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.
Emergency & Property Stabilization
- Emergency building repairs
- Water intrusion response
- Roof leaks and temporary stabilization
- Plumbing emergencies
- Electrical issues
- Building securing and board-up
- Weather-related damage
- Temporary protection
- Unsafe-condition corrections
- Damage prevention
- Immediate building repairs
Building Violations & Life-Safety Work
Albrite can assist with construction required to address building deficiencies and municipal violations. Work requiring specialty licenses or certifications will be completed or coordinated with appropriately qualified contractors.
- Building-code violation corrections
- Fire and life-safety construction
- Emergency lighting
- Exit signage
- Fire-rated construction
- Electrical corrections
- Plumbing corrections
- ADA-related improvements
- Stair and railing repairs
- Masonry and exterior safety repairs
- Municipal inspection correction
Deferred Maintenance
Distressed assets frequently suffer from deferred maintenance resulting from limited cash flow or prolonged ownership issues. Albrite can coordinate repairs involving:
- Roofing
- Masonry
- Tuckpointing
- Windows
- Doors
- Carpentry
- Drywall
- Painting
- Flooring
- Plumbing
- Electrical
- HVAC
- Concrete
- Parking lots
- Exterior repairs
- Interior common areas
Vacant Unit & Multifamily Rehabilitation
For multifamily receivership and distressed-property assignments, services can include:
- Apartment turnovers
- Vacant-unit rehabilitation
- Kitchen renovations
- Bathroom renovations
- Flooring replacement
- Painting
- Doors and hardware
- Cabinets and countertops
- Plumbing fixtures
- Electrical fixtures
- Common-area renovations
- Exterior building repairs
Commercial Property Services
Construction and stabilization services can also be provided for:
- Office buildings
- Retail properties
- Industrial properties
- Mixed-use buildings
- Multifamily properties
- Commercial buildings
- Warehouses
- Other income-producing real estate
Capital Improvements & Repositioning
Once immediate problems have been stabilized, Albrite can assist with larger construction programs designed to improve the asset.
- Building envelope improvements
- Roofing programs
- Masonry restoration
- Mechanical upgrades
- Interior renovations
- Common-area renovations
- Exterior improvements
- Vacant-unit renovation programs
- Tenant improvements
- Property repositioning
- General capital improvement projects
Albrite understands the additional coordination required when construction is performed while other portions of a multifamily or commercial building remain occupied.
One Point of Contact. A Scalable Construction Team.
Receivership properties can present a wide range of conditions, often requiring multiple trades and specialty contractors at the same time.
In addition to Albrite Building’s internal construction capabilities, we maintain and continue to expand a network of trusted subcontractors, specialty contractors, service providers, and vendors.
This allows Albrite to assemble the appropriate team for each property while providing centralized construction coordination and accountability.
Trade and vendor network can include:
- Electrical contractors
- Plumbing contractors
- HVAC contractors
- Roofing contractors
- Masonry contractors
- Carpenters
- Painters
- Flooring contractors
- Concrete contractors
- Fire protection contractors
- Fire alarm contractors
- Security and access-control contractors
- Glass and glazing contractors
- Locksmiths
- Landscaping contractors
- Snow-removal contractors
- Environmental specialists
- Cleaning and remediation services
- Pest-control companies
- Elevator contractors
- Engineers
- Architects
- Other specialty construction and building-service providers
Construction Accountability
Receivers, lenders, attorneys, and asset managers often require detailed documentation regarding property expenditures and construction progress.
- Detailed proposals
- Scopes of work
- Construction budgets
- Before photographs
- Progress photographs
- Completion photographs
- Change-order documentation
- Project schedules
- Invoice support
- Lien waivers
- Contractor coordination
- Project closeout documentation
The objective is to clearly communicate:
What needs to be completed.
Why it needs to be completed.
What it is expected to cost.
What has been authorized.
What has been completed.
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?
Albrite Building can help assess construction needs, stabilize immediate building conditions, address deferred maintenance, and develop a construction plan for the property.
Whether the assignment involves an emergency repair, a vacant-unit program, building violations, deferred maintenance, or a larger capital improvement project, contact our team to discuss the property.
Request a Property Assessment >>
Discuss a Receivership Project >>