Jonathan M. Pertchik, the former chief restructuring officer for luxury condo developer WCI Communities which built several South Florida towers before seeking bankruptcy protection for a time, will have plenty to discuss as the keynote speaker at tonight's Condo Vultures® seminar.
Pertchik has just been named the chief operating officer for the newly created residential division of Starwood Capital, which last fall beat out several bidders for the $3 billion portfolio of the failed condo construction financier Corus Bank.
Starwood Capital acquired the failed Chicago bank's portfolio in a complex deal that allows the Federal Deposit Insurance Corp. - the appointed receiver - to share in the upside realized by Starwood in selling off the Corus assets.
Before resigning from WCI in January, Pertchik was instrumental in facilitating luxury developer's emergence from Chapter 11 bankruptcy protection in September 2009. In his last nine months with WCI, Pertchik successfully sold off $112 million of assets.
The upcoming Condo Vultures® seminar entitled "An Insider's Look At Closing A Bulk Deal" will examine what it takes to actually complete a large distressed transaction.
More than 40 bulk condo deals for 3,300 units at a combined price in excess of $900 million have closed in South Florida since July 2008, but many more prospective buyers have failed in their attempts to close a big deal.
Founded in 1946, WCI Communities - which built the One Bal Harbour and Mosaic luxury condominium towers - filed for chapter 11 bankruptcy protection in August 2008 after failing to refinance $1.8 billion in debt that was set to mature, according to the company's website.
In the past 15 years, Pertchik has also worked as the managing principal of The Staubach Company South Florida and an attorney directly servicing the Resolution Trust Corp. during the end of the Savings & Loan crisis.
Anyone involved in the cottage industry of bulk transactions cannot afford to miss this event from 5.30 pm to 8 pm on Tuesday, March 23, at the Miami Marriott Biscayne Bay Hotel.
A one-hour networking session begins at 5.30 pm, and will be followed by a 90-minute program with a questions-and-answers session.
Registration is required. Admission is $45 in advance, and $50 at the event.
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