GGG Partners Appointed Receiver to Complex in College Park, GA
GGG Partners was appointed Receiver of a 12-building apartment complex in College Park, GA, an asset that had spiraled downward due to sewage backups, code violations, condemnation and zero occupancy, all of which was reported on the nightly news throughout the month of August.
As a measure of goodwill to the law firm representing the note-holder, GGG Partners agreed to serve as Receiver after the initial Receiver refused to accept appointment. GGG Partners consulted with Fulton County officials and collaboratively established a stabilization plan that satisfied all parties: the County, the note-holder and the borrower.
GGG Partners is vigorously pursuing all available resources, including insurance policies with potential claims in the millions of dollars to recoup as much as possible from them.