SAN DIEGO-When Atlanta-based the Radco Cos. took over as actingdeveloper for the Mark, a 32-story, 244-unit condominium buildinglocated directly north of San Diego’s Padres’ Petco Field, not oneunit had been sold for almost two years. The company was engaged torenegotiate the senior loan and to take over full developmentresponsibilities from the original sponsor.
The company’s plan was to use an aggressive relaunch ofmarketing—including advertising, television signage, magazines, abroker/buyer event—community outreach, and a repositioning plan. Indoing so, the company was able to sell 79 units, and has since paidoff the remaining $35 million construction loan in less than oneyear.
Radco was hired as a lending agent for the project andimmediately restructured the property’s loans to include someadditional terms and flexibility, with the agreement of all partiesinvolved. Then Radco began a value preservation program, where theystabilized the asset, maintained its value and extracted additionalvalue for the ownership entity.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
