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Approach, Condition Study
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Approach
We are independent and have no affiliation with any specific property management, brokerage or other service provider. We recommend and/or retain the property manager for the assets. Through our excellent working relationships with brokers, property managers, subcontractors, legal counsel and other industry consultants, we are in a position to place the appropriate personnel to the specific asset. Our aim is to minimize the use of outside consultants and only engage them when specifically needed. After evaluation, some of the current professionals may remain in place to ensure property value and ease of transition. By working together with all the parties, a project team is selected that is most appropriate for the required task.
We develop and implement a property strategic plan that works to stabilize the property operations and ensure tenant retention. Our hands on management approach are critical in taking control and navigating the asset through these challenging economic times.
Our work consists of:
• Rapid roll-out to stabilize property operations and retain tenants
• Development and implementation of a strategic workout plan
• Evaluate alternatives uses or repositioning strategies
• 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
Condition Study
Our team conducts an on-site field investigation to evaluate the physical condition of the property. This includes both the horizontal and vertical development. The building interior and exterior is evaluated for completion, quality and any outstanding warranty issues. Any apparent construction defects are recorded. Landscaping, wearing surfaces, storm drainage, utilities and site amenities are inspected are inspected for completion and quality. The following structure is used to analyze the asset condition and determine the outcome of the process:
• Strategic Solutions
o Condition summary
o Loan status
o Physical status
o Document status
o Legal status
o Permit status
o Borrower status
• Building and Grounds Inspection
o The building envelope
o foundation and structure
o Construction Defects
o Quality Report
o Warranty Issues
• Value Determination
o Liquidation
o Completion as planned
o Cost to complete
o Construction completion estimate
o Development completion budget
• Repositioned - use change
o Alternative uses – revised pro-forma
o Alternative site plan
o New value creation
o Market analysis
• Disposition Recommendations
o Exit Strategy plan
o Weighted discount analysis
o Benefit analysis
o Preparation of marketing packages
o Disposition solicitation
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