San Diego, CA (PRWEB) December 28, 2011
Breakwater Equity Partners, a consulting firm specializing in commercial loan workouts, announced today its completion of a multi-million dollar settlement with Grubb & Ellis Inc., a top genuine estate company, and Lexington Insurance coverage more than the Met Center 10 property in Austin, Texas.1 After uncovering an alleged undisclosed structural flaw in the 345,000-square-foot office constructing, the owners and Breakwater Equity pursued legal action against Grubb & Ellis, its insurers, and other parties to obtain the settlement on behalf of the tenants-in-typical investors (TIC). Proceeds from the $ 7.785 million settlement are earmarked to repair the house and restructure the loan.1, 2

In addition to the initial settlement, the investors anticipate reaching settlements for an further $ 1.five million with numerous developers, lawyers, builders, engineers and other parties. These pending settlements are anticipated to close in January 2012.3, 4

Breakwater Equity has been fighting hard on behalf of the investors to save their investment and resolve problems in the Met Center 10 developing, stated Phil Jemmett, CEO of Breakwater Equity. This has been a long struggle, but we are delighted to finally receive justice for the tiny investors who were entirely unaware of the structural difficulties with the creating.

The Met Center 10 tenants contain PPD, a leading worldwide contract research organization in the pharmaceutical business, and the Texas Department of Insurance.

We by no means anticipated fraud and legal malpractice when we initial invested in the Met Center ten office constructing. Via the efforts of Breakwater and our legal team, we saved our investment, stated Sam Brenner, Chairman of the TIC Steering Committee. Without their technical expertise and negotiation skills, the investors would be in a terrible financial circumstance. Breakwater fought a long and contentious battle to protect our rights. Had been it not for Breakwater, we would have surely lost the building to foreclosure.

Breakwater Equity, alongside litigation attorneys Hull Hendricks and OMelveny & Myers, pursued legal action against Grubb & Ellis for allegedly misrepresenting the property by failing to disclose a structural problem with the creating.1

We could not have achieved this settlement without having the persistence, creativity, and abilities of our legal team: Hull Hendricks and OMelveny & Myers, mentioned Jemmett. This has been a really complicated case, and we owe our achievement to the devoted legal group who worked diligently to aid serve the investors.

Breakwater Equity specializes in industrial loan workouts, and has more than 200 industrial loan engagements completed or in progress. Armed with a team of legal, economic, economic, banking and actual estate specialists, Breakwater Equity delivers a exclusive, multidisciplinary approach to loan modifications.

1. NNN Met Center ten 1, LLC, et al. v Grubb & Ellis Realty Investors American Arbitration No. 73 115 Y 00140 10 HLT. An arbitration looking for damages against Grubb and Ellis Realty Investments for fraud and other misconduct relating to the sale of the Met Center Home to the Debtor, misappropriation of Property monies, and in the management of the Home. 
two. Bankruptcy No. 11-30356 TEC.
three. Met Center, 10, LLC, et al. v. Met Center Partners-six, Ltd [1], et al., No. D-1-GN-08-002104 (261st District Ct., Travis County, Tex.). Lawsuit against architects (Susman Tisdale Gayle Architects, Inc., Studio eight Architects, Milton Hime and Lisa Dambold), engineers (Reed Engineernig Group, Ltd. And Ronald F. Reed, Bihner Engineering, Inc. and Brad Bihner, due to diligence firm (AES Due Diligence, Inc.), and construction company (Raymond Construction Co., Inc.) relating to damage of the House.
four. NNN Met Center, 10-1, LLC, et al. v. Krugman, Biller and Reed Smith, et al., No. D-1_GN-ten-004495 (353rd District Ct., Travis County Tex.). Lawsuit against attorneys who represented Debtor in litigation relating to House (Kimberly Krugman, Andrea Biller, John Vishneski, Reed Smith LLP) and prospective claims against Blair Dancy and Van Osselear Buchanan, LLP.

About Breakwater Equity Partners
Breakwater Equity Partners is a privately-owned actual estate consulting firm located in San Diego, CA, supplying commercial loan workout techniques and negotiation solutions to home owners and investors throughout the U.S. The Breakwater group, consisting of experts in finance, banking, real estate and law, has worked on over 200 commercial loan workouts throughout the US, with deep experience in a wide range of actual estate asset classes, such as workplace, industrial, retail, multi-household, mixed use, master-planned communities, residential and land improvement, golf courses, and farming operations. Breakwater also specializes in Tenant-in-Common loan workouts. For far more information on Breakwater Equity Partners, please call 858-490-3630 or visit http://www.breakwaterequity.com.

Contact: Melissa Marasco
Telephone: (855) 438-3553
E-mail: Melissa(at)ElleComm(dot)com

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