In addition to our consulting and commercial management services, 5M Real Estate provides turn-key receivership services. We possess a strong history of working as a Receiver with institutional owners of distressed properties, and have acted as Receiver for over 50 properties in the Chicago Land area.
As Receiver, our experienced management team appears at commercial properties with an order to take immediate possession of all real and personal assets. These assets include securing cash on property and seizing all accounts. We take great care to stabilize all employees and facilitate an efficient takeover. Additionally, we work with Nationwide to send notification of receivership status to the franchiser, all vendors, lessees and other interested parties.
Our management team understands that the asset’s financial welfare depends on sound operations. As Receiver, 5M Real Estate’s ongoing duties include protecting the franchise; dealing with any outstanding state and local sales and occupancy taxes; handling any pre-take over lawsuits, claims or outstanding insurance matters; obtaining control of any deposits from utilities and/or governmental entities; and managing pre-take over for vendors and leaseholders.
As Receiver, we prepare monthly Receiver’s reports as directed by the court and issue final accounting to the court after foreclosure.
Ongoing Court Appearances
As Receiver, 5M Real Estate provides testimony for any ongoing legal issues, including but not limited to: borrower’s contesting appointment of receiver; borrower’s failure to comply with order or performance or other illegal acts; and borrower’s filing for bankruptcy.
As a consulting and commercial management firm, 5M Real Estate’s management team realizes issues may require services on a case-by-case basis. Our management specialists are available to discuss special needs particular to your property.
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