{"id":1004051604,"date":"2011-10-06T08:24:33","date_gmt":"2011-10-06T16:24:33","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=19890"},"modified":"2022-12-08T19:08:17","modified_gmt":"2022-12-09T03:08:17","slug":"detroits-riverfront-towers-rescued","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/detroits-riverfront-towers-rescued\/","title":{"rendered":"Detroit\u2019s Riverfront Towers Rescued?"},"content":{"rendered":"<p style=\"text-align: justify\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify\">One week after the Federal National Mortgage Association\u2014better known as Fannie Mae\u2014sued the Riverfront Towers\u2019 owners over an alleged $70 million debt on the loan, plus fees, US District Judge Avern Cohn appointed Ronald Glass of GlassRatner Management and Realty Advisors LLC as receiver to find a buyer for the apartment community. A request for a preliminary injunction on the property transfer or collected rents was approved during the same hearing.<\/p>\n<p style=\"text-align: justify\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/10\/RiverfrontApartmentsDetroitIthruIII.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-19891 alignright\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/10\/RiverfrontApartmentsDetroitIthruIII.jpg\" alt=\"Detroit Riverfront Towers\" width=\"300\" height=\"216\" \/><\/a>According to <em>The Detroit News<\/em>, the placement of injunction is meant to protect Fannie Mae\u2019s interest in the residential towers, prevent the hiding of income and any decrease in the property\u2019s value. Under the new arrangements, the property\u2019s owners must give up the rent paid by tenants and hand all lease records, receivables and delinquency reports to the appointed receiver. Ronald Glass, who will be paid $10,000 a month plus expenses, will be in charge of collecting rents\u2014ranging from $809 for a one-bedroom unit to $2,779 for a two-bedroom\u2014and revenue generated by the Riverfront Towers; he has also been granted the authority to retain, hire and fire employees.<\/p>\n<p style=\"text-align: justify\">In other commercial real estate news, the Macomb County executive office located in the Mt. Clemens administration building is being renovated with the help of some in-house skilled tradespeople to keep expenses to a minimum. Deputy Executive Mark Deldin told the <em>Detroit Free Press<\/em> that the renovation costs are yet to be determined but they will be included in next year\u2019s annual audit report. The work is expected to be done by January or February 2012; the improvements include painting, carpeting and replacing some walls at the eighth floor, where the county\u2019s executive office will relocate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nOne week after the Federal National Mortgage Association\u2014better known as Fannie Mae\u2014sued the Riverfront Towers\u2019 owners over an alleged $70 million debt on the loan, plus fees, US District Judge Avern Cohn appointed Ronald Glass of [&#8230;]<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[],"class_list":["post-1004051604","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Detroit\u2019s Riverfront Towers Rescued? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/detroits-riverfront-towers-rescued\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Detroit\u2019s Riverfront Towers Rescued?\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor One week after the Federal National Mortgage Association\u2014better known as Fannie Mae\u2014sued the Riverfront Towers\u2019 owners over an alleged $70 million debt on the loan, plus fees, US District Judge Avern Cohn appointed Ronald Glass of [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/detroits-riverfront-towers-rescued\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-06T16:24:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:08:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/10\/RiverfrontApartmentsDetroitIthruIII.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/detroits-riverfront-towers-rescued\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/detroits-riverfront-towers-rescued\/\",\"name\":\"Detroit\u2019s Riverfront Towers Rescued? 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