 L 405.98 299.36 L 405.98 307.66 L 427.54 307.66 L 427.54 313.65 L 405.98 313.65 L 405.98 323.08 L 431.61 323.08 L 431.61 329.07 L 399.01 329.07 Z M 439.68 293.37 L 461.14 293.37 C 469.58 293.37 475.67 295.29 475.67 304.03 C 475.67 310.61 470.96 314.24 465.7 314.54 L 476.65 329.07 L 468.06 329.07 L 457.7 315.03 L 446.65 315.03 L 446.65 329.07 L 439.68 329.07 Z M 460.1 309.23 C 465.79 309.23 468.69 308.4 468.69 304.17 C 468.69 299.94 465.79 299.16 460.1 299.16 L 446.64 299.16 L 446.64 309.23 Z M 513.58 304.22 C 512.45 301.03 509.55 298.28 501.06 298.28 C 496.35 298.28 491.58 299.46 491.58 302.75 C 491.58 304.27 492.47 305.89 499.58 306.78 L 508.03 308.06 C 516.03 309.29 520.75 312.38 520.75 318.37 C 520.75 326.82 512.7 329.96 503.17 329.96 C 487.85 329.96 484.12 322.4 483.28 319.7 L 490.01 317.59 C 491.29 320.19 493.94 323.97 503.37 323.97 C 509.07 323.97 513.78 322.1 513.78 319.01 C 513.78 316.7 511.13 315.18 506.02 314.54 L 497.48 313.36 C 489.23 312.23 484.61 308.65 484.61 303.2 C 484.61 292.5 498.51 292.5 501.26 292.5 C 516.63 292.5 519.28 299.62 520.16 302.08 L 513.58 304.24 Z M 83.21 48.1 C 83.21 21.93 80.03 10.96 57.04 0 L 169.87 0 C 146.88 10.97 143.34 21.93 143.34 48.1 L 143.34 190.25 C 143.34 243.66 102.97 287.16 53.5 287.16 C 72.54 278.87 83.21 258.15 83.21 214.65 Z M 183.08 232.49 C 206.07 221.52 209.25 209.85 209.25 183.33 L 209.25 48.1 C 209.25 21.93 206.07 10.96 183.08 0 L 269.38 0 L 269.38 183.33 C 269.38 209.86 275.75 221.53 302.28 232.49 L 183.09 232.49 Z M 292.38 122.43 C 322.25 110.47 332.28 97.55 339.77 88.47 L 339.77 156.32 C 332.27 147.25 322.25 134.33 292.38 122.36 M 368.77 62.95 L 368.77 0 L 310.77 0 Z M 386.46 232.49 C 409.45 221.52 412.63 209.85 412.63 183.33 L 412.63 48.1 C 412.63 21.93 409.45 10.96 386.46 0 L 472.76 0 L 472.76 183.33 C 472.76 209.86 479.13 221.53 505.66 232.49 L 386.47 232.49 Z M 594.17 71.79 L 594.14 71.79 C 593.24 139.69 568.32 139.7 499.38 139.7 C 524.29 129.67 533.97 109.14 534.38 69.85 C 533.97 30.55 524.29 10.03 499.38 0 C 568.32 0 593.25 0 594.14 67.91 L 594.17 67.91 L 594.17 71.8 Z M 0 259.62 C 0 244.918 11.918 233 26.62 233 C 41.322 233 53.24 244.918 53.24 259.62 C 53.24 274.322 41.322 286.24 26.62 286.24 C 11.918 286.24 0 274.322 0 259.62 Z" fill="transparent" height="329.96000000000004px" id="eT6j8yAhU" width="594.1700048828125px"><path d="M 0 0.87 L 19.89 0.87 C 25.93 0.87 35.85 0.87 35.85 11.82 C 35.85 22.77 25.93 22.72 19.89 22.72 L 6.97 22.72 L 6.97 36.57 L 0 36.57 Z M 21.41 16.73 C 25.39 16.73 28.87 16.39 28.87 11.77 C 28.87 7.15 25.38 6.86 21.41 6.86 L 6.97 6.86 L 6.97 16.73 Z M 54.42 0.87 L 62.37 0.87 L 79.7 36.57 L 72.33 36.57 L 68.6 28.37 L 48.03 28.37 L 44.25 36.57 L 36.84 36.57 Z M 65.86 22.38 L 58.4 6.47 L 50.94 22.38 L 65.87 22.38 Z M 87.77 0.87 L 109.23 0.87 C 117.67 0.87 123.76 2.79 123.76 11.53 C 123.76 18.11 119.05 21.74 113.79 22.04 L 124.74 36.57 L 116.15 36.57 L 105.79 22.53 L 94.74 22.53 L 94.74 36.57 L 87.77 