ST. LOUIS, March 06, 2020 (GLOBE NEWSWIRE) -- This week, Tzadik Management executed an expedited takeover of management responsibilities for Northwinds Apartments, located in St. Louis, Missouri. Setting out early this year to try and capitalize on more special circumstance deals moving forward, Tzadik believes they have found one with this third-party contract. “This came our way due to our strong relationship with our partners and their faith in us to help revitalize these communities,” said CEO, Adam Marcus Hendry. “There is a lot of work to do to help bring back a higher standard for these residents and we look forward to Making It Happen,” Hendry continued.
The takeover will include a series of capital improvements to go along with a re-branding of the community. Debbie Wheatley, RVP and leader of the takeover, is excited to continue with Tzadik’s latest project. “We want to prioritize raising the standard of living for all existing residents but also need to create an inviting community for new prospects. This is going to require a thorough rehabilitation plan and I believe we’ve crafted one that will help us execute our vision,” said Wheatley.
Since assuming management, Tzadik has been in constant communication with all relevant lenders, servicers and municipal authorities associated with the communities, requesting the release of funds necessary to execute all repairs and improvements in the best interest of the residents. “The sooner the better on the release of these funds as they are crucial to ensure that adequate life-safety measures are taken at this community,” continued Wheatley.
Additionally, Tzadik is currently in discussions to be brought in for emergency management of Crown Manor Apartments, located just 3 miles from Northwinds Apartments. Tzadik has been approved by the MHDC and has been attempting to establish communication channels with Fannie Mae, a Federal National Mortgage Association. “We have over 12 years of distressed real-estate experience and want to help make a difference for these residents and the community,” said Hendry.
Tzadik is a growing, innovative, and driven real estate and property management company based in Miami, Florida. Since its formation in 2007, Tzadik has managed over $1 billion in apartment complexes and over 19,000 units in over 20 states. Through excellent management, a focus on company culture, and a tech driven style of operating, Tzadik Management has established a reputation for Building Lasting Relationships.
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