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JKM SERVICES SOLVES ASSOCIATIONS’ FINANCIAL CHALLENGES
Boca Raton Company’s Blanket Receiverships Increasing Association Income
BOCA RATON, Fla. – (Sept. 16, 2011) – It’s no secret that Florida’s housing market is still struggling in the current economy. Foreclosures and delinquent assessment payments continue to dominate the industry with some community associations collecting on fewer than 20 percent of their units. To assist these cash-strapped community associations, JKM Services’ Blanket Receivership program resolves payment issues by identifying, renovating and leasing vacant and/or abandoned units and intercepting rental proceeds from leased, delinquent units.
The Boca Raton-based company’s expanding business currently serves as a Blanket Receiver or as a U.S. Federal Bankruptcy Court Receiver/Plan Administrator for several South Florida properties, including Promenade Shores at Doral, Cedar Woods Homes in Homestead and the Isles at Lago Mar in Sunrise.
“A Blanket Receiver does not replace an association, but is granted court authority to work with the association, its attorney and its management company to stabilize the community’s financial health,” said JKM Principal Adam Freedman. “We’re not a collection company, but we do recover past-due maintenance and special assessments, late fees, interest, and legal fees.”
For example, between the company’s two longest-operating Miami-Dade County projects, JKM has remitted more than $450,000 to their respective associations in little over one year, accounting for approximately one-third or more of current monthly association collections.
Florida’s Blanket Receivership concept was introduced in May 2009 as a method for community associations to pursue and collect rental income from leased and delinquent units. Recent court orders have expanded the Blanket Receiver’s role by allowing the Receiver to collect rents from any delinquent unit, regardless of its lender or association foreclosure status.
Blanket Receivers also have been granted the authority to place qualified rental tenants into vacant units pursuant to association approval guidelines.
JKM’s proactive Blanket Receivership program does not require advance capital expenditures from associations. A portion of collected proceeds is used to pay the Receiver. So, in effect, JKM provides an association an opportunity to collect current and past-due assessments with little to no initial investment.
"JKM’s extensive real estate experience, prior receivership successes, and specialized skill sets makes us uniquely qualified to tailor property-specific solutions that can help restore an association’s cash flow,” Freedman said.
About JKM Services
Established in 2008, JKM Services is a Boca Raton, Fla.-based consulting firm that specializes in real estate management, Court Appointed Receivership and U.S. Federal Bankruptcy Plan Administrator services. Managing Principal John K. Markey and Principals Adam Freedman and James Gielda lead the company, providing expertise in multi-family development, condominium and association management, rental management, sales and marketing, and financial management. JKM serves as a Court Appointed Receiver and Blanket Receiver for numerous multi-family properties in South Florida and works with associations to maximize revenue, control expenses, improve operations, and enhance marketability.
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