The long-suffering, under-construction Barn Lofts at 940 E. 2nd Street is now in receivership, which basically means that the bank asked a neutral third party to take control of the project and babysit it while everything else gets worked out. In this case, the receiver's goal is "to preserve the collateral of the loan and get the project finished," says John Waters, chief operating officer at Douglas Wilson Companies, the San Diego-based receiver. Waters says construction on the Arts District buildings, which saw work stop earlier this year amid a bank failure, should resume in 30-45 days. Developer Borman Group still owns the 39-unit building for now, but the bank is in control. According to Waters, a bulk sale (hullo, auction!) is just one of the many possibilities for the project when it's finally completed.
· Douglas Wilson Companies Named Receiver on 39-unit Barn Lofts Condo Project in Los Angeles [PR Log]
· Amid Bank Shuffle, Work Stop at Barn Lofts [Curbed LA]