JCF Real Estate Adds More REO Assets to Portfolio
JCF Real Estate has been named the court-appointed receiver on seven additional Illinois properties during the third quarter.
The newest additions to the receivership and REO management portfolio represent office, industrial, residential, commercial and multifamily product types. The firm's current assignment group includes nearly 100 receivership and REO assignments throughout the Chicago region.
John Fitzmaurice, the Schaumburg, Ill.-based firm's founder and principal, will now be managing properties in Plainfield, Schaumburg, Frankfort, Worth, Westmont and Chicago on behalf of various financial institutions, insurance companies and attorneys.
The property types range from single or multifamily homes, industrial, office and retail buildings as well as farmland and commercial lots.
As manager, JCF Real Estate will establish property management procedures that will stabilize, protect and preserve the asset including supervision and maintenance of the properties, collection of rents and fees and supervision of third-party contracts and utilities.
JCF will also oversee lease management, budgeting and financial reporting as well as assist with the ultimate disposition of the property.
Additionally in the third quarter, the firm has disposed approximately $2 million of bank-owned properties on behalf of several lenders in the third quarter. Stephen Chrastka, vice president of brokerage at JCF Real Estate, handled these dispositions, which included single-family homes, retail centers, office properties and office condos throughout the Windy City.