Property Management & Receivership Services
The following specialty Real Estate Services are offered by GlassRatner Management & Realty Advisors. For more information on these services, click here to see the brochure.
Or please contact Ron Glass, Joel Murovitz or Todd Beresin directly to learn more.
Court Appointed Fiduciary & Receivership Services
What is a Receiver?
A receiver is a person or company appointed to act as a neutral third party to preserve, protect and if possible, enhance an entity’s tangible and intangible assets when there is a dispute between parties. Receivers are most commonly used for real estate which is the collateral for a defaulted loan, however, receivers can also be appointed for operating businesses and in some cases both (i.e. hotels). The receiver can be appointed by a third party government regulator, a court or can be agreed to privately.
Once the receiver has been appointed, they will take over the asset(s) and handle all activities associated with it. Depending on the situation, the receiver typically takes control of the underlying asset and steps into the proverbial shoes of the owner(s) as it relates to operating the asset(s). The receiver typically performs the necessary inspections to identify any critical physical, environmental, legal and economic issues and liabilities. The receiver will determine the most appropriate management, leasing and in some cases dispositions strategy to maximize collateral value.
Benefits of Using a GlassRatner Receiver
- GlassRatner has a full-service property management platform. We are able to directly manage the underlying real estate and handle tenant and physical needs immediately upon appointment.
- GlassRatner is a fully licensed real estate brokerage firm - with access and relationships to other highly qualified leasing and investment sales brokers.
- GlassRatner is staffed with experienced CPAs to handle financial reporting, compliance, and in-depth analyses through our web based Yardi platform.
- GlassRatner has a highly experienced construction management team with a wealth of experience including remedying code compliance and life safety issues, entitlement and design management, commercial tenant build-outs, mold remediation, renovations, demolition, complex system installations for occupied buildings and environmental work.
- GlassRatner has handled in excess of $5 billion of real estate; over 25,000 multifamily units nationwide; assets in 33 states; and in excess of 5 million square feet of retail, office and industrial space.
- GlassRatner has experience as receiver across a wide variety of assignments including: multifamily, retail, office, industrial, hospitality, single family home portfolios, mobile home parks, c-store, convenience liquor stores, automotive, agricultural, timber, mining, and marine.
For more information on GlassRatner receivership services, please contact Ron Glass, Todd Beresin, or Joel Murovitz directly. Or please refer to the GlassRatner Management & Realty Advisors Fact Sheet, detailing a complete list of our services.
We provide transitional and ongoing asset management and property management for lenders, servicers, equity sponsors and investment owners. We specialize in the turnaround and stabilization of underperforming properties across all sectors of retail, office, industrial, and residential real estate.
Our comprehensive approach to turnaround and stabilization includes all the steps required to organize, manage, protect and improve daily operations, including the following activities.
Situation Assessment & Management
- Reviewing rent rolls and identifying areas where rent collections can be increased.
- Reviewing operating statements and identifying areas where operating expenses can be managed in an extremely cost-efficient manner.
- Reviewing the status of property tax payments and casualty insurance policies and premiums.
- Coordinating with the ownership group in areas of communication, decision making and strategy implementation.
- Analyzing current rental rate trends, vacancy rates, cap rates and absorption rates. Providing valuation opinions.
- Conducting a comprehensive physical inspection of the property. Providing an assessment of tenancies, property condition and the market.
- Reviewing rent collection procedures. Modifying procedures as needed to assure the security and control of payments.
- Evaluating the performance of the current property manager. Interviewing replacement candidates as needed and making recommendations to owners or lenders.
- Reviewing, negotiating and monitoring all operating budgets and capital expense budgets.
Tenant Lease Administration
- Advising on leasing agents for new leases and renewals. Reviewing leasing proposals and negotiating terms on behalf of the investor group.
- Confronting above average vacancies with leasing strategies that address market weaknesses or property weaknesses.
- Preparing timely, accurate and meaningful financial statements, budgets, forecasts and status reports.
GlassRatner is not a property owner, which means we operate without the conflicts of interest that occur when managers simultaneously own and oversee properties on behalf of third parties. We offer a flexible and cost-effective fee structure, and we are pleased to share our professional references.
Stabilization & Turnarounds
GlassRatner specializes in the stabilization and turnaround of underperforming real estate properties. It is our mission to mitigate the effects of a detrimental event that disrupts income generation and threatens property valuation.
Our experienced real estate advisors act quickly when stabilizing a troubled property. We identify the most critical issues and develop a list of priorities that must be addressed immediately. These actions halt the downward performance trend and protect the underlying value of the property.
Once we have stabilized a property we transition to the turnaround phase. We prepare a long term asset management plan to improve performance and enhance future value. If the asset is a short-term hold, we help clients dispose of assets, identify the best brokers in the market, and work hand in hand with the brokers through the sales process and close.
Throughout the stabilization and turnaround process we communicate regularly with owners and investors. We prepare timely reports that clearly define the critical issues and describe the available remedies. We develop precise recommendations for improving performance and we act quickly to implement appropriate actions.
GlassRatner provides construction management services for halted or partially completed construction projects. We bring extensive experience to all types of construction, including condominiums, multi-family dwellings, residences, offices and hospitality projects. Our professional team will quickly assess the situation and meet the needs of clients with customized solutions that are practical and economical.
