News
DISTRESS BUSTERS
December 22, 2009
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| Alchemy Properties won’t be doomed to repeat history. Using what it learned when it started in the early 90s has kept the firm out of trouble and instead helping others in distress. Partners Joel Breitkopf, Kenneth Horn, and Gerry Davis tell us that they’re taking their risk adverse and downside focus and helping owners maximize value and change business plans, as well as assisting defaulted developers and lenders. Alchemy will invest $500M in broken assets, targeting 40k to 250k-SF Tri-State condo, retail, and office properties. |
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| Alchemy recently formed a new division to target these broken assets (particularly defaulted condo projects) by taking over partially finished REO and pre-foreclosure assets, purchasing defaulted notes of existing cash-flowing buildings, and assisting capital sources with assets they’ve taken over. Some projects have taken on a life of their own, they say—many Downtown condo projects, for instance, were built for families, yet the submarket still has a singles flavor. Away from work, Ken’s on the board for The Catalog for Giving, which supports ten grassroots organizations giving disadvantaged young people a chance at a better future. |
