Force 10 Partners Secures $11M Buyer for Friendly Village Mobile Home Park
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Distress sale powerhouse sets the stage for highest-bid purchase of Long Beach, CA property by expert in rehab of troubled parks
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NEWPORT BEACH, Calif., March 1, 2021 /PRNewswire/ -- Creating a new chapter in the complicated history of Friendly Village MHP Associates, L.P., Force 10 Partners served as court-appointed financial advisors to secure a stalking horse bid and purchaser of the property, resulting in an $11 million transaction.
To attract the highest bidder, Force 10 communicated with more than 200 potential purchasers/bidders and managed a complex due diligence process for the sale, which entailed financial, real property, engineering, and geotechnical material.
"The tougher the circumstances, the more value we can add and impact we can make," said Force 10 co-founder Adam Meislik, who led the team across a two-year-long process.
ACI Friendly Village, a newly formed California nonprofit public benefit corporation, won with a $11 million bid. ACI Friendly Village was created by Affordable Communities, Inc. and affiliated companies, which acquire and manage mobile home parks to preserve affordable housing. ACI's principal, Maurice Priest, told the court that he intends to "manage, operate, and maintain the property, so that families can continue to live there and not lose the investment they have made in their homes."
"We knew this unique property required a unique buyer, and we are pleased that ACI, with its excellent track record of restoring dignity to distressed mobile home parks, will help start a new and brighter future," said Michael VanderLey, a partner at Force 10 also working on the transaction.
After tenants sued Friendly Village MHP, it filed for Chapter 7 bankruptcy protection in October 2018. A $56.4 million settlement in November 2019 resolved the lawsuit. Together with other proceeds, the sale will fund the settlement.
Force Ten Partners, LLC, is an advisory firm with deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, and complex litigation support. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals by providing turnaround-management services (CRO), financial advisory services, expert witness support, and investment banking and M&A advisory services.
SOURCE Force Ten Partners, LLC
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