Working at Workouts: Commercial Real Estate Debt in Distress

Kellogg School of Management Cases

ISSN: 2474-6568

Publication date: 20 January 2017


In 2010 Drive Property Solutions, a special servicing firm in Chicago, had partnered with Spiner Capital to win an FDIC auction of distressed debt. Included in that auction was the defaulted mortgage note on Northwinds Community Crossing, a retail strip mall in suburban Savannah, Georgia, which had been in default since November 2009. Sam Schey, an asset manager at Drive, needed to decide how to maximize recoveries from the nonperforming loan.



Furfine, C. (2017), "Working at Workouts: Commercial Real Estate Debt in Distress", Kellogg School of Management Cases.

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