With the fear of losing their multi-million dollar investment property and defaulting on their loan, owners of a
Under the management of Allegiancy, the owners now benefit from more than
Located in a suburb of
Allegiancy takes a proactive approach to the commercial real estate properties it manages.
"Allegiancy is the group I call on when I need a property rescued," Turner said. "These aren't guys that manage from the sidelines. They lead from the front in a boots-on-the-ground, get-their-hands-dirty kind of way. When you have a property like Old Norcross that needs to be saved from financial ruin, you need an asset manager like Allegiancy."
At Old Norcross, Allegiancy had to act fast on multiple fronts – addressing deferred maintenance to attract tenants and convincing the lender that restructuring the debt would be worth the while.
"We worked out a modification on a loan extension because of Allegiancy," said
Specifically, Allegiancy helped negotiate an 18-month extension on the property loan, reducing the monthly loan payment by
"Their positive activity on the property and continued momentum with new leasing and extensions made that possible," Gonzalez said. "This wasn't possible with the previous management, who didn't give leasing the attention it needed. Allegiancy knows what kinds of capital expenditures are needed to maintain the property to keep it headed in the direction of becoming an institutional investment."
Allegiancy generated that positive activity and momentum after taking over by immediately replacing a lackadaisical property manager and ineffective leasing agent.
"Replacing these key positions was a first priority to start the turnaround," said
Sluggish leasing efforts by the property's previous asset manager were compounded by deferred maintenance on the property itself.
"Situations like this quickly create a downward spiral," said
Allegiancy addressed the issues with low-cost, high-impact solutions that improved curb appeal in support of the revitalized leasing effort.
The Allegiancy-led results
As a result of the leasing activity, cash flow improved, increasing by
Allegiancy took over the real estate asset management of
Allegiancy also recently won new real estate asset management contracts in
Allegiancy is changing the business of asset management for commercial real estate owners and investors. With an advanced technology platform and singular focus on serving as the owners' advocate, the company brings fresh vigor to an often poorly understood business. Combining its proactive Value Assurance? operational rigor with an intense focus on cash flow and profitability, Allegiancy is expanding on a track record of more than four decades of success.
More information about Allegiancy may be found at http://www.allegiancy.us.
To schedule an interview with Allegiancy's leadership, contact
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the
Read the full story at http://www.prweb.com/releases/2014/08/prweb12061309.htm
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