"ITC Crossing North is a newer, well-located property and it is unfortunate when properties such as this slip into receivership," Levin's executive vice president and head of the company's REO practice, Robert Carson, tells GlobeSt.com. "But the court's order will protect the lender, and enable us to lease about 20,000 square feet of vacant space. We will also ensure that day-to-day operations are carried on. In turn, this gives the tenants a level of confidence they need to have in the shopping center."
Levin Management expects that we will see more similar situations in the near future. According to Carson, "Based on mortgage financing that was done during the height of the commercial real estate market between 2004 and 2007, and based on then-current values, which have since declined, receivership situations will soon begin to occur with greater frequency, and we are positioned to mobilize quickly on these assignments."
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