182 space mobile home park in Long Beach that filed bankruptcy due to tenant litigation for failure to maintain and negligence.
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Force 10 served as court-appointed financial advisors to secure a stalking horse bid and purchaser of the Friendly Village Mobile Home Park, resulting in an $11 million sale. Force 10 managed a complex due diligence process and communicated with more than 200 potential bidders.
A global settlement with the tenants of over $50 million was reached after a jury awarded $39.5 million to an initial group of 30 litigants a year ago. As part of the agreement, residents in the mobile home park also shared in a portion of the proceeds from the sale of the park. Force 10 marketed the severely neglected park, facilitated extremely complex due diligence involving numerous soils, geologic and structural consultants. After a first stalking horse bidder broke its commitment, our efforts culminated in a Section 363 sale for $11 million during the initial confusion of the COVID-19 pandemic. The buyer also committed to significant property improvements of approximately $15 million. Force 10’s stabilized valuation of approximately $27 million was confirmed by the sale price.
