ThirdEye, Lynd Tasked with Turning Around 10 Distressed Houston Properties
ThirdEye Partners (TEP), a specialized real estate advisory firm focused on distressed multifamily assets and lender-led workout strategies, has been retained by one of several lenders tied to a financially troubled, 10-property multifamily portfolio in Houston, Texas.
TEP will provide the lenders and borrower with an objective, data-driven foundation for restructuring and workout planning.
The borrower, which self-managed the properties under the name of Falls Management Group, has transitioned operations of the full 3,633-unit portfolio to Lynd Management Group, a multifamily operator with extensive experience in distressed asset turnarounds and lender-led workouts. Lynd has assumed full operational responsibility and is implementing stabilization initiatives, including lease-up execution, operating discipline and targeted cost-containment measures.
TEP and Lynd are jointly working with lenders and stakeholders on a comprehensive workout strategy for six non-bankruptcy assets and four in Chapter 11 bankruptcy.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout