First Financial Bank filed for a receiver on this property in 2012. They sought out Halakar as the receiver and the leasing agent. This building was over 50% occupied by the borrower, who has since vacated. First Financial desired a receiver they could trust to maintain the value of the property while they decided the direction for the property. Most properties that reach receivership are generally in poor physical shape. In this case, our main goal was to protect the physical structure of the property. The lender wanted a property that was in good shape and able to be sold to a future owner who wished to occupy the building.
We performed deferred maintenance and created a capital improvement schedule to make sure this property was attractive to a future buyer.
The property was sold due to its improved condition.