We have extensive experience acting as manager, agent, consultant and advisor to handle the asset/property management, administration, analysis, restructuring and disposition of debt and equity positions collateralized by sub and non-performing real estate. As receiver and consultant to some of the commercial real estate industry and region’s lenders, we have a solid understanding of lender practices, priorities and execution strategies.
Acting as a Special Servicer in receivership engagements we have provided the following services.
Initial Set Up and Evaluation:
- Secure the Property
- Establish required controls and accounts
- Coordinate assessment of property conditions
- Review and assess exiting service contracts
- Confirm and/or retain appropriate Insurance coverage
- Recommend to the client the most appropriate management and execution strategy
Property Management Services:
- Rent Collection (Including preparation of tenancy actions)
- Payment and disbursement of authorized bills
- Preparation of monthly reports, as requested by court or plaintiff
- Coordination and distribution of all property management Issues, such as repairs maintenance, landscaping, snow removal and code c:ompliance
- Coordination of security
- Around-the-clock availability for emergencies
- Site inspections
- Liaison With local officials
Marketing and Disposition Service:
Develop a marketing and advertising campaign for the proposed sale (or lease up) of assets. The activities provided typically Include:
- Draft marketing pieces (brochures, flyers, product documents).
- Immediately list property In MLS and Internet Realty Listing Services, which may include Costar, Loop Net or other services.
- Place Company signs on site and place property on company website.
- Define targeted list of prospects and action plan for reaching such prospects
- Research Chamber of Commerce and other Sources for Business Looking to establish themselves in area or incentives for select business types.
- Direct mail to a pre-selected group of prospects and develop a marketing kit for the sale of this asset.
- Draft and place print media and advertising for the project.
- Negotiate and execute appropriate sale documents.