In all of the following examples (from the team’s work together at another firm) assets were preserved during ongoing ownership disputes.
34 Peachtree Served as receivers for this 30-story, 296,000-sq. ft. Class B office tower in the Downtown Atlanta Central Business District. Upon taking control of the property, the team retained professional managers and provided the platform that allowed this CMBS Special Servicer to sell the loan. The Receiver helped facilitate the sale of the underlying note to a third party and remained in place until the foreclosure occurred.
Blackwell Square Shopping Center Served as the receiver for this shopping center in suburban Atlanta. After resolving significant deferred maintenance and environmental issues, the lender sold the note to a group who foreclosed on the center.
Fayetteville Corners Acted as the receiver for this 77,000-sq. ft. former Winn Dixie-anchored shopping center in metropolitan Atlanta. The lender elected to foreclose on this property.
Singleton Square Served as Receiver for this 130,000-sq. ft., Kroger-anchored shopping center in metropolitan Atlanta. The team extended the Kroger lease from three to 11 years and signed leases that resulted in the increase in occupancy to 85 percent. Upon the foreclosure, the lender retained the team to continue as property manager along with Retail Planning Corporation, which the team had retained initially to deal with the everyday management of the asset. The impact of the team’s actions was estimated to increase the value of the center by over $3,500,000.
Empirian at Northridge (The Lakes) Served as receiver for this 608-unit apartment complex in Sandy Springs, GA. At the time of the receivership, there were approximately $960,000 in accounts payable, 10 lawsuits, and 15 percent of the residents were not paying rent. All of the accounts payable were resolved (at a discount) and during the receivership the occupancy consistently exceeded 90 percent. A capital improvements program was implemented that significantly increased the value of the asset. The asset was ultimately sold for more than $24 million.
Georgia Hydraulics The team performed a forensic analysis of this manufacturing firm on behalf of a national bank. The examination uncovered significant questionable accounting entries. The bank sold the note, and we assisted the purchaser in closing down the business and selling off the assets to third parties.
Lake Burton Club/Waterfall Acted as receiver for this 350-acre mountainside land development and golf course owned by an affiliate of the developer of the nationally-known Reynolds Plantation. The asset included two major clubhouses with restaurants, a golf course, unsold lots and acres of undeveloped land. While receiver the team maintained the property well enough that the bank was able to sell the note – delivering an operating property to the note purchaser.
12 Oaks Acted as a substitute, managing member of this LLC. The property was a partially sold out condominium complex in a lower middle class neighborhood. After a number of years of litigation, the lender foreclosed on the remaining unsold apartments.