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Former WCI Restructuring Officer To Discuss Distressed Real Estate
More than 40 bulk condo deals for 3,000 units at a combined price in excess of $900 million have closed in South Florida since July 2008, but many more prospective buyers have failed in their attempts to close a big deal.
Jonathan M. Pertchik, the former chief restructuring officer for luxury home builder and condo developer WCI Communities, will share his insight into what it takes to get a bulk deal closed on both sides of the transaction.
Before resigning in January, Pertchik was instrumental in facilitating WCI's emergence from Chapter 11 bankruptcy protection in September 2009. In his last nine months with WCI, Pertchik successfully sold off $112 million of assets.
Founded in 1946, WCI Communities - which built the One Bal Harbour and Mosaic luxury condominium towers - filed for chapter 11 bankruptcy protection in August 2008 after failing to refinance $1.8 billion in debt that was set to mature.
In the past 15 years, Pertchik has also worked as the managing principal of The Staubach Company South Florida and an attorney directly servicing the Resolution Trust Corp. during the end of the Savings & Loan crisis.
Anyone involved in the cottage industry of bulk transactions - whether it is as a buyer, broker, or professional service provider - cannot afford to miss this event from 5.30 pm to 8 pm on Tuesday, March 23, at the Miami Marriott Biscayne Bay Hotel.
A one-hour networking session begins at 5.30 pm, and will be followed by a 90-minute program with a questions and answers period.
Registration is required. Admission is $45 in advance, and $50 at the event.
For more information, please contact John Fakler, the executive editor of CondoVultures.com, at 800-750-0517 or by email at JFakler@CondoVultures.com.
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Condo Vultures® LLC is a Bal Harbour, Fla.-based consultancy and publishing company focused on collecting, analyzing, and communicating intelligence on the South Florida real estate market.