Tag Archives: bankruptcy

Healthcare Bankruptcy & Receivership – Real Estate Services

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MREA is dedicated to improving the health and wealth of ita clients through several varying healthcare real estate competencies, many of which are located on our website. Our specialization within this narrow, niche sector provides our physicians, investors, owners and medical center customers with direct exposure to healthcare real estate opportunities. Currently, our firm is fielding a greater number of inquiries for the assistance of distressed real estate property offerings.  So, we offer a quick post of our services.

As most are aware, an unfortunate reality exists in today’s real estate marketplace.  The financial system is working on ways to deal with those that relied too heavily on leverage and debt instruments to fund real estate purchases during the middle to latter years of last decade.  This reality haunts the medical real estate industry that, just 5 to 7 years ago, expanded greatly to accommodate forecasting models that placed significant emphasis on serving a growing, health-conscious population, especially that of the baby boomers.

As the commercial and healthcare real estate industries are in the initial stages of coping with an abundance of over-leveraged property, our firm is well positioned to capture a lion’s share of these opportunities.  It is because our firm has developed “across-the-board” relationships within the healthcare real estate sector whereby delivering property offerings (lease, sale, redevelopment) directly to the doorstep of an actively managed database of medical tenants, investors and hospital owners.

MREA Distressed 

The Medical Real Estate Advisors (MREA) have the expertise required to effectively manage a variety of distressed situations involving non-performing loans, as well as the management, leasing, disposition and redevelopment of Real Estate Owned (REO) property.  Our professionals are actively involved in loan workouts, mortgage possessions and foreclosures and we seek avenues to eliminate overexposure by directing any offerings to a secure database of medical professionals and investors.  Along with traditional distressed real estate services, our specialized competencies include judicial and non-judicial foreclosures, court-appointed receiverships, bankruptcies and deed-in-lieus.

Receivership Services

Mr. Robert S. “Bob” Lowery and his team of associates are versed in court proceedings that involve the foreclosure and appointment of a receiver.  Our comprehensive real estate solutions for the medical industry play a vital role in the efficient transition of the asset from its current position to that of significant value to the marketplace. Services include:

Strategic Planning – Stabilization of Property — Tenant Retention — Property Management — Marketing & Advertising — Leasing — Exit Strategies

Bankruptcy Services

To complement an expansive list of healthcare real estate services, MREA is involved in working with bankruptcy trustees to assist with businesses that are financially troubled, either directly or indirectly, from their real estate holdings.  Our services:

Assisting Turnaround Management Companies — Monetizing Assets — Advising Lender Workouts — Creditor Assignments — Representing Buyers & Sellers — Real Estate & Recapitalizations – Equipment, Furniture, Business Item Liquidations

Robert S. “Bob” Lowery is Managing Partner of MREA | Medical Real Estate Advisors

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FRONTIER AIRLINES MAKES A BIG MOVE TO HOUSTON’S HOBBY AIRPORT (RJET)

‎Hobby Airport is located seven miles outside of downtown Houston. Republic Airways Holdings Inc., through its subsidiaries, provides passenger services. …

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CRExtract: 11.2.2010

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The Man Who Personally Owes Citigroup $126 Million – Earlier this decade two companies Stern ran, Grupo Xtra of New York and Clothestime Stores, ended up in contentious bankruptcy proceedings. Nevertheless, at the age of 34, Stern knocked on Citigroup’s door in 2007 to get a loan. He had an opportunity to purchase 11 shopping malls in the U.S. southeast and needed some $130 million to buy them. Stern had never done a commercial real estate deal of anywhere close to that size, but figured the bank would loan him nearly the entire amount. “Several banks were pitching me at the same time,” says Stern. “Every bank including JPMorgan Chase and Deutsche Bank wanted product.” At Citigroup in 2007 Stern was seen as a good bet. Citigroup lent two entities Stern controlled $126 million to purchase the malls. All Stern had to do was personally guarantee the loans if the entities that borrowed the funds wound up in bankruptcy court. In the real estate business such guarantees are known as “bad boy” carve outs, provisions of non-recourse loans that require borrowers to be personally liable for specific bad behavior. In recent years the defined type of behavior that could trigger these guarantees has expanded from fraud to, in some cases, a simple corporate bankruptcy filing. Backed by Citigroup, Stern’s First Republic Group Realty purchased the malls from Colonial Properties Trust, a REIT based in Birmingham, Ala., in a transaction that was nearly completely debt-financed. Citigroup provided a $111 million mortgage and $15 million mezzanine loan. But after Citigroup declared the loans were in default, Stern in 2009 made the fateful decision to push First Republic and its parent firm into bankruptcy court, resulting in multiple lawsuits involving many parties. For its part, Citigroup sued Stern in Manhattan’s New York state court to enforce the guarantees, obtaining a $15 million judgment and then another $111 million judgment in August. Forbes Blog

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CRExtract: 10.21.2010

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General Growth cleared to exit bankruptcy -  Shareholders often lose everything in a bankruptcy. Under the plan confirmed by U.S. Bankruptcy Judge Allan Gropper in Manhattan, all bond holders will be repaid and the 3,000 shareholders will get more than $5.2 billion of equity. “This is an extraordinary case,” Chief Executive Officer Adam Metz told Reuters after the hearing. Chicago-based General Growth, the No. 2 mall owner after Simon Property Group Inc (SPG.N), was the only company to be reinstated on the New York Stock Exchange during bankruptcy, Gropper said. General Growth will exit bankruptcy as two publicly traded companies. The main company will retain the name General Growth Properties and about 185 properties, most of them malls and some mixed-use properties. The other company, The Howard Hughes Corp, will house its master planned community business, land and shopping centers in development and other non-income-producing properties. It will trade under the symbol “HHC” on the New York Stock Exchange. Reuters

CRExtract: 10.19.2010

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