Asset Advisors

• Lormax Stern Asset Advisors believe that lenders, special servicers and owners of troubled shopping centers can benefit from the experience and insight of a successful shopping center owner/developer.  One hundred percent of our focus is spent on the operation of large shopping centers throughout the country. Unlike traditional third party broker /property managers, we do not believe in a “one real estate asset management sized shoe fits all” approach.  We do not pretend to be experts in multifamily, office and other real estate products.We know how to successfully operate shopping centers in today’s tumultuous times  and know how to identify and get to the core of overlooked important problems that  often plague retail dominated properties . . .  And we do it without unnecessarily or prematurely spending money on shotgun due diligence typically done by asset managers who are not retail specialists.  Because we think like entrepreneurs, we provide specific services to our clients, if and when needed, in a highly cost effective manner.We believe that an independent asset review of troubled retail centers can, in many instances, prevent loan defaults and nonaccruals long before consideration of discounted note sales or foreclosures become necessary.  Critical, real time assessment of loan collateral can lower the amount of losses ultimately written off on watch list facilities and provide realistic long term alternative exit strategies to lenders and special servicers, as well as shopping center investors.Asset advisory services may include some or all of the following:  Property condition and inspection services; Analysis of store leases, tenant mix and vacancies; Review of tenant retention policies;  Review of current store leasing and marketing efforts;  Review of project operating costs and;  Identification of existing loan provision impacts and refinancing possibilities;  and Confidential evaluation of current management.
   
  The assistance from an experienced shopping center asset advisor can allow both lenders and borrowers breathing room to negotiate viable and mutually beneficial work out plans and other forward thinking programs.  Lenders repeatedly tell us they often face situations where they are unsure whether to stick with a borrower or pursue foreclosure and receivership. While they may be confident that the borrower is honest, they are unsure of the owner’s management capabilities and are often uncertain of the best long term long exit strategy options.
   
  Engaging the services of a skillful retail asset advisor, early on, can promote the effective resolution of problems plaguing the troubled shopping centers and serve as a confidence building tool for a smart borrower. The parties can allow the asset advisor to monitor and evaluative borrower operations without creating potential lender liability problems and without generating negative publicity.
   
  If and when all interim measures have been exhausted, we work in close collaboration with our lender clients to unlock the maximum financial recovery from challenged retail properties.  We provide a full array of asset management services to lenders and special services, ala carte or packaged, including:
   
  • Litigation support
  • Professional receivership services that avoid potential environmental liabilities and successor retail condominium developer liabilities
  • Bottom line, cost driven, effective day to day on site property management
  • National and local tenant leasing
  • Finishing uncompleted development and construction activities
  • Resolving disputes with construction lien holders in an intelligent and mutually beneficial manner
  • Devising partial out lot (re)development and other value recovery strategies
  • Pursuing real estate tax appeals (fee or contingent basis)
  • Mediation of  final settlement agreements with borrowers
  • Full resale brokerage and  marketing including loan procurement assistance to qualified buyers

   

  Contact: Jason Horton, 248-737-4041