The Client
A court appointed receiver instructed to sell an asset through a court approved process.
To maintain the property for 6 months which was in the midst of a total building renovation before the receiver was appointed. To add to the challenge, 20% of the property was leased to commercial tenants and the appointment happened just before winter, with no heat, hot water or plumbing installed in the building. Also numerous citations had been issued by the city for building code violations.
The Journey/Discovery
We had knowledge of the trades who has been working on the project and the receiver understood that the quickest and most cost effective way to hold the asset during the sale process was to engage us to main it throughout the winter.
Within a very short space of time we had put together a 6 month budget for approval and funding by the receiver. Once approved, we proceeded to secure the property, board up broken and missing windows, installed temporary heat to all the tenant spaces and replaced hot water systems servicing the property. We were able to heat the common area to prevent pipes freezing and addressed all of the city citations within the time frame negotiated with the city based on circumstance. We then entered into short term service and maintenance contracts with local trades to see the building though the winter. We provided night time and weekend security patrols and installed new locks and cameras throughout the property.
Value Added Outcome
Provided cost effective solution in a difficult situation. Provided expert knowledge and results in a timely efficient manner allowing the client the time to focus on the disposition of the asset and negotiation between the stakeholders.