A Successful Receivership Experience - A Case Study
NAI Isaac has over 33 years of experience in Commercial Real Estate (CRE) best practices. The company’s professionals have the skills and experience to successfully handle any Real Estate challenge, including the Receivership process. Receivership can take the form of (1) Property Management leading up to a foreclosure sale and (2) Property Management as an alternative to foreclosure while real estate collateral is being marketed. Often, Receivers are appointed at the request of a lender to safeguard a property and rents if an owner stops making mortgage payments. In each situation, the Receiver is a neutral, legally appointed professional entrusted to manage the real estate collateral’s operations and finances until it is sold.
One example of a successful Receivership process is Chase Tower, located at 201 East Main Street in Lexington, Kentucky. Built in 1973, Chase Tower remains foundational to Lexington’s Central Business District (CBD) and has been for more than 47 years. In 2009, Chase Tower experienced the re-alignment of JPMorgan’s Chase Bank’s regional headquarters and later went into Receivership.
Are you interested in learning how NAI Isaac was able to manage a Receivership to maximize property values and ultimately transform Chase Tower into a performing and robust asset? Occupancy rates were increased by 24.7% and NAI Isaac assisted in the sale of the property to a privately held, vertically integrated real estate investment and management firm based in Florida.
If so, please read Chase Tower’s Receivership Case Study today.