SAN DIEGO, CACompleted in 2007, The Mark is a 32-story, 244-unit condominium building located directly north of the San Diego Padres’ Petco Field. At the time of RADCO’s takeover, no units had been sold for almost two years. The company was engaged to renegotiate the senior loan and take over full development responsibilities.
After an aggressive relaunch of marketing, including rebooted advertising, television, signage, a major broker/buyer event, and a renewed positive relationship with the Homeowners Association, RADCO settled outstanding payables for an average of 40% of par. We sold approximately twice the number of units that had been projected in the business plan, paid off the first mortgage within 11 months, and provided a complete return of the mezzanine investment.