BETTER TO BE A RECEIVER
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|After distress comes recovery. Irvine-based Paladin Asset Preservation & Management has found its CRE niche in providing court-appointed fiduciary, receivership, and related services. Paladin managing director Ron Groeneveld tells us that receivership is about controlling and understanding an asset, and then implementing a strategy for stabilization and ultimate disposition. Recently the California Superior County appointed Paladin receiver of the Pirrone Business Center, a 63-unit industrial condo property in Salida. Its mortgage was a nonperforming loan, Ron says, but the bank chose a receivership because the property was mostly leased and tenants were making payments. "In receivership, the charge is to preserve and maintain the asset," he says.|