Home | Newsletter Signup | Contact Us

Latest News

  • Latest News:

  • Downtown Milwaukee Office Building along Streetcar Line to be Converted to 73 Apartments

    Underwriters Exchange BuildingCatapult worked for visionary artist and community leader, Theaster Gates, to re-purpose the three story, 24,000 square foot historic building at 68th and Stony Island in Chicago.

    A historic downtown Milwaukee office building will be converted into around 70 apartments and will be renamed to take advantage of its location along the city's new streetcar line.

    Now known as the Underwriters Exchange Building, it will be renamed Street Car Flats, said developer Paul Dincin.

    His firm, Chicago-based Catapult Real Estate Solutions LLC, plans to begin renovations in February.

    Read the full article »

  • Catapult is proud to announce the opening of the Stony Island Arts Bank, for which Paul Dincin served as Owners Representative and Development Manager

    Stony Island Arts BankCatapult worked for visionary artist and community leader, Theaster Gates, to re-purpose the three story, 24,000 square foot historic building at 68th and Stony Island in Chicago.

    Theaster rescued this landmark from demolition after it remained vacant for over 30 years. The extremely deteriorated condition of the building (including 4 feet of standing water in the basement) only added to Catapult’s challenging assignment of managing the many moving parts of the Arts Bank development in support of Gates’ vision for the space.

    Read the full article »

  • Builders and Developers Rebuild the Business

    Paul Dincin(CHICAGO, September 10, 2012) – Builders are also creating new niches for themselves where little to no opportunity existed before. Tandem Developers, condominium experts, founded Catapult Real Estate Solutions with a different goal in mind. Instead of focusing their efforts primarily on development, they would assist banks that found themselves in possession of multiple unfinished condo units and commercial properties.

    Read the full article »

  • ArtPlace Awards $400,000 Grant to Fund Arts Incubator as Catalyst for Neighborhood Revitalization in Washington Park

    Arts Incubator(CHICAGO, June 12, 2012) – The University of Chicago has been awarded a $400,000 grant to help fund programming for a new mixed-use arts facility that will open on Chicago’s South Side this fall. The grant is one of 47 awarded nationwide by ArtPlace, an organization that works to accelerate creative placemaking across the U.S.

    Read the full article »

  • Wolf Condos the Perfect Home for Owners and Pets

    Wolf Condo ownersFor pet lovers Jack and Della Campbell, Wolf Ridge Condominiums in Northlake is the perfect place to live.

    “We absolutely love this place,” said Della Campbell, a histology lab technician at Advocate Lutheran General Hospital in Park Ridge. “We traded a two-hour tollway commute from west suburban Lombard for an 11-minute ride down Interstate 294 to our jobs.”

    The shorter commute also is a bonus for Jack Campbell, who is a veterinarian’s assistant for Vet Corp. in Des Plaines, but what makes him happy is Wolf Ridge allows dogs and cats.

    Read the full article »

  • University of Chicago selects Catapult to develop Arts Incubator project

    WPAI elevationCatapult has been selected by the University of Chicago to re-develop a 1920's art deco building at 301 E. Garfield in Chicago.

    The project will be known as the Washington Park Art Incubator and will provide newly renovated 10,000 s.f. of gallery, studio and office work space. The center is being spearheaded by nationally renowned artist Theaster Gates who is also the university's Director of Arts Program Development.

    Construction is scheduled to begin in 2012 and will be ready for occupancy during the 2012 academic school year.

    Read the full article »

  • Catapult Appointed as Receiver in Waukesha County, Wisconsin

    At the request of a national loan servicing company, The Waukesha County court appointed Catapult as Receiver of the Jackson Prairie Condominium development. The project consists of a 4-story condominium building containing 36 units which is approximately half sold. As part of the value added receivership, Catapult is overseeing the leasing, construction completion and managing the homeowners association.

  • Catapult Opens office in Milwaukee

    Catapult has announced the opening of their newest office in Milwaukee, Wisconsin. The office will serve as Catapult's base of operations and is located at 250 East Wisconsin Avenue, Suite 1800, Milwaukee, WI 53202, phone (414) 306-7025.

  • City of Northlake hires Catapult to sell out Wolf Ridge Condos

    Catapult has been hired by the City of Northlake as the broker and asset manager to sell out the remaining units at Wolf Ridge. Wolf Ridge is a 60-unit, top quality condominium developed by the City. Catapult has developed a marketing, promotion and finance strategies to relaunch the project.

  • Catapult Assigned as Asset Manager of Heritage Homes

    Heritage HomesAt the request of a major financial institution, Catapult has been retained as Asset Manager of Heritage Homes on the near west side of Chicago.

    We are working hard to find solutions which accomplish our goal of building value and disposing of the asset.

    New construction, residential development in a neighborhood setting on Kedzie, between Flournoy and Taylor. Eclectic mix of new home designs in a near west side location, convenient to Greektown, Little Italy and the Eisenhower.

