NEW YORK, Feb. 19, 2019 /PRNewswire/ -- Case Property Services (CPS) is pleased to announce that real estate brokerage and consultancy Jones Lang LaSalle Americas (JLL) will serve as exclusive advisor in CPS' efforts to resolve distressed debt of underwater retail properties.
CPS' managing partner Shlomo Chopp said, "For close to nine years, we have been executing our proprietary workout strategies that have outperformed the market. JLL's support and market knowledge will help us increase our capacity and property turnaround capabilities to provide our clients and their lenders the confidence that an optimal resolution is being proposed."
The retail evolution often requires owners to redevelop their properties into more experiential and omnichannel destinations. However, if a property's mortgage debt is indexed to the previous stabilized value of your property, it may be financially impossible to invest in a redevelopment. Identifying and addressing such issues should optimally occur before a default and exercise of lenders remedies are imminent.
Larry Kilduff, EVP Retail Market Lead is leading the initiative for JLL. "While a property may be distressed, our national retail services group can clearly illustrate what lender concessions may be required to redevelop the property and realize greater recovery for all parties involved," said Kilduff. "With a solid plan, a lender can buy into a loan modification that would have the borrower invest new risk capital, something it would have to do if the property is foreclosed on," Kilduff concluded.
"There are several financial groups that restructure CMBS and other loans," said Chopp. "With JLL's platform as support, CPS is a vertically integrated restructuring firm focused from the inside-out. We can illustrate the property vision, and then the financial structuring is a matter of a relatively simple consensus."
CPS draws on JLL's market by market team of experts across every asset class in analyzing all angles of complex turnaround situations. This helps better quantify the expense and downside risk of all resolutions including principal balance reductions, guarantee reductions and eliminations, recapitalizations as well as chapter 11 planning where appropriate.
CPS CRE, LLC
Shlomo Chopp, 646-564-3551
SOURCE Case Property Services (CPS)