MILLER FRISHMAN NATIONAL WORKOUT ASSIGNMENTS

Miller Frishman delivers an impeccable 30-year history, track record and reputation through some of the most challenging real estate and financial markets our country has ever seen.  Below are some examples of workout assignments we have handled in the current economic climate.

• Greenwood Village, CO – Condominiums and Retail.  Miller Frishman was initially appointed by the Chapter 11 bankruptcy court as the Chief Restructuring Officer (CRO) responsible for overseeing all aspects of the asset (278 condominiums and 150,000 square feet of retail). This role involved managing the sales process of the individual units, construction management, retail property management and residential/commercial HOA oversight. The property was transferred to a Chapter 7 Bankruptcy and Miller Frishman was appointed as the Receiver to maintain the continuity established when the CRO was appointed.

• Loveland, CO – 700,000SF Retail.  Miller Frishman was appointed Receiver, Property Manager and Leasing Agent for this large lifestyle center with more than 70 tenants, many of whom were delinquent or awaiting rent relief negotiations. Additional challenges included a resistant borrower unwilling to provide information and materials, and 10 different lease provisions for calculating CAM charges. Operationally, Miller Frishman worked with tenants to resolve rent modification requests, uphold co-tenancy parameters, and manage various kick-out clauses. We also leased vacant spaces and pursued appropriate litigation. Miller Frishman managed and operated this property through foreclosure, and was chosen by the bank syndicate -- representing some of the largest lenders in the country -- to remain on as Property Manager and Leasing Agent after the foreclosure.

• Indianapolis, IN – Industrial Property.  This 760,000SF industrial portfolio had been in bankruptcy for more than a year, during which time the property was run with minimal funds allocated for maintenance issues, resulting in significant deferred maintenance and outraged tenants. Miller Frishman was appointed as Receiver and Property Manager by one of the largest money center banks in the country, in immediate need of a skilled receiver because the bankruptcy was getting thrown out and the required someone in place prior to foreclosure. Miller Frishman also oversaw the disposition process.

• Tallahassee, FL – Multifamily.  Receiver and Property Manager for one of the nation's foremost special servicers. The property was only 33% occupied at the inception of the receivership with multiple life safety issues including pervasive mold, extensive water damage, drainage deficiencies, roof leaks, and other deferred maintenance. Within the first few months Miller Frishman remediated the life safety and maintenance issues plus structural defects and tenant repairs. We then focused on leasing the property which involved renovating and updating the units, repositioning and marketing. By the time the property was foreclosed (only ten months from the inception of the receivership) we had stabilized the property at 90% occupancy.

• Tempe, AZ – Multifamily.  As the Receiver and Property Manager, Miller Frishman's forensic analysis uncovered misappropriation of funds (the borrower was failing to turn over collected rents, retaining them for his personal use). When the property went into bankruptcy, Miller Frishman worked with the lender's legal counsel; based largely on Miller Frishman's forensic accounting testimony at the bankruptcy hearing, the judge ruled that the receivership could remain in place to protect the bank's collateral through the bankruptcy process.  Ultimately, the bankruptcy was dismissed, and the bank was able to foreclose. Miller Frishman was retained as Property Manager post-foreclosure and operated the property through a successful sale by the lender.

• Decatur, Illinois – Big Box Retail.  Miller Frishman Group acted as Receiver and Property Manager. Deed in Lieu was given back to the Special Servicer. The property was cross-collateralized with other properties in the Midwest.

• Multiple States – Portfolio of Single Tenant Assets.  A regional Midwest bank based in Kansas City ended up with 27 single-tenant restaurants throughout the country in markets as diverse as New Jersey, Las Vegas, the Midwest (Michigan, Ohio) and the Southeast (Tennessee, Alabama, Mississippi). Miller Frishman was hired to provide the asset property management, and is also overseeing the disposition process, managing 18 different brokers and handling due diligence, escrow and compliance with all provisions of the sales contracts. Seven properties have been sold since June 2010 with several more in various stages of sales negations.

• Las Vegas, NV – Multifamily.  Located in a marginal neighborhood, this large multifamily property had significant deferred maintenance, with 90+ neglected work orders on the day the receiver was appointed. Hired as Receivers and Property Managers, Miller Frishman’s onsite team resolved the maintenance issues, bolstered security to stem a recent wave of crime, leased vacant units and managed the property until the borrower regained control of the asset through a discounted payoff.

• Columbus, OH – Multifamily.  For this 200 unit multifamily property, Miller Frishman Group remediated deferred maintenance issues and refurbished down units so they could be put back into the leasing pool. We leased the property to 95% occupancy, and then marketed and sold the asset on behalf of the bank The lender recaptured 100% of its investment.

• Modesto, CA – Retail.   Miller Frishman managed this 86,000 sf shopping center until the borrower reclaimed the property. Stabilized vacancy and tenant issues allowed the lender to negotiate a satisfactory payoff of the existing loan.