GlassRatner is prepared to manage any phase of construction. Our pre-construction management services include entitlements, zoning, design and permitting. Our ongoing construction management services include:
- Property condition assessment
- Pay application processing
- Bid procurement
- Contract negotiations
- Value engineering
- Site work
- Vertical construction
- Tenant coordination
We are experienced with capital improvements and we are skilled remediation managers for incidents related to fire, mold and environmental cleanup.
Property Assignment Map
GlassRatner has handled in excess of $5 billion of real estate; over 25,000 multifamily units nationwide; assets in 33 states; and in excess of 5 million square feet of retail, office and industrial space. The property map below highlights this and our span of services across the United States.
Financial Advisory Services
Borrower & Lender Advisory
GlassRatner provides comprehensive consulting services for complex real estate transactions across the United States and internationally. We serve both borrowers and lenders, and our clients include financial institutions, investment funds, public agencies, builders, developers and investors. We are often retained as the Chief Restructuring Officer (CRO) to provide an objective approach to complex and difficult restructurings.
We leverage our diverse project experience to deliver creative and pragmatic solutions for today's complex real estate problems. We apply sophisticated analytical techniques and proven skills to address key service areas such as valuation, feasibility consulting, development, acquisition and disposition.
Real estate lenders, owners, investors, developers and public agencies are facing major challenges in today's environment. We draw upon our skill, creativity and practical experience to help our clients achieve their business objectives in a real estate climate that is constantly changing.
For clients with assets that have loan maturity issues or may be over-leveraged, we provide advisory and restructuring services to negotiate with lenders or recapitalize potentially troubled properties. Such services include:
- Capital Stack Advisory
- Workout Advisory
- Loan Modification Advisory
- Loan Assumption Advisory
- Partnership Dispute Mediations
- Refinance Solutions
Over the years we have developed, cultivated and managed results-oriented partnerships for improving our clients' balance sheets and benefitting their portfolio positions. We can execute even the most difficult loan transactions efficiently and seamlessly.
Principal Investments & Financings
GlassRatner maintains strategic relationships with institutional investors and high-net-worth clients that are seeking real estate investments that are opportunistic, value-added and traditional. Our strategic partners look to GlassRatner to identify, underwrite, structure and close these principal investment transactions:
- Rescue Capital
- High-Net-Worth Clients
Debt and Equity Relationships
- Senior High Leverage Debt Investments
- Preferred Equity Investments
- Loan and Asset Acquisitions
Investments may take several forms, including joint venture equity, preferred equity or senior preferred debt structure.
GlassRatner specializes in identifying the most compatible and beneficial capital alternatives for any real estate acquisition or recapitalization. We have built our reputation on structuring complex transactions and then procuring the capital sources and investors needed to fulfill the required terms. Our structured finance products include:
- Joint Venture Equity
- Higher Leverage Senior Debt
- B Notes
- Mezzanine Finance
- Preferred Equity
- Stand-by Facilities
We focus on obtaining the best capital stack available and executing transactions on a timely basis. We also maintain firsthand knowledge of market conditions and trends, such as the increasing trend for owners to form joint ventures with their capital providers.
Strategic Workout & Restructuring
GlassRatner offers strategic workout and restructuring services to clients that need direct or indirect oversight for challenged or distressed properties. Our special asset team provides immediate solutions for lenders, equity investors, builders and developers.
We serve as an objective, professional, third-party resource for overseeing residential, commercial and mixed-use assets. We tailor our approach to each client's needs, with services provided a la carte or as a complete turnkey package. Our menu of strategic workout and restructuring services includes financial analysis, impairment testing, feasibility analysis, asset management and construction management.
We will conduct a comprehensive review of the distressed property and recommend a program that maximizes the value of the asset. We always deliver objective and straightforward insights about the challenges and opportunities for each property we assess.
As successful workout professionals, we understand the conditions in today's marketplace. We will evaluate the current situation, deliver an objective assessment and prepare recommendations for next steps. We typically include a global analysis of the client's portfolio that may address any or all of the following debt types:
- Bank debt-recourse or nonrecourse
- CMBS debt
- Life and institutional debt
- Specialty finance debt
- Agency financing (Fannie, Freddie, HUD)
Liquidations & Loan Sales
GlassRatner executes real estate liquidations and loan sale transactions of all sizes. We have advised on both the buy side and the sell side of many successful transactions, and we maintain a comprehensive understanding of properties and market participants.
Our professional team members have extensive knowledge in all areas of private financing, including:
- Initiating, structuring and negotiating joint ventures
- Entity-level private placements
- Multi-investor funds
We also perform financial advisory services such as valuation, negotiation and execution for mergers and acquisitions. We provide fairness opinions and corporate structuring advice to management teams and Boards of Directors. All of our services are supported by our strong financial modeling and due diligence capabilities.
Our clients count on GlassRatner to identify the best capital partners, structure sound transactions, improve asset performance and maximize returns.
- Preconstruction Planning and Document Preparation
- Active Progress Analysis
- Fresh Start Change Orders
- Master Scheduling
- Independent Estimating
- Customized Project Controls and Integrated Documentation
- Program Development, Implementation and Restructuring
- Governmental Investigations and Reporting
- External Independent Assessments
- 3rd party independent oversight of all parties involved
- Specialized expertise
- Claims Mitigation/Training Programs
Construction Dispute Resolution
- Negotiated Settlement Facilitation
- Schedule Analysis
- Labor & Equipment Productivity Analysis
- Cost Analysis
- Damage Quantification
- Litigation Support
- Expert Testimony