Appointment of Receivership Services
l Maintain an uninterrupted operation of the property by securing, operating, repairing, and preserving the property, while representing both the Plaintiff’s and the Defendant’s interests.
l Take possession of and collect all monies pertaining to the operation of the Receivership Property and apply such monies to the expenses and debt relating to the Property.
l Manage property cash flow to satisfy any delinquent accounts and keep current on any bills relating to the operation of the Received Property.
l To prepare and maintain complete books, records and financial reports of the Receivership Property, including, but not limited to, operating statements, income statements, budgeting, balance statements, and all other statements prepared for the Receivership Property in a form acceptable to both the Plaintiff and Defendant. Statements shall be sent out monthly via electronic format to both Plaintiff and Defendant.
l Employ, discharge and supervise all employees, leasing agents and contractors considered by the Receiver as necessary for the operation and management of the Received Property.
l Obtain replacement insurance coverage (if necessary) naming the Defendant as the insured and loss payee and the Plaintiff and Receiver as additional insured’s.
l Conduct a physical inspection of the property identifying any health or safety concerns that require immediate attention.
l Engage contractors and skilled trades on a competitive bid basis to complete repairs or tenant improvements to the property and execute such contracts for such purposes the Receiver deems appropriate upon approval.
l Conduct property tours, provide information and share financial documents (upon approval) with parties interested in purchasing Received Property.
We have over 89 years of experience in property management. If you’d like to learn more about our receivership services, or have any questions, please contact us at your earliest convenience.
Piper Management Group
5454
Ph: 810-767-4890 Fax: 810-767-6683
Past Receiverships
1979/1980 Ambassador Arms Apartments
584 unit Apartments
Metropolitan Life Insurance Co.
Phase I
New York Life Insurance Co
Phase II
Connecticut General Life
1990
15,000 Square Ft –Retail
D & N Savings & Loan
50,000
Republic Bank
1995 Oakwood Apartments
208 Apartments
1998
258 Unit Apartments
Different owners for each phase
that could not agree on operations of property
2000
180,000
GMAC Real Estate
2000
195 Unit Apartment Complex
Lennar Partners –Rod
2008 Ballenger Manor
33 Unit Apartment Building
Capital Crossings – Bob Litter
2008 Redstone Townhomes
133 Townhouses
Mr. Steven Alexy
Seyburn, Kahn, Ginn, Bess and Serlin, P.C.
2008 Pheasant Run Apartments
191 Apartments
Louise Sorg – 5th 3rd Bank
2008 Camelot Villas Mobile Home Genesee
260
Capmark Financial – Todd Bragg
2008
15,000 Sq Ft. Office Center
Chemical Bank - Robert Hardy
* Not in receivership. Bank exercised their Assignment of Rents Clause, and we were mutually agreed upon management company.