IRVINE, Calif., March 9, 2010 — Bascom Portfolio Advisors has been awarded another assignment by the Los Angeles Superior Court: the company's principal and founding member, Jane Hoffner, has been appointed as receiver by the Court to manage a retail property in Van Nuys, California. Located at a highly trafficked corner, the retail property faces significant competition in a market that has a vacancy rate in excess of 10%. Hoffner has been ordered to take over the management of the property and to collect rents, pay operating expenses, correct any health and safety issues and handle any lease negotiations.
According to Ms. Hoffner, "This is another example of the confidence that commercial banks and other lenders have in Bascom Portfolio Advisors' ability to stabilize and proactively manage distressed properties. Often times lenders are left with properties that are in disarray as properties suffered from poor management and lack of funds to operate the property."
About Bascom Portfolio Advisors:
Bascom Portfolio Advisors provides real estate expertise to financial institutions, equity funds and real estate developers. Services include asset advisory, court-appointed receiverships, and asset/property management of distressed properties. BPA has successfully negotiated loan restructures on more than 40 loans with a cumulative balance in excess of $500 million. Property types include retail, multi-family, office and condo projects. Bascom Portfolio Advisors is an affiliate of The Bascom Group, LLC. To find out more, please visit http://www.bascomgroup.com
About The Bascom Group, LLC:
The Bascom Group, LLC is a private equity company specializing in the acquisition, reposition, and management of distressed and value-add multifamily properties. Founded in 1996, Bascom has acquired more than 50,000 units and has completed more than $6.0 billion in total transactions. To find out more, please visit http://www.bascomgroup.com
Contact:
Jane Hoffner
Tel: (949) 955-2994
E-mail: Email
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