CLEVELAND, OH – (Business Wire) Commercial Property Preservation, LLC (CPP) announced today the launch of a nationwide supplier network designed to help banks, financial institutions, real estate brokers, and asset managers maintain and protect the value of their portfolio of distressed commercial properties.
Foreclosures, bankruptcies, and store closings have all combined to create a flood of vacant or underutilized retail and office buildings, as well as multi-family complexes and other real estate holdings. According to a recent report from Real Estate Econometrics, the default rate on commercial real estate loans reached 3.4% in the 3rd quarter of 2009, and is projected to reach 5.2% at the end of 2010 and hit 5.3% in 2011. Add to this the volume of “financially challenged” properties (which are currently solvent but which contain foretelling characteristics of underperformance, maturing loans, or a bankrupt tenant or owner) and the conditions point to both an immediate and protracted deleveraging process. Commercial Property Preservation anticipated this trend and has assembled a rapid response team for dealing with this crisis.
“Rather than simply providing a service, we’re offering firms that partner with us the benefit of a complete solution,” noted CPP Director Jeffrey Miller. “It all comes down to optimization of core competencies. Most banks and asset management companies are not staffed or equipped to handle the overhang of distressed properties currently on their books due to the economic downturn. With a single phone call, we enable large organizations – even those with a national footprint – to put in motion a complete solution for preserving and maintaining their portfolio of commercial properties and maximizing the intrinsic value of these assets. Our nationwide network of credentialed, vetted, and insured suppliers specializing in everything from rehab, security, environmental, code & violation abatement, and even demolition, offer clients a single point of accountability for preserving commercial properties and protecting asset value.”
Visit http://www.cppreservation.com for more information about Commercial Property Preservation, LLC.