    Available for Bulk Sale to Qualified Investor. Remaining inventory includes 22 new construction residences, 2 & 3 bedroom condominiums & townhomes, originally priced from $189,000-$459,000 and approximately 3/4 acre vacant land on Kedzie between Flournoy and Lexington.

    Read more about Heritage Homes »

  • Catapult Arranges Eastgate Village Condos Bulk Sale for $4.1 Million

    By Chicago Real Estate Daily

    CHICAGO – Twenty-six new luxury condominiums and townhomes at the Eastgate Village community on the city's Near South Side have been sold in a lender-owned bulk inventory sale to an investor, according to Paul D. Dincin, principal in Catapult Real Estate Solutions, an asset manager specializing in receiverships and bank-owned distressed properties. The buyer is Eastgate Development, LLC, a Northbrook-based real estate investment and development firm.

    "The property sold of $4.1 million, which is an excellent disposition value for a fractured condominium project," said Jim Darrow of Essex Realty, who was the listing agent that represented the bank on the transaction along with Jordan Gottlieb. Matt Welke, also of Essex Realty, represented Eastgate Development in the deal.

    "We had a tremendous amount of activity on the Eastgate Village property," said Darrow. "Nearly a dozen offers were made from qualified investors, and all wanted to resell the units as condos and townhomes and not rent them out. All this activity indicates that developers are coming back into the market for well-located investment property."

    Read more about Eastgate Village »

  • Sale of Note to Investor Achieved During Catapult's Receivership of Everleigh Condominiums

    Everleigh CondosThe developer of the Everleigh Condominiums, an affiliate of Chicago-based Silver Young Capital LLC, was at risk of losing the 144-unit project amid a multi-party foreclosure suit over the northwest suburban property.

    But early last week, a mystery investor stepped up and agreed to buy the project's construction loan while letting Silver Young remain in control of the development, says Silver Young Managing Partner Lawrence Silver.

    "Real estate today has been an interesting journey," he says. "Everybody left (the negotiating table) happy."

    Mr. Silver declines to identify the new investor, which bought the loan from PNC Bank N.A. Calls left with lawyers representing the investor and PNC were not returned. Paul Dincin of Catapult Real Estate Group, the building's court-appointed receiver in the foreclosure case, declines to comment on the transaction.

    Silver Young financed the development with a $35.9-million loan in 2007 from National City Bank N.A., which was later taken over by PNC. The bank filed to foreclose in December.

    Read the full story on chicagorealestatedaily.com »

  • Catapult's Unique Resume for Workouts Featured in Multifamily Housing News

    By Dees Stribling, Contributing Editor for Multi-Housing News

    CHICAGO – Even when things go wrong, there's money to be made by someone with the right skill-set. In recent years, Paul D. Dincin and his partner Brian Columbus have put to use their skills in assisting banks, special servicers and other financial institutions deal with their distressed multifamily properties, fractured condominium developments and other broken CRE assets. The two formed Chicago-based Catapult Real Estate Solutions just to serve that niche, bringing considerable residential real estate development to the table, having specialized for the last 15 years in multifamily projects in Chicago, Milwaukee and Minneapolis as Tandem Developers.

    It's detail work, says Dincin, principal of Catapult. The company must provide in-depth asset analysis, workout strategies, feasibility studies, construction completion, sales and leasing management for REO assets; and it must find qualified buyers. Catapult's approach involves everything from diagnosing a troubled development's operating problems to dealing with the aftermath of a complicated foreclosure. While Catapult has worked with some of the larger institutions in the Midwest, the partnership is also reaching out to small- and mid-sized banks with nonperforming loans and REOs. When working as a courtappointed receiver, the company operates a property through oversight of leasing, sales, property management, revenue collection, employing legal counsel and other duties typically performed by a property's owner.

    This week MHN caught up with Dincin to ask him about this niche, and where he sees things going from here.

    Read the full story on multihousingnews.com »

    Download the full story » (PDF)

  • Paul Dincin and Brian Columbus featured in Chicago Tribune

    Workout specialists sort through backlog of troubled real estate projects

    By Jack Handley, Special to the Tribune

    Picking up the pieces of the shattered real estate industry is accelerating in the Chicago area. Survivors of the drastic downturn have devised new ways to sell the massive inventory of foreclosures and unsold new homes in the city and suburbs. Call them workout kings, because they are striving to work out the backlog of failed real estate deals from the boom years. Their strategies vary widely:

    • They create online listings to sell nationally
    • They work for banks to make condo buildings more salable
    • They specialize in auctions
    • They buy distressed properties and fix them up for resale

    About half of all housing sales in the Chicago area are distressed properties. That is the potential gold the workout kings are mining. Workouts benefit many in real estate: buyers, sellers, municipalities, banks and, of course, the workout kings. Helping banks prepare distressed multifamily projects for sale is the focus of Catapult Real Estate Solutions, based in Chicago.

    "We are surrogate builders who inspect properties and offer workout strategies," said Paul Dincin, principal of Catapult. "That may include resolving such issues as unfulfilled promises made by the previous developer, fixing structural defects and completing punch-list repairs."

