Latest news with #MatthewBordwin
Yahoo
10-07-2025
- Business
- Yahoo
Troubled Connecticut property hits the market
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Following its bankruptcy filing last year, the 210-unit Covered Bridge complex in Newtown, Connecticut, is now on the market. The ownership groups — Covered Bridge, Newtown LLC and Covered Bridge, Newtown 1 LLC — has contracted with Keen-Summit Capital Partners, a Melville, New York-based real estate brokerage, workout and investment banking firm, to find a buyer for the property or a provider of joint venture funding or refinancing. "We are soliciting offers to purchase the property or proposals for an alternative transaction, such as a joint venture or refinance, so our client can assess the best option and present to the bankruptcy court for approval,' Matthew Bordwin, principal and co-president of Keen-Summit Capital Partners, told Multifamily Dive The Covered Bridge complex was built during the COVID-19 pandemic, which meant the developers had to deal with material delays, inflation and eventually high interest rates, ultimately pushing the project into bankruptcy, according to Bordwin. 'This property, as a standalone real estate investment, is not distressed,' Bordwin said. The Covered Bridge complex contains seven three-story buildings, each offering a mix of one-, two- and three-bedroom layouts. It has 168 market-rate units and 42 affordable units, restricted to 80% of the area median income, with rents controlled for a period of 30 years. It has a clubhouse with a fitness center, community room and an adjacent pool. 'There are six buildings online, and they've got a high level of occupancy,' Bordwin said. 'There's a seventh building that's 80% complete. The issue has been a dispute with a lender, and that's really the basis of what put them in a position where they had to file for bankruptcy because they couldn't refinance.' Bordwin said he's seen a number of 'flawed capital stack' issues at newer apartment properties that don't resemble traditional distressed real estate. 'There were a lot of multifamily projects during the pandemic that experienced cost overruns and delays,' Bordwin said. 'That, combined with the higher interest rate lending requirements, particularly on new construction, has been a main driver of a lot of the stress that we're seeing in the multifamily sector.' Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Recommended Reading Cadillac Fairview completes acquisition of Lincoln's residential division
Yahoo
17-06-2025
- Business
- Yahoo
Bankruptcy Sale Announced for Premier Miami Rooftop Commercial Condo at Brickell House
MIAMI, June 17, 2025--(BUSINESS WIRE)--Keen-Summit Capital Partners LLC, a leading real estate brokerage and investment banking firm, in conjunction with Wilshire Advisory Group, has been retained to market and conduct the bankruptcy sale of a one-of-a-kind rooftop commercial condominium located on the entire top floor of Brickell House, one of Miami's most prestigious residential towers. The offering includes Commercial Units 8, 9, and 11 at 1300 Brickell Bay Drive. Positioned in the heart of Miami's thriving Brickell neighborhood, this premier 46th-floor space spans approximately 11,721 square feet and features 24-foot ceilings, floor-to-ceiling glass, and breathtaking panoramic 360° views of the Miami skyline and Biscayne Bay. This sale presents a rare opportunity to develop what could become Miami's next rooftop destination. "This space is tailor-made for a high-profile hospitality venue," said Matthew Bordwin, Principal and Managing Director at Keen-Summit Capital Partners. "Whether it's a rooftop restaurant, pool club, private lounge, or exclusive event space, the location, size, and views are unmatched in the Brickell market. This is truly an extraordinary property and opportunity." In addition to the expansive interior space, the buyer will benefit from rights to the rooftop pool and deck, as well as additional storage on upper levels. The property's flexible, open floor plan offers endless customization potential for visionary developers and operators. This sale is being conducted as part of a Chapter 11 bankruptcy process and presents a compelling opportunity for investors seeking a prime foothold in one of the most vibrant submarkets in South Florida. About Keen-Summit Capital Partners LLC Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships, with offices in Manhattan and Melville, NY and Chicago, IL. For more information about Keen-Summit Capital Partners, call 646.381.9222 or View source version on Contacts Wendy Schechterwendy@ 9176879696
Business Wire
17-06-2025
- Business
- Business Wire
Bankruptcy Sale Announced for Premier Miami Rooftop Commercial Condo at Brickell House
MIAMI--(BUSINESS WIRE)--Keen-Summit Capital Partners LLC, a leading real estate brokerage and investment banking firm, in conjunction with Wilshire Advisory Group, has been retained to market and conduct the bankruptcy sale of a one-of-a-kind rooftop commercial condominium located on the entire top floor of Brickell House, one of Miami's most prestigious residential towers. The offering includes Commercial Units 8, 9, and 11 at 1300 Brickell Bay Drive. Positioned in the heart of Miami's thriving Brickell neighborhood, this premier 46th-floor space spans approximately 11,721 square feet and features 24-foot ceilings, floor-to-ceiling glass, and breathtaking panoramic 360° views of the Miami skyline and Biscayne Bay. This sale presents a rare opportunity to develop what could become Miami's next rooftop destination. 'This space is tailor-made for a high-profile hospitality venue,' said Matthew Bordwin, Principal and Managing Director at Keen-Summit Capital Partners. 'Whether it's a rooftop restaurant, pool club, private lounge, or exclusive event space, the location, size, and views are unmatched in the Brickell market. This is truly an extraordinary property and opportunity.' In addition to the expansive interior space, the buyer will benefit from rights to the rooftop pool and deck, as well as additional storage on upper levels. The property's flexible, open floor plan offers endless customization potential for visionary developers and operators. This sale is being conducted as part of a Chapter 11 bankruptcy process and presents a compelling opportunity for investors seeking a prime foothold in one of the most vibrant submarkets in South Florida. About Keen-Summit Capital Partners LLC Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm specializing in special situations, restructurings, bankruptcies and receiverships, with offices in Manhattan and Melville, NY and Chicago, IL. For more information about Keen-Summit Capital Partners, call 646.381.9222 or
