Athenian has extensive experience with distressed properties and understands both the property AND its financial status.  When taking over a property, Athenian reviews the range of opportunities for maximizing value, from investing to divesting. We have hands-on experience at the property level, we triage and plan quickly, AND we have the sophisticated business understanding to explore and recommend cost-effective solutions. Additionally, we document the process in the way that works best for the owner.

• Bricks and mortar: Athenian staff have a full understanding of properties, including tenants, staff, operations, and structural and environmental issues.  For instance, when handling a vacant six-story property in a dense New York setting, our Project Manager suspected problems and quickly engaged structural and environmental engineers. They determined that the structure was unsound but the building couldn’t be demolished until asbestos was removed, and asbestos couldn’t be removed because the building was unsound.  We therefore installed perimeter protection while working with regulators to solve the impasse, and sold the property.
• Transition:  Athenian staff assess and control all aspects of real estate quickly, and create a formal plan.  For instance, in taking over management of a potential super-fund site, our Property Manager put a plan in place in 48 hours to assess and control hazards.
• Finance:  Athenian understands financial and legal constraints and proposes plans within these.  We understand leases, purchase agreements, contracts, investments, loans, and financing structures.  For instance, while acting as receiver for an occupied 350-unit apartment building that did not have an code-compliant fire alarm system, our Property Manager worked within cash flow and with regulators to finance and phase-in an alarm system, and worked with a purchaser to pass on significant financial responsibility.
• Documentation: Athenian reports in the owner’s preferred format so the owner can understand quickly and roll up reporting as required. We have experience with many standard softwares and the skill to learn new ones quickly.  We have the business acumen to give owners meaningful summaries along with full detail.  Our accountants and managers have developed accounting processes and formats for owners in more than one instance, even training owner’s staff on how to use these.

Athenian understands the bricks-and-mortar of real estate AND its financial structures. We use this knowledge to transition properties quickly and maximize values, and to document this clearly.