CW Capital and the borrower, IMG, jointly agreed to a receiver being placed on the property. The parties had divergent goals for the property. There was not a high level of trust between the parties, but they both wanted someone they trust to control the finances. Halakar Property Management was placed as the receiver to manage the finances of the property, preserve the value, and grow the bottom line. As the court ordered receiver, Halakar immediately began working closely with all parties, especially the lender. At the time of the receivership order, there were no less than three lease deals in progress at different stages. It was of the utmost importance that these leases be completed in order to grow the value of the property.
As receiver, we analyzed the deals and made sure the lender understood all aspects, including funding needs. Through negotiations with the prospects, the receiver was successful in signing three new leases, including the relocation of one tenant and the expansion of another.
This property was stabilized with good credit tenants and solid occupancy.