Receivership & Distressed Asset Services
Rapid property stabilization. Reliable construction. One point of accountability.
Albrite Building provides general contracting, emergency stabilization, property repair, and capital improvement services for receivers, lenders, asset managers, property managers, attorneys, and owners of distressed commercial and multifamily real estate throughout the Chicagoland area.
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Construction Support for Distressed Properties
Assess the property. Stabilize the asset. Develop the plan. Execute the work.
Taking control of a distressed commercial or multifamily property can quickly uncover deferred maintenance, vacant units, building violations, life-safety concerns, water intrusion, damaged building systems, and other unexpected conditions.
Albrite Building provides general contracting and property stabilization services to help receivers, lenders, asset managers, attorneys, property managers, and property owners evaluate construction needs, establish priorities, and execute necessary repairs and improvements.
Who We Work With
- Court-appointed receivers
- Banks and lenders
- Special Assets departments
- Special servicers
- Asset managers
- REO managers
- Commercial real estate attorneys
- Property management companies
- Investors and owners of distressed properties
Albrite Building is providing construction and property stabilization services. We are not presenting ourselves as a court-appointed receiver, attorney, lender, or financial advisor.
Property Assessment & Initial Stabilization
When requested, Albrite can walk the property and help identify immediate construction needs, deferred maintenance, potential safety concerns, vacant-unit conditions, and longer-term capital requirements.
Immediate / Emergency: Items requiring prompt attention to protect occupants, secure the property, or prevent additional building damage.
0-30 Day Stabilization: Critical building repairs, violations, water intrusion, mechanical issues, and other conditions requiring near-term correction.
30-90 Day Repairs: Deferred maintenance, vacant-unit work, common-area improvements, and building repairs.
Long-Term Capital Improvements: Larger projects designed to improve the condition, operation, occupancy, and long-term value of the property.
Depending on the engagement, Albrite can assist with scopes of work, photographs, budgeting, construction recommendations, and prioritization.
Our 5-Step Process
1. Assess
Evaluate the property’s construction needs and current conditions.
2. Prioritize
Separate emergency and asset-protection items from short-term and long-term improvements.
3. Budget
Develop appropriate scopes and construction budgets.
4. Execute
Deploy Albrite personnel and qualified subcontractors to perform approved work.
5. Document
Provide appropriate progress and completion documentation.
Why Albrite Building
General Contracting Experience:
Albrite has experience completing commercial and multifamily construction projects throughout the Chicago area.
Occupied Building Experience:
Our team understands the additional coordination required when construction takes place in occupied commercial and multifamily properties.
Property Operations Understanding:
Construction decisions for investment properties are different from ordinary remodeling projects. Repairs must be evaluated based on safety, urgency, budget, operations, occupancy, and long-term asset needs.
Scalable Resources:
Our internal construction capabilities can be supplemented with qualified subcontractors and specialty vendors based on each property’s requirements.
Centralized Coordination:
Instead of requiring the receiver or asset manager to independently coordinate numerous contractors, Albrite can provide centralized general contracting and construction coordination.
Documentation:
We understand the importance of proposals, photographs, budgets, change orders, lien waivers, and project documentation for institutional clients.
Taking Control of a Distressed Property?
Request a Property Assessment >> Discuss a Receivership Project >>