Chicago Receivership Services
PRG Management’s receivership team specializes in providing comprehensive receivership services in Chicago, ensuring that distressed commercial properties are managed effectively during challenging transition periods.
Our experienced management team takes a hands-on approach to stabilize the property, provide financial oversight, and develop a unique strategy to ensure assets are preserved and tenants are protected.
Chicago RECEIVER AND TRUST SERVICES:
Operations Management: Honor, oversee, and uphold the contractual rights of the tenants in the commercial property during the receivership process.
Property Management: Provide comprehensive oversight of existing property management activities to ensure alignment with occupancy and financial goals.
Project Management: Continue to manage, oversee, & re-contract ongoing operations and expenses.
Stakeholder Advocacy: Act in the best interest of the property and owners by making all commercially reasonable efforts to maximize profitability.
Financial Management: Exercise best efforts on the lender's and borrower's behalf by maintaining financial records, providing accounting services, and ensuring all funds are managed responsibly.
Tenant Management: Protect the welfare of all tenants and parties involved.
Court Compliance: Fulfill all court-required reporting, and responsibilities, and attend hearings.
OUR CLIENTS AND TENANTS:
Overall, each commercial property is different making it important to weigh the potential liabilities. Does construction need to be done? Has management been abandoned and for how long? Are there any environmental concerns? Does the commercial property require marketing for tenants? From there, a decision can be made on whether a receivership is worth pursuing. To talk to a Chicago property manager about your options, please contact us today here or by filling out the form below.