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For lenders and borrowers alike, successful workouts on residential condominium projects often mean keeping the horse they rode in on-i.e. the original developer. “Generally, leaving the developer in place is a wise idea, because most developers are competent,” says New York City-based Doug Heller, who heads the condo/co-op practice group at Herrick, Feinstein LLP. “They may not have guessed the market correctly, but that doesn’t mean anyone else could have guessed any better.”

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