Appointed by the court (or on behalf of a bank, lender or special servicer) to take custodial responsibility over real property that serves as collateral for a loan in default. Handle the tangible and intangible assets related to the property (Office – Industrial – Retail – Multi-Family – Land).
- Property Management
- Asset Management
- Construction Management
- Tenant Relation
- Vendor Management and Procurement
- Overall Asset Value Creation
- Exit Strategy Development and Implementation
Evaluation and Hiring of Best-in-Class Service Providers:
Architects, Contractors, Cleaning Services, Leasing Teams, Property Managers, etc.
Budget Creation and Management:
Taking into account current local market factors, occupancy situations, ROI expectations, and Exit scenarios
Monthly Reports to stakeholders detailing progress and short-falls which need to be addressed
Expense Analysis and Cost Controls:
Ongoing evaluation and analysis of capital flowing into and out of and asset.
Maintaining oversight on the asset’s overall objectives for the ownership structure both short-term and long-term (ROI, ROE, CAP RATE, Refinancing, etc.)
Capital Budgeting and Property Management
Annual Maintenance Planning:
Facility Audits/Reviews, Benchmarking, Strategic Planning, Budget Creation, Capital Planning, Prioritization, and Project Plans
HVAC, Plumbing, Electrical, Engineering, Fire, Life Safety, etc.
Sustainability & Energy:
Energy Procurement, Efficiency Planning
Call Center, Staff, Incident Response, Budget Management
Services Procurement and Management:
Janitorial, Waste, Vending, Catering, Pest Control, Landscaping, etc.
Access & Security:
Access and Intruder Detection Systems, Manned Guards/Patrols
Construction and Project Management:
Bid Procurement and Analysis, Timelines, and Costs Controls
Environmental Health, Safety, and Enjoyment
Working upfront with an ownership entity from beginning to end to establish and adhere to an overall strategic plan and exit strategy for a given asset.
- Evaluate past, current and future market conditions
- Vet underwriting assumptions based on real-time market data/transactions
- Create/evaluate ARGUS models (ensure and prove market assumptions)
- Develop a master budget and capital plan for an asset
- Implement the plan to ensure delivery and cost controls are adhered to.
- Evaluation, hiring, and management of best-in-class service providers depending upon the nuances of the asset type, size, marketplace, etc.
Operational Cost Control:
- Maintaining oversight on the asset’s overall objectives for the ownership structure both short-term and long- term (ROI, ROE, CAP RATE, Refinancing, etc.)
- Make disposition recommendations and timeline (refinance, sale, LP equity, etc.)
- Prepare offering memorandums for sale or equity
- Position properties for sale