New York
Asset Management

CFR staff has seasoned professionals with over 24 years experience in providing asset management services including financial accounting and reporting, asset management and acquisition and disposition services. Outlined below is a list of the services provided.

Asset Management Services during Acquisition
  • Obtain appropriate due diligence documents for the files during the feasibility period as deemed necessary by the Sponsor (survey, environmental, appraisals, soil reports etc.)
  • Coordinate (with Sponsor approval and outside counsel) the creation and filing of formation documents
  • Obtain tax identification number
  • Open bank account for new entity
  • Coordinate initial funding of the new Single Purpose Entity by the Fund prior to closing
  • Review and approve closing statement and wire purchase funds to title company for closing
Asset Management Services during Holding Period (3-7 years)
  • Annually
    • Creation of annual budget and initial funding request to cover projected expenses through the end of the next subsequent calendar quarter (with a one-month reserve)
    • Coordinate and review annual forecast for each asset
    • Assist developer in maximizing opportunities and minimizing risks
    • Coordination of property tax appraisal protest process
    • Obtain competitive bids for liability insurance
    • Coordination of annual audit
    • Review vendor files for 1099 compliance reporting
    • Coordination of annual federal tax filings
    • Margin Tax reporting to the state (previously known as franchise tax)
    • Negotiate vendor contracts for physical property maintenance and operations: HOA services, amenity/sales center maintenance and operations, landscaping/grounds keeping, security etc.
    • Organize and maintain all permanent and vendor records for the entities
  • Quarterly
    • Quarterly meeting/conference call with Sponso
    • Preparation of Investor Report
      • Financials compared to budget with a variance report
      • Narrative update of market and property. Produce analysis and summery of RSI and Metro Study reports (with assistance of GP)
      • Cash call to the Fund for the next subsequent calendar quarter
  • Monthly
    • Review and coordinate any required approval of any capital event (sale or refinance) or bulk sale or lot negotiation
    • Review requests for modifications to official budget and/or the annual business plan
    • Pay approved bills as they become due
    • Reconcile monthly bank statements
    • Coordinate all necessary physical/operational needs (i.e. mowing, repairs, security, HOA issues, upgrades etc.)
    • Physical inspection of grounds to insure proper maintenance and care
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