John Alvarado

Property & Financing Record (1,796 Units Stated in the Complaint): The May 21, 2025 lender complaint describes Buckingham (114 Aspen Circle, Homewood — 563 units), Callington (700 Aspen Drive, Birmingham — 604 units), and Carlyle (200 Robert Jemison Drive, Birmingham — 629 units). It describes $60,000,000 and $85,000,000 in original loan principal and alleges $2,058,500 in unpaid 2024 property taxes. A later docket lists a receiver appointment on December 23, 2025 and an operating report filed May 20, 2026. These are dated allegations and docket entries; current sale status and authority to award management require verification. [1–2]

Utility Recovery: Show the Owner Both Sides of the Water Equation: The initial case brief uses $2,749,737 in utility expense and $1,219,485 in bill-back income—a 44.3% recovery ratio and $1,530,252 difference. The proposal below models reducing utility expense to $2,337,276 while increasing bill-back income to $1,869,821, approximately 80% of that reduced expense. Leak remediation, billing rights, lease terms, and actual collections must support both changes; 80% is a scenario assumption, not an industry standard.

Insurance, Property Taxes & Staffing: Specific Actions Behind the Numbers: Help prepare competing insurance quotes on comparable coverage; build an income-based assessment review using collections, vacancy, and condition; and test shared staffing against actual service needs. The table retains the initial brief’s financial inputs, pending verification against the original operating report. The possible reductions are planning assumptions. They are not completed savings, and no current occupancy, labor investigation, or unappealed-tax status is asserted here.

Water Intrusion & Plumbing ($834,169 Initial Repair Input): The initial case brief identifies Buildings 1–9 at Aspen Cove and combines $692,521 in interior common-area repairs with $141,648 in plumbing. Those descriptions and amounts need the original report and building-level records before they are treated as verified conditions. I would separate sudden water or storm-related damage from ongoing leaks, maintenance, and unrelated improvements, then reconcile the actual policy, carrier estimate, contractor scope, prior payments, and repair invoices.

Storm Roofs, Exterior Envelope & Code Work ($995,114 Initial Repair Input): The brief combines $563,000 in exterior work, $62,500 in roof patches, and $27,000 in doors/windows, plus $236,200 structural, $81,164 electrical, and $25,250 fire/safety work. I would verify the reported loss dates, affected buildings, cause of damage, and applicable code requirements. Any ordinance-or-law benefit depends on the actual policy and a covered loss; no specific policy limit, deductible, or coverage determination is assumed.

Estimate Auditing & a Receiver- or Lender-Ready Turnaround Plan: The comparison retains $2,000,000 in possible mixed benefits: $1,415,000 for insurance review, $500,000 from unit-turn/rehabilitation scope review, and $85,000 from vendor reductions. These are proposed outcomes, not confirmed recoveries or a $2,000,000 annual insurance payment. I would present repair priorities, funding sources, timing, and implementation costs separately, with appropriately licensed local professionals.

What a Missing Roof Permit Can Tell Us: Across Greater New Orleans, Charlotte, and the Southeast, a 10–15+ year gap in searchable roof permits can justify a closer look. It does not establish that no work occurred or that storm damage is covered. I would check parcel and address variants, older or alternate records, roof age, inspections, and repair history. That work can lead to three useful reviews: (1) repair costs that warrant a claim-scope audit, (2) roof and loss information that may improve insurance quotes, and (3) code work associated with a potentially covered repair.

How Targets Are Selected: Combine loan maturities, watchlists, workouts, litigation, permit questions, and proximity to Servio’s operations. Then confirm the owner or board, current operating pressure, actual records, and who can authorize a change. The properties below are research candidates, not confirmed available management assignments.