Mid Atlantic Real Estate Journal — Financial Digest — November 8 - 21, 2013 — 11B
www.marejournal.com
L ender ’ s D irectory Significant vacancies, cash flow shortfalls and matured mortgages GFCIB and Advisory, LLC restructures debt on several real estate projects
G
FCIB and Advisory, LLC,(“GFCIB”) a nationally recognized
businesses announced that it has once again successfully re- structured the debt on several real estate projects located in the Columbus Ohio metropoli- tan area. There was several real es- tate partnerships, some with different partners and own- ership interests,and unfor- tunately the partners found themselves with several real estate investment proper- ties that did not perform as originally projected. There were significant vacancies, cash flow shortfalls and ma-
tured mortgages, many of which were underwater. H. Jack Miller at GFCIB said,” we worked with the banks to accomplish a successful resolution of the the various issues presented and crafted a solution which ultimately was the best outcome for all parties involved.” Miller further stated: “In today’s economic environ- ment, we need to be creative as possible when protecting the interests of our clients. We have focused on distressed situations where we can bring
“In today’s economic environment, we need to be creative as possible when protecting the interests of our clients. We have focused on distressed situations where we can bring value and have developed a number of methods of working them out and we are pleased that our clients were happy.” — H. Jack Miller
financial real estate advo- cate and ad- visory firm for commer- cial real es- tate owners, developers, builders and m i d s i z e d
H. Jack Miller
GFCIB focuses on advocat- ing and satisfying the needs and desires of its client’s one at a time. n
value and have developed a number of methods of working them out and we are pleased that our clients were happy.”
Newark, NJ — October 31, 2013 Federal Bankruptcy Judge Novalyn Winfied grant- ed the application of Donald V. Biase, Chapter 7 Trustee to approve the bidding pro- cedures for the sale of six (6) commercial properties owned by corporate affiliates of Rob- ert G. Schroeder, a Chapter 7 Debtor. The Bankruptcy Court has scheduled the auction for De- cember 4, 2013, at 10:00 a.m., at the Bankruptcy Court lo- cated at 50 Walnut St., New- ark, NJ. The secured lender of these properties is Englewood Cliffs based 100 Mile Fund man- aged by Procida Funding & Advisors . The secured lender has con- sented to the sale of the proper- ties. A.J. Willner Auctions, LLC has been retained by the 100 Mile Fund and Procida Funding & Advisors to assist with the marketing and ad- vertising of the sale of the six properties. The six properties consist of a mix of retail, residential and industrial properties in prime Bergen County locations such as Hillsdale, Westwood, and Park Ridge. The properties are located at: 583 Broadway, Westwood; 74 Prospect St., Hillsdale; 539 Piermont Av- enue, Hillsdale; 89 Broadway, Park Ridge; 459 Broadway, Westwood; and 99 Roland St., Park Ridge. All of the proper- ties are located near NJIT train stations. Most of the properties are fully occupied and income producing. The properties will be offered for sale as both a portfolio and on an individual basis. n Bankruptcy Court approves bidding procedures for the sale of Schroeder Assets
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