Fitzgerald Condominiums
Receivership
Project Highlights
The Fitzgerald condominiums is luxury 5-story, 13-unit condominium project located in Seattle’s upscale Queen Anne neighborhood.
Challenge
The project’s developer was seriously impacted by the 2020 pandemic and cost increases, which caused irreversible financial impact. Needing to generate sales, the burden of construction liens interfered with its ability to sell units.
solution
The developer filed for an assignment for the benefit of creditors (ABC) to JFP Partners (formerly J. Fanelli Properties, LLC) as Court-appointed receiver.
Result
Successfully sold $18M of units
Recovered 90% of outstanding principal and interest
Seattle, WA
2024
Partners
Build with Style (Developer)
Level Capital
Cairncross & Hempleman
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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