Condominiums – Sold
Number of Units: 49
In June 2010, CCS acquired the note secured by a 49-unit luxury condominium at the entrance to the Beaver Creek Resort. Construction was completed in 2008, and 15 contracts were in place, but failed to close due to mechanics liens. The property sat vacant for 2 years before CCS acquired the note. Upon closing, CCS renovated the property with the cooperation of the borrower and took title through foreclosure in November 2010. After launching sales and marketing under a new name, The Ascent Residences, in December 2010, CCS sold over half the units in the first 4 four weeks of sales. CCS has since closed out of the project with returns outpacing projections.