CRE Midwest

JCF Real Estate announces 11 new receiverships

JCF Real Estate, through John C. Fitzmaurice the firm’s founder and principal, has been named the court-appointed receiver and/or manager on another 11 properties throughout the Chicago region during the second quarter. The firm has also recently disposed of approximately $4 million worth of bank owned properties on behalf of several lenders.

JCF Real Estate, through John C. Fitzmaurice the firm’s founder and principal, has been named the court-appointed receiver and/or manager on another 11 properties throughout the Chicago region during the second quarter. The firm has also recently disposed of approximately $4 million worth of bank owned properties on behalf of several lenders.

The 11 properties appointed to Fitzmaurice and his firm, are located in Chicago, Calumet City, Flossmoor, Wheeling, Orland Park and Skokie, Illinois. The newest additions to the receivership and REO management portfolio represent office, retail, residential, vacant land and multifamily product. The firm’s current assignment group includes nearly 85 receivership and REO assignments, totaling almost 100 properties throughout Chicagoland.

The dispositions completed by JCF Real Estate were handled by the firm’s Stephen Chrastka, vice president of Brokerage. Chrastka represented the various lenders in the dispositions which included single-family, multifamily, industrial, office and retail properties throughout Chicago, Woodstock, Naperville, Lansing, Plainfield, Oswego, Frankfort and New Lenox, Illinois.

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.