    Relying on 15 years of residential development experience, Dincin and his partner, Brian Columbus, "look under every rock, and then correct the deficiencies to add value," he said. Dincin said new residences sitting vacant for an extended period can deteriorate. "We check for seals that may dry up in dishwashers, ice-makers and other systems. Potential buyers will walk away from a building if there are too many problems," he said.."

    Read the full story on chicagotribune.com »

  • Receivership for 141 Condominiums

    Paul Dincin, principal with Catapult Real Estate Solutions, was court-appointed Receiver to a new construction mid-rise condominium building. Located in downtown Des Plaines, IL, the Everleigh Condominiums consists of 144 Condominiums. The project was launched in 2006 and constructed in 2009. The developer sold and closed three units and the remaining were placed into a rental status. On behalf of the Court, Mr. Dincin and Catapult have taken possession of the units, are maintaining the property and continuing the leasing program in an effort to stabilize the asset.

  • Navigating Receivership

    Court-appointed receivership has emerged as the method of choice to manage and protect distressed property during a foreclosure. During the 18 months it can take for a final judgement of foreclosure to be entered in some counties, a property without proper care and maintenance could lose almost all its value. That is a result neither an owner (borrower) nor a lender wants. Receivership is a fair and cost-effective way to address this problem because a receiver is a court-appointed, independent party that puts the protection of the property first. Their duty is to protect the property entrusted to their care for the benefit of all interested parties, while the court determines the right of various claimants to it.

    Read the full story on chicagoagentmagazine.com »

  • Eastgate Village on the Market for Bulk-Sale

    Acting on behalf of the property's owner, Catapult Real Estate Solutions has retained Essex Realty Group to market the remaining project inventory of 26 townhome and condominium units for Sale-in-Bulk. The sale is a rare-opportunity for a commercial investor to acquire an award-winning development project in downtown Chicago market. For more information, please contact Jim Darrow at Essex Realty Group.

  • Catapult Provides Development Completion Services

    Catapult has been retained by a construction lender to complete a mixed-use development located on the north shore of Chicago. The project consists of a partially completed residential floor of a mixed-use building in a upscale location. Services include initial assessment, entitlement procurement, construction bidding, marketing plan development, brokerage management, construction process management, Homeowners Association interaction and customer service.

  • Asset and Disposition Management

    A top Chicago-based Bank retained Catapult Real Estate Solutions to assist the REO Department in the asset and disposition management of a mixed-use mid-rise building in Chicago. Our team developed an internal property assessment and disposition plan, and coordinated with the Bank's outside counsel, third-party brokerage and property management group. Within two months, our efforts helped the property achieve more than a three-fold increase on its disposition rate as compared to the previous year.

  • Regional Lender engages Catapult on Distressed Loan Analysis

    Catapult was engaged to provide analyses on a distressed inventory loan for a leading mid-market Lender. Our team reviewed pertinent loan documents, conducted a borrower interview, inspected the real estate collateral and investigated the property's marketability and valuation. Our findings assisted the Bank with their internal decision making process relative to the renewal of the note(s).

  • Catapult provides Property Evaluation Report for Lender

    A leading regional Bank engaged Catapult to prepare a Property Evaluation report on a distressed loan in forbearance. Our team analyzed the marketabilty of the asset, management by the borrower, disposition alternatives, holding-cost soltuions, valuation and impact of an in-place Tax-Increment-Financing agreement with the City of Chicago. The Bank utilized our report in the negotiation of a Bulk-Sale agreement with a non-profit entity.

  • Asset Management Assignment for Eastgate Village

    A leading Chicago financial institution has selected Catapult Real Estate Solutions to provide asset management services for an OREO asset located in the near-south side of Chicago. Eastgate Village development was an award-winning multi-phase development consisting of an adaptive re-use residential building, 9 new construction condominium and townhome buildings and additional planned phases.

  • Lender Engages Catapult for Development Loan Analysis

    Our firm was engaged to provide a Property Evaluation Report for a non-performing $150 Million development loan in Chicago. Catapult advised the financial institution and their participants by providing a comprehensive work-out plan including financial, marketing, property management, business planning and disposition analyses. In addition, we provided strategic consulting services to assist in a Deed-in-Lieu of Foreclosure settlement.

  • Catapult Advises North Shore Municipality on Development Land Holdings

    A north-suburan municipality with ownership of large tracts of land, engaged Catapult to create a revised development plan for a stalled $90 Million mixed-use commercial project. Our study included comprehensive site planning, market and use analysis, contractor research, public finance review and project incentive planning. The municipality ultimately used the study to generate a Request For Proposals to qualified developers and subsequently awarded a Development Agreement to a third-party firm.

Catapult News

Catapult News

Read our newsletter archive then sign up below.

Catapult News

We send regular email campaigns with property news and general offerings. Sign up below to receive it. You will need to confirm your subscription in a separate email.