TFG’s Historical Timeline of Distressed Property Resolution Transactions
1973 – 1975 … Wesley E. Finch, as operating director of his former employer, was retained by Massachusetts Housing Finance Agency to takeover, workout and reposition 929 House, 929 Massachusetts Avenue, Cambridge, Massachusetts and 808 Memorial Drive, Cambridge, Massachusetts. These two projects, totaling 500± units, were repositioned and today, over thirty years later, provide quality, affordable and market rate housing in the area between Massachusetts Institute of Technology and Harvard University.
1983 – 1985 … TFG tackled a financially distressed 423-unit, HUD-financed, high-rise, rental property in the Boston, Massachusetts suburb of Chestnut Hill. TFG stabilized the property and converted it to condominiums (the first HUD-financed building to be converted to luxury condominiums in the United States). Today, twenty-five years later, the property, called The Towers of Chestnut Hill, remains the preeminent luxury condominium in the Chestnut Hill area.
1993 – 1995 … TFG was brought in by a group of mortgagees, who had foreclosed on their debt, to develop, construct, market and manage the revitalization of the Somerset Hotel located on Commonwealth Avenue in Boston’s historic Back Bay. Built at the turn of the century, the old Somerset Hotel had seen better days. Two developers had walked away from the deal and a third was foreclosed out. With TFG’s broad market knowledge and its sense of the product that would sell at this location, it was able to revive the grand old property as housing. This helped stabilize a key Commonwealth Avenue block, between Massachusetts Avenue and Kenmore Square, that was in danger of becoming a college campus extension, and it triggered significant new investment in the area. Within 18 months, the property was renovated, the first phase of the project sold out, TFG redesigned the second phase to suit appropriate target market groups, oversaw construction, and successfully sold out the complex. Today units in the building are selling at prices approaching $1,000,000.
2003 – 2005 …In November, 2003, TFG, working with its long-term joint venturer, Daejan, PLC (a London Stock Exchange listed property company) took over the operation of 513 severely distressed rental units contained within a 774 unit condominium association in Lauderhill (just west of Fort Lauderdale), Florida. TFG also manages the condominium association. Units within the property were generally selling in the low $70,000’s in November, 2003. By November, 2005 similar units were selling in the mid $160,000’s, with “after bubble” sales prices now starting at $120,000+.