“In order to sell on those terms, Encore decided to create a pretextual subterfuge. Who are Encore Capital Partners s competitors Alternatives and possible. ![]() “Encore is disappointed and its goal of cashing out of the project has been frustrated because the terms of its sale are unacceptable,” the lawsuit states. Encore Capital Partners is located in San Diego, California, United States. “In order to sell on those terms, Encore decided to create a pretextual subterfuge.” Tags “Encore is disappointed and its goal of cashing out of the project has been frustrated because the terms of its sale are unacceptable,” the lawsuit states. When Congress refused to accept “unreasonable terms and conditions” for a new operating agreement with the third party, Encore wrongfully removed Congress from the partnership, the complaint alleges. While in discussions on how to move forward with the second phase and whether or not to refinance the Bank OZK loan, Encore entered into an agreement to sell its interest to an unrelated third party without Congress’ consent, the lawsuit states. Construction of the second phase could commence within a few months, according to the lawsuit. Stratouly also worked out a deal to sell the commercial retail portion of the project to another developer. For information about Encore, contact or 415.561.0600 Website. According to the lawsuit, the outstanding principal, $74.16 million, is due to be paid in full on August 16.Ĭongress claims that Stratouly managed the project and is responsible for having completed the first phase, which entailed two luxury apartment buildings with 418 units. Encore Capital Management is a diversified, multiple fund, real estate investment and development firm. In 2016, Encore and Congress secured a $73 million construction loan for the project from Bank OZK, then known as Bank of the Ozarks.
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