Phoenix-based Hannay Investment Properties, (www.hannayproperties.com) recently hired five key executives to assist with their growing court appointed commercial real estate receivership business.  Recent hires include John Schweikert, Vice President; Reid Bracken, Senior Asset Manager; Joseph A. Brown, Senior Property Manager; Paul G. Asher, Senior Property Manager and Dan Schweikert, Controller.

In the current foreclosure environment, court appointed receivers have become a key resource, as they enable the lender to gain control of the property without the hardship of maintaining it.  The receiver becomes responsible for protecting the property values by maintaining  the property’s physical and financial attributes, making sure that tenants’ needs are being met and insuring that there is a positive outcome for the lender.  The use of court appointed receivers has become more viable due to the declining commercial real estate market and increasing loan defaults.

Hannay Investment Properties has the experience and capabilities to provide positive outcomes for special servicers and lenders because of their longevity in the industry, knowledge of the Phoenix commercial real estate market and the extensive banking and financial background of their top executives.  Company president Craig Hannay, spent many years in the banking industry where he worked in commercial lending, handling defaulted loans and managing foreclosed properties.  

A nationwide poll of selected special servicers agreed that experienced property managers make the best receivers in commercial real estate foreclosures.  They have identified the following capabilities for successful selection of third party receivership management companies:

• Banking background in commercial real estate
• Experience not only in receivership, but also property management and brokerage
• Experience with a wide range of property asset types
• Regional real estate experience, licensing and bonding capability in multiple states
• Flat fee charges for services

Since January 2009, the volume of troubled CMBS loans sent to special servicers for resolution has increased, making choosing the right receiver critical for a positive outcome for the lender.  Hannay Investment Properties acts as  court appointed receiver and property manager for over two million square feet of commercial property asset types representing over $225,000,000 in loan balances for lenders and special servicers in the Western United States.