Case Studies
our experience
PROJECT
Riverside Square, Algonquin, IL
LRA Role: John Lyons of LRA was appointed by the Circuit Court of McHenry County, IL, to serve as Receiver for the property in the foreclosure action of a mixed used development (Developer also filed bankruptcy). The project included 54 condominiums, a 100 space parking structure and multiple retail venues.
The construction was approximately 65% complete at the time of the filing of the foreclosure action and the appointment of the Receiver. Incomplete construction, outstanding claims and the collapsed condo/retail markets created unique challenges for the resolution of this asset.
LRA has the skills and experience to assess construction completion costs/claims, market potential and a variety of business plan options. Once the optimum business plan is selected, LRA has the expertise to implement any options, including completion of construction.
