ORLANDO, Fla. --- Call it another sign of the times. Grubb & EllisCommercial Florida, associated with 200 Grubb & Ellis offices worldwide, has launched a new division to provide receivership services to lenders in commercial property foreclosures.Jeffrey S. Sweeney, (top right photo) SIOR, president of Grubb & EllisCommercial Florida, said he is heading up the firm’s receivership division in the east Central Florida region, which includes the Orlando and Melbourne offices.
Many of the same travails home owners face are impacting commercial property developers and owners, Sweeney explained. While commercial foreclosure activity doesn’t approach the scope of residential mortgage defaults, volume is increasing and the size of commercial mortgages---often in the millions---requires special expertise.
When lenders file for foreclosure on a commercial property mortgage, the courts typically assign a receiver to manage the asset---a commercial building, retail center or hotel, for example---until the foreclosure is discharged.“Receivers are experts who are approved by the courts and assigned the task of safeguarding the interests of the lender until the foreclosure is settled,” Sweeney explained.
“At the court’s discretion, and with the consent of the lender, the receiver may be responsible for management and maintenance of a facility, leasing space in the facility or selling it to a new owner,” he said. “Market expertise comes into play in advising courts and lenders on the best and highest disposition for a foreclosed property,” he added.
Sweeney said seven Grubb & Ellis offices in Florida offer statewide reach.
“We can offer lenders and the courts a seamless network of property management, leasing and sales expertise that covers every market in Florida,” Sweeney said.
Contacts:
Jeff Sweeney, SIOR, 407-481-5387
Larry Vershel Communications Inc., 407-644-4142
No comments:
Post a Comment