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Oceancrest was engaged by a national lender to provide services for the workout of a defaulted loan portfolio. After the borrower/ tenant filed for bankruptcy, the client worked with Oceancrest to develop a course of action. The client foreclosed on the loans that were collateralized by regional warehouse/ distribution facilities and placed the assets in REO.
Oceancrest was awarded the listing assignment and was appointed as Reciever and subsequently Property Manager. Their services have since consummated the sale of two warehouse/ distribution centers: an 800,000 SF estate in Greenville, South Carolina and a 55,000 SF facility in a desirable Industrial Park in Montgomery, Alabama.
Realistic expectations as to an achievable sales price were set very early on. This was critical because the loans were well above 100% LTV. Careful management of the property by utilizing previously employed maintenance individuals ensured the assets were well mantained and continually monitored.
Oceancrest's recievership and property management services, as well as working on behalf of the lender, facilitated the sale of the assets that were both favorable and time sensitive.