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REO/REIT/FINANCIAL INSTITUTION WORKOUTS

During two national recessions and downturns in the housing market, Bob Schultz’s expertise was called upon by banks, REITs and privately owned developers to help them navigate the rough waters during those extraordinarily difficult times. What he learned during those times provided him with “hands on real-world difficulties” in which solutions had to be created and results obtained.

The early 70’s. Who remembers the Arab oil embargo? It began four years of turmoil in the national economy and was the catalyst that created turmoil in the homebuilding industry.

 

LIME BAY CONDOMIUM
Location:  Tamarac, FL

Owner:  Leadership Housing, Inc./Continental Illinois Bank & Trust

SPY GLASS PATIO HOMES
Location: Tamarac, FL

Owner: Leadership Housing, Inc./Continental Illinois Bank & Trust

KAPOK MANOR CONDOMINIUM
Location: Clearwater, FL

Client: Pritzger & Pritzger/First National Bank Chicago

ORIENTA POINT TOWNHOMES
Location: Orlando, FL

Client: Pritzger & Pritzger/First National Bank Chicago

HEATHER WALK Condominiums (250)
Location: Miami, FL

Client: Continental Illinois Bank & Trust

The 80’s. Who remembers the “misery index”, the Iranian hostage crisis and the after-effects of the energy crisis? History does tend to repeat itself, and because of the reputation Bob Schultz earned during the previous downturn of the 70’s, he was called upon again.

INVERNESS VILLAGE CONDOMINIUM
Location:  Inverness Village, FL

Owner: Wachovia R.E.I.T.

ROYAL VILLAGE TOWNHOUSES
Location: Palm Beach, FL

Client: Deneb, Inc./First Bank Philadelphia

OPAL TOWERS CONDOMINIUM
Location: Hillsboro Beach, FL

Client: Equibank, Pittsburgh

THE DANIANS SOUTH CONDOMINIUM
Location: Dania, FL

Client: Equibank, Pittsburgh

CORAL LAKE TOWERS CONDOMINIUM
Location: Fort Lauderdale, FL

Owner: Continental Illinois R.E.I.T.

LAKE TARPON SAIL & TENNIS CLUB
Location: Tarpon Springs, FL

Owner: Continental Illinois R.E.I.T.

TAMARIND BAY YACHT & TENNIS CLUB
Location: Key Largo, FL
Client: Continental Illinois Bank & Trust, Chicago

HARBOURSIDE YACHT CLUB
Location: Delray Beach, FL

Owner: Continental Illinois Bank & Trust

PALM BEACH HOTEL
Location:  Palm Beach, FL
Client:  Florida Federal Savings & Loan

For his achievements in the Workout Arena…  The Florida Association of Home Builders, named Bob Sales Director of the Year, and the National Association of Home Builders, acclaimed him Marketing Director of the Year.  As an additional responsibility involved with these workouts, Mr. Schultz was the developer’s or financial institution’s representative on the association boards of directors of the projects being managed. In these capacities he was involved in the successful turnover of associations from the developer to the unit owners.  During his membership on the various boards, he worked with the unit owners in establishing committees and in teaching them how to operate their association effectively and efficiently so that when the time for turnover came, they were fully prepared to assume the duties required.  This created well-run, financially sound associations, provided a great climate for sales referrals, and most importantly allowed for the smooth transition to owners without lawsuits.