Lender Assignments
What does Somerset Properties do for Banks?
We help create solutions.
- Work with Bank management to evaluate non-performing assets and develop a business plan and budget to stabilize properties.
- Take over management and leasing of underperforming properties. Working with Bank workout officer we stabilize the asset, thereby freeing up Bank personnel to concentrate on other matters. We deal with tenants, contractors, brokers, etc. so the Bank does not have to.
- Complete stalled development projects. With the guidance of Bank, Somerset will take over the role of developer to get the project built, leased, and sold.
- Where appropriate, Somerset will acquire properties and loans, or partner with Bank to recapitalize ownership.
- We are problem solvers that work with Banks to maximize property values and
mitigate losses.
Why should a Bank choose Somerset Properties?
- Somerset is a full service real estate company that develops, manages, and leases properties. Unlike fee-driven service providers we are principals and experienced real estate operators.
- We have extensive experience repositioning underperforming properties.
Examples of our work with Lenders include:
- Gwynedd Office Park: Somerset principals worked with Lender to acquire a three-building, 49,000 SF REO suburban office portfolio.
- Jamesbridge Apartments: Somerset principals worked with Lender to acquire a 432 unit REO apartment property along with 76 acres of raw land.
- Westpark Business Center: Somerset principals were engaged by Lender to manage, market, and dispose of a four-building REO industrial portfolio.
- Industrial Development: Somerset principals entered into a joint venture with Lender to develop a 60,000 SF industrial building on an undeveloped REO site.
- 2050-2080 Cabot Boulevard: Somerset principals acquired from Lender the loan on a two-building, 71,000 SF suburban office portfolio.
- 408 E. Fourth Street: Somerset principals worked with Lender to acquire a 40,000 SF suburban office building
- Unlike the national firms, our principals take a hands on approach to each
assignment. You will have the attention of our partners, each of whom has over
20 years of commercial real estate experience. - At the request of the Bank we are willing and able to invest cash equity in deals.
Management & Consulting Services...
Since our inception in 1996 we have acquired, developed and managed over 3 million square feet of properties with a total value in excess of $200 million.