Search
 

Downturn Ups Need for Workouts

MORRIS PLAINS, NJ-Service companies are re-establishing units geared toward aiding owners and lenders with troubled properties.

By Maria Wood | Updated on April 15, 2009

MORRIS PLAINS, NJ-As the economic downturn continues to tighten its grip on the state and nation, real estate service companies are relaunching units specifically designed to aid owners and lenders with troubled properties. Two firms based in the Garden State–Weichert Commercial Brokerage Inc. and Levin Management Corp.–are doing just that.

Weichert’s Asset Recovery Division had previously operated as an affiliate, Metland Properties Group Inc., from 1992 to 1995, according to John G. Udell, president of locally based Weichert. “Some former clients and colleagues in the industry have asked if we are still providing that service,” he tells GlobeSt.com. “There is an obvious growing need for it. A lot of the members of Metland are still with Weichert. It made sense if there is a requirement that clients are requesting to fulfill it.”

On behalf of lending institutions, the division is currently working on a mixed-use project and a residential development “that did not move forward,” Udell says. He was unable to disclose more details on those assignments. Both are in New Jersey.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.