Receivership

Court-approved in Ohio, Kentucky and Indiana, Neyer Real Estate Management is one of the most active receivers in the region that has built a solid history of working with special services, direct lenders and banking institutions.  We manage assignments to successful disposition with the maximum possible recovery for the lender.  We fully understand court reporting requirements as well as the peculiarities of operating a property under a receivership  arrangement.

Neyer knows that, sometimes, lenders don’t receive all of the information they would like to get from their borrowers.  We are experienced in stepping into the vacuum, securing the physical and financial operations of the property and crafting a plan with the lender to meet their goals for the property.

Upon appointment, Neyer Management will:

  • Evaluate the condition of the property
  • Make contact with the current tenants
  • Stabilize the business operation
  • Provide lenders with information they need to make informed decisions to maximize returns, regardless of the direction they choose to take with the property
  • Prepares all reports as directed by the court and attends all ongoing court appearances

Case Studies

Shoppes of Kenwood

When the owner of this center hit financial troubles, Neyer Management was brought in to right the ship.  Although were given relatively little information to start, we were successful in pulling together an accurate picture of the financial condition of the property for the court and the lender.  In addition to correcting some substantial liability concerns arising from deferred maintenance, we executed two large leases at the property that restabalized the asset and helped the lender’s recovery.

Chestnut IV Retail Plaza

Well-tenanted and in a relatively healthy retail submarket of Columbus, Ohio, this center held great potential for the lender to maximize their recovery.  Neyer was brought in to stabilize operations and catch up on some deferred items that were starting to erode satisfaction.  By quickly delivering on our commitments and meeting with the tenants extensively, we were able to retain their confidence through a sales process that was consistent with the lender’s desires.

Neyer has been retained by the new owner as well.

Medwick Marketplace
1029-1205 N. Court Street
Medina , OH 44256

The parking lot was in rough shape when we became involved; asphalt crumbling, striping non-existent and mill/paving work needed.  In 2015, almost 100k of repairs, mill/paving and pothole repairs along with concrete work was completed; in 2016, we continued with additional mill/paving work, pothole repair, concrete replacement and fresh striping.

The exterior perimeter block showed signs of significant failure and the tenant sign band & bell towers were dated/tired.  In 2016, approximately 65k of exterior painting was completed (which included the perimeter block, tenant sign band and bell towers).

Medwick Marketplace is a 183,379 square foot grocery-anchored shopping center located in Medina, Ohio. The center is anchored by Marc’s Old Navy, Marshall’s and shadow anchored by a Super K-Mart. The property is located at the intersection of North Court Street and West Reagan in Medina, which is approximately 33 Miles south of Cleveland. In addition to the tenants mentioned above this center is occupied by Payless Shoe Source, Fashion Bug, Dress Barn, Rent-A Center, Bath & Body Works, Shoe Carnival, Deals, GNC, Sally Beauty, Old Navy, and many other national, regional and local retailers.