Court-Appointed Receivership
Stephen A. Cunningham, MAI, CCIM represents LandQwest Asset Recovery as Court-Appointed Receiver of troubled commercial assets. Mr. Cunningham’s experience gives LandQwest Asset Recovery the ability to participate in the legal process with our clients and attorneys, ensuring that the Order Appointing Receiver is adequate in its scope as well as and authority. Since the Order specifically outlines the responsibilities of the Receiver and the time period for the receivership, Steve and our legal counsel ensure that the Order provides the necessary tools for both a smooth transition and the financial flexibility to maintain and create value in the asset.
As Receiver, Mr. Cunningham’s primary objective is to secure the real estate, physical property, bank accounts and records in order to protect the integrity of the asset. Management procedures are immediately implemented to protect, preserve and maintain the asset. As such, LandQwest Asset Recovery provides a broad spectrum of services designed to uphold the value of office, industrial, retail and multi-family residential properties throughout the receivership and foreclosure process, prior to disposition.
Receiver Duties Include:
• Management of Operating Account(s) and Insurance
• Accounting and Financial Reporting
• Budgeting
• Lease Administration
• Tenant Relations and Retention Plans
• Marketing Services
• Property Management and Repairs
• Construction/Renovation Management
• Leasing/Brokerage Services
LandQwest Asset Recovery’s receivership services have been utilized by numerous locally and nationally recognized lenders, loan servicers and law firms. Below is a list of cases where Stephen A. Cunningham, MAI, CCIM has been appointed Receiver.
| Name | Lender | City/State | Services | Type | Description | | Abaco Bay | M&I Bank | Naples, FL | Asset Management, Receivership | Residential | 35-Unit Fractured Residential Condominium Complex | | Bonita Beachwalk | Fifth/Third Bank | Bonita Springs, FL | Asset Management, Brokerage, Receivership | Residential | Incomplete Residential Condominiums | | City Center | Undisclosed | Port Charlotte, FL | Asset Management, Brokerage, Property Management, Receivership | Office | 47,211 SF Class A Medical Office | | Lee Boulevard West | Reliance Bank | Lehigh Acres, FL | Asset Management, Brokerage, Property Management, Receivership | Retail | 29,812 SF Neighborhood Retail Center | | Marquesas Circle | RBC Bank | Sarasota, FL | Asset Management, Brokerage, Receivership | Office | Medical Office Condo | | Naples Property Services | City National Bank | Naples, FL | Receivership | Retail | 19,791 SF Retail Strip Center | | Palm Pointe Shoppes | Huntington Bank | Fort Myers, FL | Asset Management, Brokerage, Property Management, Receivership | Retail | 250,000 SF Shopping Center Redevelopment | | Pine Ridge Road | TIB Bank | Naples, FL | Receivership | Office | 27,446 SF Medical Office Building | | Robb & Stucky Patio | Wells Fargo | Bonita Springs, FL | Property Management, Receivership | Retail | 23,000 SF Freestanding Retail Building | | Tallevast Road | RBC Bank | Sarasota, FL | Receivership | Industrial | Industrial Warehouse | | Townlakes Square | | Lehigh Acres, FL | Property Management, Receivership | Office | Self-Storage Facility, 10,000 SF Office Building, 3,600 SF Restaurant |
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