Provident Development Group

Division: Phoenix Management Services


Provident Development Group, Inc. is a high-end single and multiple-family real estate developer based in Florida.


The developer had 14 open projects that were partially complete and had run out of cash. The Company had already borrowed more from the construction loans than the percentage complete on virtually every project. Banks were not willing to fund additional loans and projects could not be completed. Litigation threats were mounting and construction had all but stopped. Most suppliers and subcontractors were not willing to provide any additional support to the Company.


Phoenix Management Services was hired to develop and lead an out of court restructuring to complete the projects and wind down the affairs of the developer. Working with the property owners, suppliers, subcontractors and lenders, Phoenix forged a compromise that allowed for the projects to be completed with the shared support of all of the constituents. All 14 of the open projects were completed and all open litigation was resolved.