Case Study: Northwood Commons, retail and office project in Safety Harbor, Florida (CON’T)
16. Conclusion of Turnaround Program and Discharge of Receiver: Foreclosure was recently completed, and Project cash flow was now sufficient to fund a long term renewal of its largest tenant. A seamless transition to the foreclosure purchaser was facilitated by reconciled financial and cash statements, and electronic transfer of key documents. NREV received many positive reviews from stakeholders such as the special servicer, the City of Safety Harbor, tenants, professionals and other stakeholders.
17. Mayor’s Award of Excellence: Immediately prior to discharge, the City of Safety Harbor awarded NREV and Northwood Commons its prestigious Mayor’s Award of Excellence and placed an award sign at the Project entrance.
