Hogan Companies Buys and Sells Over $15 Million in Ocean City Condos  
Lawrence J. Hogan, Jr., President and CEO of the Hogan Companies headquartered in Annapolis, Maryland, announced that the Bank Services, Investment and Brokerage Divisions of the group recently completed one of the fastest, largest and most successful real estate deals of the year in Ocean City, Maryland. The purchase and re-sale of the group of luxury oceanfront condominiums consisted of 25 transactions totaling over $15 million, all of which were settled in less than a 30 day period.

One of the Hogan Companies’ lender clients introduced them to a borrower who was current on their loans but was having difficulty with an oceanfront development project due to the slow real estate market. The hope was to come up with a solution to the problems faced by both the borrower and the lender.

Within one week of the initial meeting, the Hogan Companies negotiated a contract for the bulk purchase of the block of condo units. Within eight days of completing that contract, the Hogan Companies successfully ratified individual sales contracts on the re-sale of all of the condo units. The settlements of all the units were completed within 30 days of the initial contracts.

Mark Prossner, Tom Fiori, and David Weiss were the Hogan Companies team of brokers responsible for the successful purchase and sale of all the units in this 25 contract transaction. “This was truly a win, win , win, win deal… for the sellers, the lender, our company, and for the end users who purchased the individual condos for a tremendous value,” said Hogan, a former Maryland Cabinet Secretary.

The Hogan Companies are a diverse group of real estate and financial entities which provide brokerage, investment and development of land, commercial and residential real estate. The firm transacted $80 million in volume in the first quarter of 2008, and has been responsible for over a billion dollars in real estate projects.

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CONTACT:
Judi Wobensmith
Hogan Companies
2661 Riva Road
Annapolis, MD 21401
410.266.5100
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"The Hogan Companies are a diversified group of companies that all provide remarkable service to their real estate clients."

Marc Rose
President, Michael T. Rose Companies