Asset Management for Distressed Properties
The Distressed Commercial Property Unit presentation illustrates how our receivership works with lenders for their asset management for distressed properties.
The Distressed Properties Unit, formed in 1991, with David Frank acting as a court appointed receiver for the Superior Court in Los Angeles California, became an expert in the field of Receiverships and was appointed to manage over 400 distressed properties.
Nationwide Receivership and Management Services including California and Las Vegas Nevada. Also, David Frank affiliates with 160 offices. We work with the law firm of your choice and forward our court receivership resume of experience and Declaration to insert into the pleading for the application for the appointment of receiver on the distressed asset. Upon appointment, we file our Oath and obtain a bond in the amount that the court requires either that day, if available, or the next day.
David Frank Court Receiver is Experts in Receivership Services and Distressed Property Management.
Our experience level includes working with over 73 private and public institutions. Our reporting services include providing 24-hour access to our secured data room by the client. Access to the monthly financials, reports, leases, etc. is available 24 hours a day simply by going on line through our website data room.
Upon appointment, we send in our Distressed Property Management Takeover Team which consists of a Property Manager, Assistant Property Manager, Asset Manager, Construction Manager and Maintenance Director and a survey of the property is performed with our in-house field supervisors who evaluate the distressed property including determining the life safety and health conditions and economic issues. This Property Condition Report complete with field report of the property which includes a property profile with area comps, inspection and evaluation, health & safety and photos is delivered within the first two weeks, and our legal department notifies all the vendors related to the property as well as the banking institution that holds the property bank account. Our legal department proceeds with making demands on the owners, parties and their attorneys for the books, records and the cash balances related to the collection of rents.
David Frank Commercial Property Management
David Frank commercial property management team develops an overview and plan of action to maintain operations of the property internally. We manage the property based upon our plan, which includes tenant interviews and evaluation. We proceed with abstracting the property legal, insurance and accounting issues, and maintain the property’s books and records of the tenants, past collections, etc. Our Property Maintenance Division will focus on the life, safety, and health issues for purposes of prioritizing their list of repairs, grounds maintenance, and other needs as necessary with available funds or shall make a request for funds if life/safety repair costs cannot be met from generated income. Our Asset Management Department prepares budgets for purposes of knowing what the property can expense based on the cash flow and oversees the operational overview of the property. The type of properties that we handle we are 1) retail; 2) multi-family; 3) hi-rise finished and unfinished condominiums 4)commercial; 5) recreation including golf courses; 6) industrial; 7) hospitality; and 8) senior living.
What makes David Frank Court Receiver different and an expert in our field is our 19 years of courtroom experience, 24-hour accessible data room, full service in-house property management team and our commitment to the lender to provide added value to the distressed asset.
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