JLL joins with turnaround firm to reinvigorate distressed properties

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JLL joins with turnaround firm to reinvigorate distressed properties

By Al Urbanski - 02/19/2019
A “workout” firm that helps troubled retail centers re-tool for the new retail era has enlisted JLL for help with debt restructuring for underwater properties.

Brooklyn-based Case Property Services (CPS) helps shopping centers introduce more experiential and omnichannel offerings. Often, however, a center’s mortgage debt is tied to a previous stabilized value that prohibits investment in redevelopment. Enter JLL.

"While a property may be distressed, our national retail services group can clearly illustrate what lender concessions may be required to redevelop the property and realize greater recovery for all parties involved," said Kilduff.

"With a solid plan, a lender can buy into a loan modification that would have the borrower invest new risk capital, something it would have to do if the property is foreclosed on," he added.

JLL will henceforth participate in each CPS property and market analysis. It will also assist in the formulation and execution of turnaround strategies as an exclusive advisor.

"JLL's support and market knowledge will help us increase our capacity and capabilities to provide our clients and their lenders the confidence that an optimal resolution is being proposed," said CPS managing partner Shlomo Chopp.

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