Receivership Services

Hannay Realty Advisors is accustomed to the challenges of receivership responsibilities. It is our goal to find the best solution for each distressed property in order to maximize its performance until a resolution is achieved. The company’s experienced team has ushered dozens of properties through the receivership process, including complex cases involving multiple properties, bankruptcy and sale of the asset through receivership. The company has become the preferred receiver for commercial real estate properties by many national lenders and special services due to its expertise, responsiveness and cost effective fee structure.

Early in the engagement, Hannay prepares a detailed report which provides critical information and analysis about the asset along with comprehensive accounting information. By offering a combination of receivership, property management and asset management, we can streamline our processes which provide our clients with lower costs, reduced risk and time savings. Our receivership services include the following activities.

• Develop a detailed analysis so that potential recovery and appropriate action can be determined.
• Make property and financial assessments including operations and profit and loss statements.
• Provide all accounting and financial reporting functions including accounts receivables and accounts payable in order to determine the true status of financial assets and liabilities.
• Perform all court related duties associated with the property in order to maximize recovery.
• Serve as the acting property manager, and, in this capacity, perform all duties associated with this function including but not limited to accounting and reporting, tenant relations, building maintenance service, negotiating leases, tenant improvement and construction management, handling all vendor contracts, management of all operating income and expenses, etc.