Case Study: Receivership and Probate Services
Client: Nationwide Loan Servicer
When a condo building in Chicago failed and the Association ran out of money, appointed ParkVue Realty was retained as receiver to stabilize the defunct building. The building was converted into condos from apartments and the majority of buyers were investors. Therefore, the building was largely tenant occupied. There was significant deferred maintenance and no active management.
We took on the assignment to untangle this mess. In order to stabilize the building, we needed to first address all major health and safety issues and take over payment of all common utilities. Next, we established contact with the lien holders for each of the units (many of which had already filed foreclosure) and advised them of the unique situation. We assisted with the de-conversion of the property from condos back to apartments. We then worked closely with the Court to provide occupants with relocation assistance in an effort to vacate the property. Ultimately we were able to vacate the property, market it, and sell it to a single buyer. Since that time, the building has been renovated and occupied and is no longer a blight in the community.