36.57 Z M 108.2 16.73 C 113.89 16.73 116.79 15.9 116.79 11.67 C 116.79 7.44 113.89 6.66 108.2 6.66 L 94.75 6.66 L 94.75 16.73 Z M 146.6 6.86 L 130.64 6.86 L 130.64 0.87 L 169.53 0.87 L 169.53 6.86 L 153.57 6.86 L 153.57 36.57 L 146.6 36.57 Z M 177.2 0.87 L 184.56 0.87 L 208.43 26.65 L 208.43 0.87 L 215.11 0.87 L 215.11 36.57 L 208.73 36.57 L 183.88 9.86 L 183.88 36.57 L 177.2 36.57 Z M 226.01 0.87 L 258.02 0.87 L 258.02 6.86 L 232.98 6.86 L 232.98 15.16 L 254.54 15.16 L 254.54 21.15 L 232.98 21.15 L 232.98 30.58 L 258.61 30.58 L 258.61 36.57 L 226.01 36.57 Z M 266.68 0.87 L 288.14 0.87 C 296.58 0.87 302.67 2.79 302.67 11.53 C 302.67 18.11 297.96 21.74 292.7 22.04 L 303.65 36.57 L 295.06 36.57 L 284.7 22.53 L 273.65 22.53 L 273.65 36.57 L 266.68 36.57 Z M 287.1 16.73 C 292.79 16.73 295.69 15.9 295.69 11.67 C 295.69 7.44 292.79 6.66 287.1 6.66 L 273.64 6.66 L 273.64 16.73 Z M 340.58 11.72 C 339.45 8.53 336.55 5.78 328.06 5.78 C 323.35 5.78 318.58 6.96 318.58 10.25 C 318.58 11.77 319.47 13.39 326.58 14.28 L 335.03 15.56 C 343.03 16.79 347.75 19.88 347.75 25.87 C 347.75 34.32 339.7 37.46 330.17 37.46 C 314.85 37.46 311.12 29.9 310.28 27.2 L 317.01 25.09 C 318.29 27.69 320.94 31.47 330.37 31.47 C 336.07 31.47 340.78 29.6 340.78 26.51 C 340.78 24.2 338.13 22.68 333.02 22.04 L 324.48 20.86 C 316.23 19.73 311.61 16.15 311.61 10.7 C 311.61 0 325.51 0 328.26 0 C 343.63 0 346.28 7.12 347.16 9.58 L 340.58 11.74 Z" fill="rgb(161, 88, 67)" height="37.460000000000036px" id="aCFxKsHNT" transform="translate(173 292.5)" width="347.7499987792969px"/><path d="M 29.71 48.1 C 29.71 21.93 26.53 10.96 3.54 0 L 116.37 0 C 93.38 10.97 89.84 21.93 89.84 48.1 L 89.84 190.25 C 89.84 243.66 49.47 287.16 0 287.16 C 19.04 278.87 29.71 258.15 29.71 214.65 Z M 129.58 232.49 C 152.57 221.52 155.75 209.85 155.75 183.33 L 155.75 48.1 C 155.75 21.93 152.57 10.96 129.58 0 L 215.88 0 L 215.88 183.33 C 215.88 209.86 222.25 221.53 248.78 232.49 L 129.59 232.49 Z M 238.88 122.43 C 268.75 110.47 278.78 97.55 286.27 88.47 L 286.27 156.32 C 278.77 147.25 268.75 134.33 238.88 122.36 M 315.27 62.95 L 315.27 0 L 257.27 0 Z M 332.96 232.49 C 355.95 221.52 359.13 209.85 359.13 183.33 L 359.13 48.1 C 359.13 21.93 355.95 10.96 332.96 0 L 419.26 0 L 419.26 183.33 C 419.26 209.86 425.63 221.53 452.16 232.49 L 332.97 232.49 Z M 540.67 71.79 L 540.64 71.79 C 539.74 139.69 514.82 139.7 445.88 139.7 C 470.79 129.67 480.47 109.14 480.88 69.85 C 480.47 30.55 470.79 10.03 445.88 0 C 514.82 0 539.75 0 540.64 67.91 L 540.67 67.91 L 540.67 71.8 Z" fill="rgb(39, 50, 80)" height="287.16px" id="nahw6GwQz" transform="translate(53.5 0)" width="540.6700048828125px"/><path d="M 0 26.62 C 0 11.918 11.918 0 26.62 0 C 41.322 0 53.24 11.918 53.24 26.62 C 53.24 41.322 41.322 53.24 26.62 53.24 C 11.918 53.24 0 41.322 0 26.62 Z" fill="rgb(39, 50, 80)" height="53.24000000000001px" id="W1ZTVs0A1" transform="translate(0 233)" width="53.24000000000001px"/></g></svg>)