Mid Atlantic Real Estate Journal — January 17 - 30, 2014 — 25A


UNTINGDON VAL- LEY, PA — GFCIB and Advisors, LLC , GFCIB negotiates a deed in lieu of foreclosure GFCIB negotiates settlement of 12.5 acre property H F inancial D igest

MAREJ’s E lEvEnth A nnuAl E conomic D EvElopmEnt S potlight J AnuAry 31 St , 2014

underwater, the ownership had no way of completing the development. After years of legal and financial maneuver- ing on both sides GFCIB was engaged to represent owner- ship and negotiated a Deed in lieu of foreclosure along with a small token payment to the lender on the deficiency in exchange for full and complete releases. This result was the best possible scenario for all, the bank wanted to stop spending money on a long legal battle and needed to monetize the property as soon as possible. The ownership group wanted

to end the legal regaling as well with as little damage as possible This was the third transac- tion GFCIB and H. JackMiller represented this ownership group in, this deal closed on December 31, 2013. Own- ership and bank both were pleased and grateful. This was the best possible outcome for all involved said H. Jack Miller who han- dled the transaction with his team. Protecting, advocating and satisfying the needs and de- sires of our client’s one trans- action at a time. n

a financial advocate and ad- visory firm for commercial real estate owners, develop- ers, builders and mid sized businesses, announced that it has once again successfully negotiated a settlement on a commercial land development property in the Suburbs of Chicago. This property was purchased at the height of the market and consists of 12.5 acres with 544,550 s/f of retail, with 8 separate parcels. The lender was owed and obtained judgments against the ownership and guarantor’s individually for $5 million unfortunately, the assets were AmericanRealty CapitalProperties becomesself-managed NEWYORK, NY — Ameri- can Realty Capital Prop- erties, Inc. announced that it completed its previously announced self-management initiative on January 8, 2014, following the pending closing of its acquisition of Ameri- can Realty Capital Trust IV, Inc . ARCP will continue to be led by two of its founders and current executive officers, Nicholas S. Schorsch and Brian S. Block , as executive chairman and chief financial officer. Schorsch and Block are two of the key executives who built ARCP and assembled its property portfolio. In connection with becom- ing self-managed, ARCP will terminate the existing man- agement agreement with its current external manager, ARC PropertiesAdvisors, LLC, effective as of January 8, 2014. However, ARCP anticipates us- ing certain services of the Man- ager following the ARCT IV merger through the completion of the previously announced acquisition of Cole Real Estate Investments, Inc. ARCP ex- pects the acquisition of Cole to be completed during January 2014, and intends to enlist the services of the Manager until such time as the acquisition is completed in order to transi- tion smoothly toward becoming a leading self-managed net lease REIT. ARCP will not pay any internalization fee to the Manager in connection with the termination of the manage- ment agreement. n

• Deadline: Jan. 17, 2014 • Contact Linda Christman 1-800-584-1062 LChristman@marejournal.com

A ttention owners of commerciAl & investment reAl estAte

Has your lender called your loan? Is your property underwater? Do you have negative cash flow? Is your loan in workout? We’ve been there before!

Our Specialties : Real Estate Crisis Management, Restructuring, Workouts, Modifications, and Bankruptcy Support

GFCIB andAdvisors, LLC Real Estate&Financial Restructuring Call 215-947 2974 Ext 237 GFCIB.com - Email: JackMiller@GFCIB.com All Initial consultations are FREE

Made with FlippingBook - Online catalogs