As a banker or an attorney representing a financial institution, you can be sure that Chicago Real Estate Resources (CRER) is able to handle your collateral property as receiver or manager for the mortgagee in possession, professionally and effectively.
Bringing 25 years of experience, CRER principal, Eric Janssen has been appointed receiver in more than 1,700 cases involving real estate assets, collectively valued at over 1.8B. CRER is currently handling numerous receivership and bank owned (REO) properties, ranging from small residential multi-family buildings to downtown high-rise properties. Eric also has been appointed in several cases involving failed condominium projects in which CRER completed the construction and sold the remaining units.
CRER has the expertise required to handle a variety of distressed situations including the management, leasing and/or redevelopment of under-performing real estate. After the completion of the foreclosure, we can fee manage the property, lease and improve the building as needed and finally list and sell it for the best possible price. During this process, our team will investigate the property’s position in the marketplace and make recommendations to enhance its value to get the greatest return for our client. Alternatively, we can market and sell the property during the receivership period.
Our receivership services include:
- Review the order appointing receiver to ensure it will be sufficient in its scope and authority
- Stabilizing the property operations and ensuring tenant retention
- Preparing required court reports and attending court hearings in Federal, State, Housing and Eviction court
- Providing monthly financial reports to the client which can be securely accessed on our website
- Overseeing on-site property management
- Development and implementation of a strategic plan for the property with input from the client
- Evaluation and creation of marketing, advertising, leasing and exit strategies
CRER is a one-stop shop for our institutional clients. We can handle the court proceedings, the day-to-day property management, and any construction that needs to be completed. Our professional broker team will be able to lease any vacant space and market and sell the finished product. We have 5 commercial brokers specializing in retail leasing on our CRER broker team, 4 of which hold a CCIM designation. Collectively, our team has sold more than $2.5 billion in commercial real estate assets.
Trust, Probate Court & Bankruptcy
CRER has been appointed in the Circuit Court of Cook County to manage and sell real estate assets involved in probate court procedures. Additionally, we have been involved in leasing and sales transactions of properties held in trust by financial institutions. CRER is frequently retained by bankruptcy trustees appointed in the United States Bankruptcy Court to manage and sell real estate assets involved in bankruptcy procedures. We also provide evaluations on real estate assets to determine if there is sufficient equity in the property(ies) involved in order to the pay the creditors should the assets sell.