ALV reduced buyer default at The Peninsula during the Great Recession and completed the project on time despite the initial GC going out of business midway through construction.
The economic crisis of 2008 caused widespread financial concerns. Simultaneously, the general contractor went bankrupt, further increasing buyer fears.
ALV oversaw all aspects of operations and bridged the gap while the new GC got up to speed. During the transition, we maintained communication with buyers, successfully calmed buyer fears by reinforcing the investment value, and adopted flexible closing schedules to meet individual buyer’s needs.
We successfully closed 100% of the 234 units and kept incentives to an average of $6k per unit. As a result, we paid off the senior loan balance in November 2008. The Peninsula was the first project in Jacksonville to qualify for and receive FNMA approval.