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 15 Enclosed Malls totaling nearly 12 Million Sq. Ft.
Since 2012, SREG has been Assigned & Successfully Acted as Receiver in the following states:
SREG is Qualified to Act as Receiver
across all 50 states:
Scope of Services Summary
SREG will arrange for coordination of 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, with prices 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 to establish specific property objectives and communicate those to the appropriate teams with precise 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 appeal.
As Receiver, it is SREG’s responsibility to know and understand the specific objectives for the property as well as projected activity timelines.
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.
At Spinoso Real Estate Group, we maximize the value of each property we work on through aggressive Leasing: Increasing Occupancy, Improving NOI and driving Mall Sales Performance.
Every aspect of our organization, every department, and every member of our team is highly valued and critically important.
Whether a direct member of the Leasing Department, or through involvement in another functional area, as a team we contribute to exceeding our clients and partners expectations, and directly or indirectly, help to support the leasing effort. Leasing+ is an integral part of our culture and company’s DNA.