According to BizJournals.com, Illinois-based Michigan Avenue Real Estate Group has opened a new asset-management office in San Antonio.
Michigan Avenue Real Estate Group manages assets for troubled lenders in five different states. The firm has already been involved with the San Antonio area for years, most recently overseeing the development of the 1,100-home community The Heights at Stone Oak.
“We have extensive experience in stabilizing real estate portfolios for local and regional banks as well as small and midsized financial institutions across the United States,” Robert Judelson, chairman of Michigan Avenue tells BizJournals. “Many institutions struggle to address underperforming loans and owned real estate assets, leading to deterioration in value and borrowers plundering the real estate and cash flow.”