RADCO Takeover of $143M San Diego Condo Property Proves Successful One Year Later
- Jul 21, 2010
San Diego–Under the right circumstances, there’s life in the condominium market in San Diego, Calif., and The Mark condominium tower serves as proof. Atlanta-based developer and distressed real estate specialist The RADCO Cos. has completed a one-year turnaround of the $143 million project.
RADCO has not only managed to pay off the remaining $35 million of the previous owners’ construction loan, but it has also sold nearly 33 percent, or 79 units, of the luxury property’s 244 residences, which is quite a coup considering nary a unit had been sold in the first two years of The Mark’s existence.
A 32-story tower, is located in downtown San Diego’s East Village, just north of the San Diego Padres’ Petco Field. The condominium first opened its doors to residences in 2007, and RADCO stepped in as acting developer in May 2009. Relying on well-honed skills obtained during its 15-year history in managing distressed real state, RADCO was able to restructure the remaining financing on the property with the senior lender to allow for greater pricing flexibility and an extension of the terms.
The national condominium market began its nosedive right along with the collapse of the housing market. With the credit crunch and the economic downturn adding to its fall, the market has yet to recover. RADCO, however, appears to be defying the odds at The Mark. “Factors that attracted buyers to The Mark included an exceptional value–high quality product at an affordable price–great location and creative, fresh marketing campaigns specifically targeted towards first-time homebuyers on the entry-level side and empty nesters looking for a pied-à-terre in the city,” Kevin Price, principal/executive vice president of operations with RADCO, tells MHN.