Promenade Shores at Doral is a 240-unit condominium community located in Doral, Florida which entered Blanket Receivership with JKM in February 2010. Of the 240 units, approximately 1/3 were 60 or more days past due in paying their monthly assessments. The total estimated delinquency for the community as a whole stood at approximately $250,000.00.
Since February 2010, JKM pursued the collection of rents from leased units and initiated a renovation and lease-up program for abandoned units. As of July 2013, approximately 30 units have been renovated and leased out by JKM. JKM has remitted in excess of $555,000.00 to the Association for delinquent accounts. JKM’s monthly distributions to the Association now account for between 25%-35% of total monthly collections.
With JKM’s distributions, the Association has had the funding available to re-build reserves and complete numerous capital improvement projects including repaving, landscaping, and signage repair.