WASHINGTON, Aug. 25 /PRNewswire-USNewswire/ -- Monument Realty announced today that it is moving forward with the renovation of Potomac Place Tower, a 396-unit condominium located at 800 4th Street in Southwest Washington, D.C. The condominium project was stalled when the senior lender, Lehman Brothers Holdings Inc., filed for bankruptcy in September 2008. Since that time Monument Realty has worked closely with a new lender to sort through a very unusual set of circumstances and to ensure that construction would be completed and sales contracts would be honored. Monument Realty acquired the Potomac Place project in 2001 and in 2005 completed construction of a new, 302-unit condominium adjacent to the existing Potomac Place Tower, which was built in 1959. In 2003, Potomac Place Tower was designated a historic landmark by the District of Columbia, and in 2005 the residents of Potomac Place Tower elected to convert the property to a condominium. Monument Realty's longstanding history and commitment to the project gave the new lender the confidence to retain its services for the completion of Potomac Place Tower. "We have worked closely with our lender to sort out this very complicated situation and to bring the project back to the market. We are pleased to be in a position to pay contractors and vendors as well as resume sales," stated Michael J. Darby, a founding Principal of Monument Realty. "It has been a pleasure working with the lender and their counsel. They have taken the time to understand the complexities of this project and were able to appreciate the value in moving forward to completion." Monument Realty is quickly creating a niche for itself by aiding lenders in working with distressed real estate through difficult situations. Recently, Monument Realty successfully assisted lenders in restructuring business plans on The Palatine, a 262-unit apartment project in Arlington, and The Chase at Bethesda, a 255-unit condominium conversion. With a team of experienced real estate professionals and a demonstration of commitment to its projects, Monument Realty is looking forward to meeting the future needs of the lending community.
