|Workouts and receiverships were already on the mind of Foresite Realty Partners Bryan Sullivan, Greg Nieder, and CEO Don Shapiro back in 2005 (the same year it added Jamie Hadac, left, in asset management). Now with more than 100 employees working third party ?problem-solving? from workouts to leasing, the team has over 50 court-ordered receiverships throughout 16 midwestern states, about half of in Chicago. Because more foreclosures are being caused by the market (instead of problems with the lender, or the building itself) Don is seeing creativity, like owners saying that the receiver can change contracts but not leases.|
Foresite works with diverse assets: ice skating rinks and gas stations, to office, retail, industrial, and apartment buildings. But it sold the last of its buildings in the first quarter of 2007 and now only does third-party work. Jamie, a multifamily specialist, says his sector can be especially difficult because tenants are trying new tactics; eg, someone who falls on the property is much more inclined to sue if they've lost their job and can't pay rent.