Receivership Services

Experience as Receiver

• Receiver for a 78-unit very distressed property in a historically high crime area.
• Receiver on an 80-unit scatter-site, multi-family apartment community through foreclosure and subsequent lawsuits.
• Receiver of office condominium building consisting of negotiating lease extension with tenants to position the property for a favorable sell.
• Receiver on a mixed retail with rental housing upstairs that sustained a long list of code violations.
• Receiver of vacant restaurant with history of vandalism. Secured premises and access to vandals.
• Receiver on a 48-unit unsecured, vacant building with doors missing or hanging open, that was a home for drug trafficking and prostitution.
• Receiver on a 40-unit deserted property in a high crime area with excessive dumping issues. Boarded up and secured property and installed surveillance cameras. Worked with the local law enforcement to resolve dumping issues.
• Receiver on a 24-unit rental building in a high crime area. Addressed the resident screening policy, which greatly improved the delinquency issue, and worked with local law enforcement to stop vandalism.
• Receiver on a boarded-up restaurant that had become a gang hideout. Brought in police protection, secured the asset, and positioned the property for selling and ultimate disposition.
• Appointed receiver on a 72-unit apartment complex with the highest crime incident record in Omaha, Nebraska. Quickly secured the premises and sold the property to a reputable buyer.
• Receiver on a 17-unit property. Secured property and began providing a higher level of resident services, therefore maintaining the resident base. Life safety issues were addressed and resolved, reducing property liability suit potential.
• Receiver of old historic brownstones in the center of Baltimore with buildings under a failed renovation plan in various stages of completion. Worked with historical compliance and governmental regulation to reposition buildings for a favorable sell.
• Appointed receiver on an 84-unit townhome community spread-out over multiple city blocks with challenges in collections, securing tenant information, and ultimately determining authorized tenants versus squatters.
• Appointed receiver on a 58-unit building in Dundalk, MD, occupied largely by tenants with a felony record, including 5 registered sex offenders. The property had several environmental issues and was plagued with vagrants living in the basements. Received recognition from the City Code Enforcement for the impressive turn-around.
• Co-Receiver of 55-unit senior living apartment complex in Delaware with significant history of poor attention to resident needs. Most needs were insignificant in cost but grand in attention to detail and care. Added social programs to improve quality of life for senior and disabled tenants.
• Receiver on a 177-unit garden community of which 78 of the units provided housing for very low-income tenants under government rent subsidy that was plagued with life safety concerns and extreme deferred maintenance. Our team transformed this asset from being on the city's condemnation list to a success story with the city and Congressman Ron Paul's office.
• Receiver on a 252-unit, failing apartment community that had a mine under a process of collapse sitting 200 feet below the buildings. Hired structural and geotechnical engineers to drill into the mine, study the failure patterns, and develop a structural stabilization plan to safely re-occupy the buildings, under the oversight of the Illinois Department of Natural Resources, using funds provided by the Illinois Mine Subsidence Fund. We spent approximately $2 million to re-occupy and $4.5 million in building value. Our plan to continue occupancy across the property with structural safety oversight generated approximately $10 million in total value.
• Receiver on a 149-unit, 11-story highrise building that was a subsidized senior housing facility. Interacted with HUD, Fannie Mae, and all other government and regulatory agencies to ensure compliance, and put in place social programs to assist residents with special needs while addressing life safety repairs with urgency. Installed new management and prepared and submitted all financial reporting to the court. Restored HUD’s REAC Inspection Score from a 34C to a 94.
• And more....