Brush College Phase 6
Receivership
Project Highlights
An 83-lot paper subdivision in Salem, Brush College Phase 6 was cross-collateralized with two other projects in default with the same lender.
Challenge
In addition to required wetland permitting, $4M of incomplete and over-budget offsite improvements were necessary to complete the project.
solution
The project's lender sought the appointment of JFP Partners (formerly J. Fanelli Properties, LLC) as receiver to for this project and two others serving as collateral. JFP completed the required offsite improvements, filed necessary wetlands permitting applications and secured wetland bank credits to offset onsite wetland removal.
Result
Currently marketing project
Salem, OR
2025
Partners
DBS Law
LEI Engineering
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.
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