PASADENA, CA (November 2011) Three months after hiring Everest Realty Management, a privately-held, diversified real estate investment firm, to be the Asset Manager for Heritage at Lakeside apartments in Plano, TX, the property is reporting positive cash flow. In July of 2011, Everest worked with the Tenants in Common (TICs) and the loan’s special servicer to reinstate the mortgage and ensure the investors would not lose their initial investment. By co-investing with the TICs to provide $1.59MM of new capital, Everest helped prevent the impending foreclosure. Everest has since been able to raise rents and assure investors the opportunity to improve their return.
Dan Baker, President of Everest Realty Management, commented, “Everest is excited about this opportunity to invest with TICs and provide the aggressive asset management necessary to turn this property around. This is another example of why lenders and servicers are looking to Everest to find solutions to recapitalize distressed loans, particularly loans made to TIC groups.”
About Everest Realty Management
Everest Realty Management, LLC, an affiliate of Everest Properties, provides a full range of financial options to Tenants in Common (TICs) including co-investing with TICs, purchasing TIC interests and providing asset management services. Everest’s goal is to align their interest with those of TICs. Everest Properties is a privately-held, diversified real estate investment firm that specializes in the acquisition, recapitalization and asset management of real estate, with significant experience investing in and managing REIT, TIC, LLC and LP real estate investment entities.
www.everestworld.com