Levin Management Corp. of North Plainfield, N.J., has reestablished its dedicated service to address the needs of the current environment, according to Matthew K. Harding, president and chief operating officer.
"Each time there is a downturn in the retail real estate sector, there is a strong demand for Levin's [real estate owned (REO)] services," he says.
"Perhaps the loss of a major tenant devastated a property’s rent roll, a buyer borrowed more than a center’s current return can support, short-term financing came due in a market where underwriting criteria have changed or an owner simply hit challenging times,” Harding adds. “Almost always, the fallout impacts the center - financially, physically or in the form of tenant relations - before it comes back into the lender’s hands.”
Levin’s initial priorities include assessing a retail center’s physical, financial and marketing conditions to develop short- and long-term plans. The firm’s range of services employed in this process include accounting and financial reporting, leasing and lease administration, property management and maintenance, marketing and market analysis, dispositions, and construction management.
Throughout the process, Levin maintains close communication with the client by outlining services put in place and providing frequent, thorough property-status updates, the company says.
