Chetrits - What is Going On With Their Portfolio?
Seems they have had a ton of foreclosures and issues with many deals and personally guaranteeing loans that they now have to pay. This seems to be in the hundreds of millions of dollars. But then mid 2022 they bought a property for $80mm?
How liquid are they, I assuming this is a huge loss to them as they're having problems on many projects in New York, multifamily portfolios in the Sunbelt, and Miami but what is the fallout from this? They won't go bankrupt or easily can? I am also assuming this will take years to sort out. What does this mean for the firm in the next few years? I also saw they partnered with Dave Grutman in Miami, assuming that is coming to and end? From what I've seen even an issue with one project can sink a developer and they honestly have problems with 5+ projects.
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Hmm idk if I agree, on the portfolio they had multiple articles about issue with payment. That's not something that happens if you have the cash to deal with the issue the first time. Also having like 10 other projects go under at once they're losing easily $10mms in their own equity.
A few properties were sold out of the portfolio
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