Trigild Named Receiver/Manager of Luxury Residential Community in Puerto Rico
Taking charge of its first property outside the continental U.S., Trigild has been appointed receiver/asset manager of Ocean Club at Seven Seas by the U.S. District Court of Puerto Rico.
San Diego—Taking charge of its first property outside the continental U.S., Trigild, a San Diego-based company specializing in property management, receivership and consulting services, has been appointed receiver/asset manager of Ocean Club at Seven Seas by the U.S. District Court of Puerto Rico, overseeing all management and operations of the 300-unit luxury residential community in Fajardo, Puerto Rico.
According to Josh Hall, Trigild’s regional director of real estate/east, the FDIC, which took over for the failed Westernbank Puerto Rico, is the property’s current lender and requested that Trigild be appointed receiver over the community, which was valued at approximately $80 million when constructed in 2007.
Over the next few months, the Trigild operations team will transition day-to-day management of the community to the homeowners association, Hall said, as well as complete deferred maintenance and construction on 66 unfinished, unsold condos and position them for sale.