PROJECTs

milford, ct.

The center at assignment date was approximately 15 years old. Major Credit tenants included Marshall's, and Walbaums Food Store (an A & P owned supermarket) Genovese Drug and a variety of local credit tenants. Walbaums and Genovese vacated the center placing the asset in technical default with the lender GE Capital.

Assignment

Re-tenant the building with national credit tenants, Negotiate a construction loan for new tenant build outs, identify and supervise general contractor work.

Results

Identified two credit tenants ( Pier I and Old Country Buffet) bring occupancy to 95% Negotiated leases with new tenants Identified and negotiated for the construction with general contractor Negotiated the construction loan for funding with GE Capital stabilization the asset Re-landscaped the entire center Resulting in the Award of First Place for this type of project from the Connecticut Builders Association

​SEE PROJECT ONE

2500 dunstan - housTon, tx.

Background

The building is a six story office building in the West University area of Houston (Rice University) 100% occupied by two tenants Bally's Fitness Clubs and Kaplan Schools. Ownership contractually agreed to construct a new multi-story parking garage.

Assignment

Construct the garage, ready the asset for sale.

Results

Managed the garage construction and city required code repairs

.SEE PROJECT TWO

washington & Pine - chicago, il

Background

This seven story 174 unit apartment building is located on Chicago's West Side on the date of acquisition, NO tenant leases were in place, security personal were paid in the form of rent credits which resulted in significant over charging the building for this service, on-site maintenance personal did Not have an inventory of spare parts, tools, or have an adequate work shop area causing the use of third party vendors for routine maintenance and repairs, the building community room was used a storage area discarded items and infested with rodents and the outside open court area was used a refuse dump area.

Assignment

The assignment was to stabilize the asset physically and financially.

Results

Ekstein Asset Management's team conducted a on-site survey met with building personal and developed an organized protocol which produced the following results:

Executed leases for 100% of occupied rental units in compliance with Federal Notification Standards, the leases were drafted to provide ownership the legal right to remove tenants who violated federal state and city laws

-Provided on-site new tenant criminal and credit background check.

-Developed the property Rent Roll.

-Provided monthly invoices to each tenant.

-Provided ownership monthly:

-Financial Statements

-Bank account reconciliation

-Check Register

-Delinquency Report

Revoked “Rent Credits” for services not rendered, thereby increasing rent revenue to the building.

Removed discarded items from interior areas, reducing the rodent problem, inventoried replacements parts from discarded items, thereby creating a community room for tenants use.

Removed discarded items from the exterior court yard area, creating an attractive tenant amenity.

Provided a repair shop with tools reducing the need and expense for third party repairs.

​SEE PROJECT THREE

consultation

Northwest Indiana

Assumed the property management of 5 office buildings in Northwest Indiana, in October 2006 one was 100% occupied 2 were 100% vacant 1 was 60% vacant and 1 was 50% vacant. The 50% vacant property had code violations building department officials were preparing to close the building down and pad lock the doors, the 60% vacant building had tenants that were not paying rent are just some of the issues. Ownership said HELP ME !!!

EAM met with tenants instituted financial controls collected rent, evicted tenants, established a marketing plan, met with building officials, developed a cooperative relationship engaged subcontractors to begin repairs.

These assets are currently under the process of stabilization, collections billing of tenants has increased collections, lease up is progressing, emergency repairs safeguarded one building from being closed down by the building department.

EAM personnel monitored and performed emergency repairs.

Buildings are stable and profitable. Real estate values have increased.

​SEE PROJECT FOUR