NGA Role
• NGA appointed by Miami County Court of Common Pleas to serve as receiver over real estate assets that had been in a Chapter 7 Bankruptcy.
• NGA was then retained as Manager over the assets when the entity controlling this real estate sought protection under Chapter 11 of the Bankruptcy Code.
• NGA again served as court appointed receiver when the Chapter 11 Bankruptcy was dismissed by the Federal Bankruptcy Court.
Problem
• This large multi-family mobile home community was being poorly managed by the financially distressed management company owned by the real estate owner and operator.
NGA Solution
• NGA updated and expanded the community rules and regulations and revised the lease.
• NGA obtained tenant acceptance of new community rules and signed new lease with all tenants.
• NGA retained necessary laboratory services and organized contract service providers to have required treated well-water samples and treated sewage plant effluent samples to be drawn and analyzed.
• NGA worked with both the Ohio EPA and Miami County Health Department to insure compliant operation of the existing water and sewage systems.
• NGA lead the upgrade of the sewage system analysis.
Outcome
• NGA stabilized the tenant base and cash flow of this large mobile home park.
• NGA prepared this asset for turnover to an ultimate buyer or the secured creditor.
