Management

Receiver Appointed by Court to oversee sale of Adora Midtown Park Assisted Living in

[ad_1]

NASHVILLE, Tenn., Sept. 9, 2021 /PRNewswire-PRWeb/ — Adora Midtown Park, Dallas, Texas was placed under a court appointed receivership with Edwin W. Leslie-Kubat of LK Asset Advisors on August 13, 2021. LK Asset Advisors is a nationwide advisory firm that provides asset management services for a multitude of commercial real estate projects, from major construction to open and operating properties. The receivership currently oversees the operations company and realty company of Adora Midtown Park. The property is a “best in class” 77,132 SF, 80-bed skilled nursing and 29-bed assisted living facility, located in close proximity to many of Dallas’s major hospitals.

The property was beautifully designed and recently opened in 2018, a slow start of in new residents and patients in the skilled nursing sector combined with the pandemic, ultimately led to detrimental cashflow shortfalls that could no longer service the debt. Edwin Leslie-Kubat was engaged by the senior lender to act as receiver so that the property could be put on the market and sold. Currently, the receiver is engaging various brokerage firms and intends to have the property on the market within the next 30-45 days, with the intention to sell the facility within 90-120 days.

Edwin Leslie-Kubat, LK Asset Advisors’ CEO, said, “The property sits in a prime location just off of I-75 in Dallas-Fort Worth near major hospitals; notably, Texas Health Resources, Medical City Dallas and Kindred Dallas, all of which are within 2 miles of the property. As the property was fully operating, the consent receivership allowed us to step in and hold the license, while also providing some security to the various lienholders that their investment would remain protected. We were also able to engage the prior management company to ensure a seamless transition, and more importantly, to ensure that all current residents and patients remain in safe hands.”

LK Asset Advisors is a nationwide asset advisory company that provides receivership, bankruptcy, and litigation support services for lenders and owners of commercial real estate property of various asset types and classes, with 47 assets under management throughout the United States and over $600 Million in assets.

Media Contact

EDWIN W. LESLIE-KUBAT, LK Asset Advisors, +1 (281) 468-4230, [email protected]

 

SOURCE LK Asset Advisors

[ad_2]

Read More:Receiver Appointed by Court to oversee sale of Adora Midtown Park Assisted Living in