SOLD: SITE OF FORMER NEW CITY YMCA, CHICAGO, IL

CLIENT: PRIVATE REAL ESTATE FUND
A brief receivership by RE|SOLUTIONS of this well-known Chicago site concluded with the developer paying off its loan of $39 million to the lender and relaunching its plans for a commercial and residential complex.  Structured Development, LLC, with an investment from John Bucksbaum, former chairman of General Growth Properties, Inc., and a new loan from JP Morgan Chase Bank, plans to start construction in late 2012 on 370,000 SF of retail space plus 280 apartments on this 8.2 acre piece of land that sits at the intersection of Clybourn and Halsted Avenues.

SOLD: 20 S ROSELLE AT TOWN SQUARE, SCHAUMBURG, IL

CLIENT: PRIVATE REAL ESTATE FUND
We successfully marketed and sold this property after assisting the seller in the selection of a qualified buyer from a pool of potential buyers. 

  

MANAGED & SOLD: Columbia Apartments, Chicago, IL

CLIENT: CMBS SPECIAL SERVICER
As Receiver and Property Manager for this apartment building in the northern Chicago neighborhood of Rogers Park, we addressed deferred maintenance items, improved the occupancy and prepared it for sale.

Managed: Glenlake Professional Center, Glenview, IL

CLIENT: SPECIAL SERVICER
We handled the property management of this 83,000 SF medical office building located in Glenview, a northern suburb of Chicago.  Occupancy at takeover was 74%.

 


MANAGED & SOLD: KENNEDY BUSINESS CENTER, AKRON, OH

CLIENT: CMBS SPECIAL SERVICER
While acting as Receiver and Property Manager during the foreclosure process of this 170,000 sf industrial building, we collected offers from credible buyers, identified and recommended the highest and best offer and completed the Receiver Sale in only 16 days.

MANAGED: PARK PLACE APARTMENTS, JANESVILLE, WI

CLIENT: CMBS SPECIAL SERVICER
We were selected to perform Property Management and Leasing for this this distressed, four apartment building complex with 208 units.  After a short period of time, we were able to remove delinquent tenants, repair deferred maintenance, and dramatically improve occupancy from 62% to 90%.

MANAGED & SOLD: 1412 CHASE, CHICAGO, IL

CLIENT: CMBS SPECIAL SERVICER
During our tenure as Receiver and Property Manager of this mid-rise, 56 unit vintage apartment building we improved occupancy from 77% to 91% by responding to tenant concerns (i.e., repairing inoperable elevators) and by implementing an aggressive leasing plan. We also attended to numerous code violations and discovered and remedied dangerous facade delamination.

LOAN PORTFOLIO ADVISORY

CLIENT: FORTUNE 500 REGIONAL BANK
We were engaged to provide analytical services to a large regional bank. The portfolio consisted of nearly 800 performing loans, non-performing loans and REO. We reviewed electronic loan files for each property and developed a process to harness and update electronic data stored at the bank. We created a clean, presentable database to warehouse all of the collected information.

CMBS REUNDERWRITING

CLIENT: INTERNATIONAL INVESTMENT BANK
We developed a valuation template and procured current operating information for each asset. We called market participants in order to gauge local market performance and to provide reconnaissance on each asset. The end deliverable was an estimate of current value, debt service coverage, probability of default and severity of loss.

WORKOUT & INVESTMENT RECOVERY

CLIENT: LIFE INSURANCE COMPANY
On behalf of a large Life Insurance Company, we formulated and implemented strategies to maximize investment recovery on a large national portfolio of non-performing assets. Due diligence performed for each loan included review of loan documents, underwriting collateral and determination of book value. Ongoing asset management involved review and approval of leases, operating and capital budgets and building service contracts. Through foreclosures and loan restructures, we were able to help reduce the size of the non-performing portfolio by $424 million.