Spinoso Real Estate Group, as well as principals of the firm, are available and experienced in acting as the court-appointed receiver in instances where the lender wishes to take operating control of a retail asset away from the borrower.

To date, SREG has been assigned as the receiver to 11 Enclosed Malls totaling nearly 8 Million Sq. Ft.

Receivership Scope of Services Summary

SREG’S APPROACH:

SREG will arrange for coordinate all local services, as needed, including Property Management, Leasing, and Disposition.  Once the Order is signed and the Bond and Oath are posted, the Receiver will accomplish the following, as soon as possible, utilizing Spinoso Real Estate Group’s services and other local professionals and expertise as appropriate:

  • Local teams will be qualified and selected, pricing and contracts for services negotiated, (Lender having final approval on all pricing)
  • Manage the take-over of the Asset and appropriate records and documents
  • Work with Lender on establishing specific property objectives and communicating those to the appropriate teams with specific performance expected and monitored
  • Oversee the management of property teams including financial services and reporting
  • Maintain ongoing status updates of relevant property events with Lender 
  • Conduct Monthly (more frequently if needed) status calls with local teams and Lender Representative supported by appropriate written reports
  • Monitor and provide updated market information, including comps, tenants in the market and near-term future perspective tenant opportunities
  • Coordination of all other services that may be needed on the property, including, but not limited to appraisals, environmental studies, insurance evaluation, and tax appeals

As Receiver, it is SREG’s responsibility to know and understand specifically, the objectives for the property as well as projected activity time-lines. 

Once the Receiver is in place, the Lender can expect all aspects of day to day operations, including management, leasing, tenant relations, financial reporting, etc. will be handled by the best professionals available and all activities reported on an ongoing basis.  The Receiver will work with the lender to determine property specific objectives and will communicate those objectives with all team members, and appropriate parties.