Hannay Investment Properties Surpasses $500 Million in Defulated Loans Handled Through Receivership

Online, June 22, 2011 (Newswire.com) - Phoenix-based Hannay Investment Properties, (www.hannayproperties.com) recently surpassed $500 million in defaulted loans handled through receivership. This milestone was accomplished in the last two years. During this time, lenders and special servicers have been inundated with defaults on loans secured by commercial real estate and have frequently requested that independent court receivers be appointed to take over the operation of the properties.

During this time Hannay has been appointed the receiver and property manager for properties secured by loans from $1 million to almost $100 million, with property types ranging from office, retail and multi-family to industrial and mini-storage.

"Earlier in this downturn we saw a significant number of smaller retail properties", said company president Craig Hannay. "Lately the trend has been toward larger assets, particularly office and retail properties."

Hannay has always kept their finger on the pulse of what the market demands and continues to develop services to aid their clients, lenders and special servicers.