JCF Real Estate, through John J. Fitzmaurice the firm’s founder and principal, has been named the manager on four additional properties throughout the Chicago region during the fourth quarter on behalf of a Chicago financial institution.
The four properties appointed to Fitzmaurice and his firm are located in Chicago, Bolingbrook, Morris and Cicero. The newest additions to the REO management portfolio represent commercial, flex, medical office and industrial product types. The firm’s current assignment group includes nearly 100 receivership and REO assignments throughout Chicago.
“We’re starting to observe movement in the distressed market so far this year,” said Michael Goebig, vice president and one of the lead members of the receivership/management team. “We’re also seeing a shift in percentages between the number of receiverships and REO assignments. At the start of 2011, we were more heavily weighted on the receivership side. By the end of the year, we were seeing more REO management assignments, a trend we expect will continue going forward in 2012.”
As receiver or manager, JCF Real Estate will establish property management procedures that will stabilize, protect and preserve the asset including supervision and maintenance of the properties, collection of rents and fees, and supervision of third-party contracts and utilities. The firm will also oversee lease management, budgeting and financial reporting as well as assist with the ultimate disposition of the property. The property types range from single/multi-family properties, industrial, office and retail buildings as well as farm land and commercial lots.
Since 1993, JCF Real Estate, through John Fitzmaurice, has been entrusted as a court-appointed receiver on hundreds of office, industrial, retail, multi-family and land assets.
