The property was taken back by the bank in a Receivership, as a result of nonpayment of the Debt service. The property was 100% occupied, however, it was part of a newlydeveloped land parcel. Adjacent to the retail areas rested 90 acres of partially-improved sites, which caused major concerns for the town of Plainfield and the Indiana Department of Environmental Management (IDEM).
“David takes personal pride in his work and treats the assets he manages as his own. It would not be unusual to see him picking up trash in the parking lot to ensure the highest of maintenance standards are met and ensure that costs are contained.”
- Bradley Rust, Client, Plainfield Commons IV
The lender’s goal was to reposition the property as quickly as possible and sell the asset. Upon commencement of the assignment, we quickly determined that the property was suffering from several issues related to the undeveloped condition of the adjoining site. Several meetings were held with the Town of Plainfield to determine effective solutions.
The Town of Plainfield was pleased with how the transition progressed. The Bank was also pleased with the property transition. Although they had to invest substantial funds to address the erosion issues, the projects where completed on time and within budget.
Note: We have several professionals with substantial client transactional experience prior to joining RESOURCE Commercial, which is included above.