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DescriptionIn March of 2008, work on a partially completed 38-unit condominium project in the Korea Town section of Los Angeles came to a halt. The Developer filed for bankruptcy and the court appointed the Douglas Wilson Company (DWC) as the receiver for the project with the task of completing the construction and managing the asset until the foreclosure took place. As DWC spent several months trying to get the original contractor back on board to complete the work, the negotiations fell through. Finding the right construction team was critical not only to protect the asset, but also to make sure the project was completed in a quality manner that would give the bank the most options after it was constructed. After failed negotiations with the previous contractor, in December 2008, DWC hired Legacy Building Services to complete the construction.
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