Receivership & Bankruptcy Services
Berger Commercial Realty through its subsidiary Berger Special Assets Division Inc. have the unique expertise required to handle a variety of distressed situations, including non-performing loans, under-performing loans, and the management, leasing, liquidation and/or re-development of real estate owned (REO). Our professionals have been involved in numerous types of receiverships, workouts, turnarounds and foreclosures over the past 20 years, including judicial and non-judicial foreclosures, court-appointed receiverships, bankruptcies and deeds in lieu. Berger professionals have also been hired in many instances to lease, manage, re-position and market the property for sale after the property has become REO.
Berger’s fully integrated real estate services provide a comprehensive solution for owners, lenders and the courts including:
- Receivership and Bankruptcy Services
- Loan workout strategies for Debtors and Creditors
- CMBS and CDO Pool-Acquisition Due Diligence, Underwriting and Physical Inspections
- Broker Opinions of Value
- REO, including asset management, leasing and re-development
- Exclusive Disposition Agent of REO and Mortgages
Members of Berger’s Special Assets group are well-acquainted with the court proceedings involved in the foreclosure process and the appointment of a receiver. Our experience with over 100 receivership appointments since 2008 gives us the ability to participate in the legal process with our clients and attorneys, ensuring that the order appointing the Receiver is adequate in scope and authority, providing the necessary tools for both a smooth transition and the financial flexibility to maintain and create value in the asset.
Berger’s Receivership Services include:
- Rapid roll-out to stabilize property operations and retain tenants
- Development and implementation of a strategic workout plan
- Oversight and direction of on-site property management team
- Evaluation and creation of property specific marketing, leasing and sale strategies
- Devising and implementing an optimal exit strategy
We recognize that time is of the essence and make every effort to ensure that the transaction is handled professionally and efficiently with a strong focus on cash flow, limiting liability and value maximization.
Berger’s Special Assets group has extensive experience providing a broad range of services in situations involving financially troubled real estate. Our expertise includes the following:
- Representing and assisting bankruptcy trustees
- Assisting turnaround management teams with large portfolios of properties
- Consulting with lenders and investors on value maximization
- Creating strategic plans for monetizing real estate assets
- Advising lenders with respect to workouts and restructuring when a bankruptcy alternative may exist
- Representing buyers and sellers in acquisitions, dispositions, and liquidations of distressed real estate
As noted above, the Special Assets group team at Berger Commercial Realty Group has the skills and expertise to work with both debtors and creditors in a variety of contexts, including business strategy, negotiation and execution. Our team works with both large, publicly-owned corporations as well as private investment groups and hedge funds. Berger utilizes state of the art software including Yardi and Skyline to capture, analyze and report critical asset and portfolio information. We are able to draw upon and benefit from the depth of experience offered by the other practice areas of our firm, which include brokerage services, tenant and buyer representation, capital advisory/investment sales as well as construction management expertise. This interdisciplinary approach enables us to skillfully and efficiently deal with the most complicated issues facing our clients.
REPRESENTATIVE RECEIVERSHIP ASSIGNMENTS/CLIENTS
- 108,000 square foot 12-story Class “B” office building in North Miami on behalf of a CMBS Special Servicer
- 38,300 square feet Class “B” office building -Fort Lauderdale, Florida on behalf of a New York- based hedge fund
- 700 multi-family units (40 separate receiverships) on behalf of JPMorgan Chase
- 57 multi-family units on behalf of Key Bank Real Estate Capital
- 178 multi-family units on behalf of Capital Source consisting of (2) 12 story structures located in Sarasota, Florida.
- 600 multi-family units on behalf of Silver Point Capital