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Granite Realty Partners

Woods at Countryside

Palatine, IL In an extremely complicated transaction, we purchased the defaulted second mortgage on a failed condo conversion of 719 units.  Using that position as leverage, we were able to gain control of the manager of the entity that owned 64% of the units.  We then purchased enough units to obtain ownership rights to 75%+ of the units which allowed us to “deconvert” the property, subject to a “Section 15” deconversion of the IL Condo Act.