Isles at Lago Mar
John K. Markey, as Principal of JKM Services, was appointed as the U.S. Federal Bankruptcy Court Plan Administrator for the Isles at Lago Mar community in July 2009. The Isles at Lago Mar is a 368 unit fractured condominium conversion project located in Sunrise, Florida, in which 230 units were sold and 138 units remained unsold. Mr. Markey was appointed pursuant to the request of the foreclosing Lender in order to lease-up and manage the 138 unsold units and operate the Developer controlled condominium Association.
Under previous management, the property had suffered from numerous including: a lack of accounting policies, procedures and oversight; in-efficient and in-effective on-site management; overstaffing; a limited leasing program for unsold/damaged units; and a lack of collections activity.
Over the past two years, Mr. Markey and his team addressed the above issues, resulting in a current occupancy rate of 98% for the unsold units and net positive monthly cash flow. Management and collections activities on the Association side were addressed in order to fund Reserve accounts and implement a phased capital improvement program. Although the Bankruptcy was discharged in 2010, the project Lender has retained JKM as a private asset manager indefinitely in order to further enhance the property in preparation for future disposition.
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