Receivership Services
As a full service real estate company, Essex Realty Management has the capability to handle a variety of distressed real estate situations including; the management, leasing, and/or redevelopment of real estate owned assets (REO) as well as non-performing or under performing loans. Essex has teamed with Randall C. O’Connell a specialist and receiver in troubled assets, to provide a fully integrated management solution to distressed real estate. Mr. O’Connell is a twenty-two year veteran of the commercial real estate industry with extensive experience in the resolution of troubled assets. Besides a strong analytical background obtained while working in the banking and development industry, Mr. O’Connell gained valuable experience in the early 1990’s while working as an acquisition and asset management specialist focusing on non-performing commercial loans. He then leveraged this experience into the receivership arena starting in the middle 1990’s.
Receivership Services Include:
- Pre-appointment asset valuation and market research
- Gaining control of all assets of the receivership estate
- Asset review-detailed analysis of the current status of the real estate including review of all leases, vendor contracts, insurance, property tax and physical attributes and limitations
- Preservation and maintenance of the receivership estate
- Timely and efficient filing of all receivership documentation
- Value Maximization - working closely with the property management company - whether its Essex Realty Management or another third party firm - to maximize cash flow and value of the real estate