Properties in receivership may pose additional challenges for the lending institutions and note buyers in the foreclosure process. The skilled receivers and property managers at Millennium Properties can provide management services to commercial real estate throughout Chicagoland.
We have more than 30 years of experience with the foreclosure process, giving our receivers and managers a thorough understanding of the challenges posed by properties in federal bankruptcy court, those held in disputed trusts as well as in judicial and nonjudicial foreclosures. We have managed all types of properties in receivership – from commercial storefronts to large multi-family complexes, from office condos to large redevelopment sites.With a sound business plan and strong management from Millennium, many of these properties can match or exceed market conditions. Our accounting and property management team has a streamlined turnaround process, with a number of internal controls, aimed at reducing or eliminating creditor losses.
“Very responsive and helpful.”
After completing the foreclosure, our team can continue to manage the property – leasing and improving the building as needed – before selling it for the best possible price. Our brokerage professionals can also market the property for lease and for sale during the receivership period.