DISTRESSED REAL ESTATE

Trusted Experience

 

The nation's leading special servicers and real estate organizations have all partnered with us on client engagements that resulted in beneficial tax savings:

 

ARCS Commercial Mortgage

Berkadia

Capmark

CBRE

Centerline Capital Group

CoStar Group

CW Capital

GMAC Mortgage LLC

JER Partners

LNR Property Corp.

Midland Loan Services, Inc.

Situs Servicing, Inc.

Transwestern

         

 PARTIAL LIST

Aspen Resource Group provides deep experience nationwide to minimize real estate tax liability for troubled real estate properties of all types, including office buildings, industrial, multi-family, retail, hospitality and resort properties, and undeveloped land.

 

Lead by company founder, Ethan Giddings, our Distressed Properties Group has nearly three decades of experience providing expert consultation, valuation, assessment and appeal on underperforming and non-performing commercial real estate assets.

 

Outstanding Results

 

Economic conditions have increased the inventory of troubled commercial real estate properties nationwide. Through careful due diligence and by focusing on proactive valuation and assessment negotiation, Aspen Resource Group has successfully appealed thousands of distressed properties for investors, lenders, borrowers, owners, sellers, purchasers, commercial banks, investment banks, REITs, REMICs, hedge funds, private equity funds, special purpose entities, securitization trustees and servicers, developers, and construction companies.

 

Unparalleled Service

 

Our sophisticated level of practice, industry-leading technology, and national presence allow Aspen Resource Group the ability to provide clients with a full range of commercial property tax services at an exceptional value without jeopardizing quality or effectiveness.

 

  • Pre-Acquisition Due Diligence and Analysis

  • Proactive Assessment Evaluation and Negotiation

  • Valuation of Tangible And Intangible Assets

  • Realty Transfer Tax Analysis

  • Proactive Assessment Negotiations

  • Appeal Determination

  • Appeal Preparation and Representation

  • Litigation Support

  • Real Estate Tax Projections and Guidance

  • Commercial Property Tax Consultation

 

Aspen Resource Group is positioned to act quickly and flawlessly to professionally and effectively respond to your specific requirements throughout the United States. We have seasoned professionals with deep knowledge and experience in thousands of local assessment jurisdictions.

CASE STUDIES

The Aspen Resource Group's National Real Estate Practice delivers measurable results for our valued clients.

 

Below are some examples of how our services have benefited clients with properties throughout the United States.

 

MARYLAND

Manufacturing Facility

 

Challenge:  Nestle’ Purina renovated an ice cream plant in 2008 resulting in a $60,000,000 assessment based on cost.   However, the demand for ice cream declined and fuel prices made shipping the product to some destinations unprofitable.

 

Solution:  We developed an income approach that took into consideration the underutilization of the plant due to decreased demand.  The Target Value was $35,000,000.  We employed proactive negotiations with the assessor, reactive appeals at the assessor and PTAAB levels of appeals.

 

Result: The assessment was reduced to $37,400,000 resulting in nearly $300,000 savings per year.

 

CALIFORNIA

Shopping Center

 

Challenge:  Our client took the property over in Feb 2011 and the value was at $194 mil whereas our valuations and supportable documentation targeted the value at between $160-$170 mils. The jurisdiction was not willing to move on the value at all.

 

Solution:  We were able to begin proactive negotiations with the jurisdiction on the 2010 Supplemental enrollment of value and then also during the years of negotiations filed 2011, 2012, and 2013 appeals.

 

Result: We were able to settle the assessment through our negotiations with the assessor from $194 mil to $166 mil resulting in a four-year savings of $991,800.

 

GEORGIA

Office Building

 

Challenge:  Our client took the property over in Sept 2012 and therefore we were able to take the 2012 appeal from the previous consultant. Additionally, all the information that was available indicated the current assessment was below the appraisals we had.

 

Solution:  We were able to file the 2012 appeal to Superior Court and then file the 2013 appeal and settle both years simultaneously.

 

Result: The assessment was reduced from $221 mil to $200 mil resulting in a two year savings of $416,600.

 

WASHINGTON DC

Office / Hotel Complex

 

Challenge:  Our client purchased a hotel/office building in Washington DC.  Prior to the sale, the previous owner had created additional tax parcels in the event that the hotel and office were sold separately.  The result was 10 new parcels and $20,000,000 in new value-added to the asset’s real estate tax assessment.

 

Solution:  We obtained the assessor worksheets for the period when the “new” parcels were added to the tax rolls.  In doing so we were able to demonstrate that no additional value should have been added in this process and we were able to correct the error with the help of the Commercial Supervisor.

 

Result: The tax rolls were corrected and our client received tax savings of over $1,210,000 during the time that they held the asset.

© 2020 Aspen Resource Group Philadelphia 215-884-4100 Washington D.C. 703-865-8571 Affiliated Offices Nationwide

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