Ironwood

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$15,600,000 - Boston, MA

Condominium

Challenge
Market Downturn

The developer engaged Sheldon Good & Company to help facilitate the loan workout with lender MB Financial. The developer's absorption rate had fallen to 1.5 units per month, and the developer wanted to reduce inventory and debt on the project.

Ironwood is a 204-unit condominium project located in the Boston suburbs. The two seven-story buildings are adjacent to the fifth fairway of the Ferncroft Golf Course, a Robert Trent Jones project.

Solution
Sheldon Good & Company implemented a close-out auction program. The marketing plan featured TV, radio, newspaper, social media and PR.

Results

  • 954 inquiries
  • 400+ auction attendees
  • 65 units (all of the remaining inventory) were sold at auction
  • Total Sales: $15,600,000