PROJECT UPDATE – June 2016
The 16th Annual Fall Lender Conference is scheduled for October 5-7, 2016. Once again, this educational networking conference will be held at the historic Hotel Del Coronado on San Diego’s Coronado Island.
Two Keynote Speakers and a selection of respected panelists will present industry content during this two and a half day event. A networking golf tournament and beachfront welcome reception will kick off the conference on Wednesday. You won’t want to miss it!
We are accepting topic and panelist suggestions for this Fall event.
Debunking the Receivership Myths
Originally published in Summer 2016 issue of CRE Finance World
William Hoffman – Chairman of the Board/CEO and Founder
As the talk of another commercial real estate down-cycle begins to circulate, now is a good time for lenders to remember some common misconceptions about receivership that all too often interfere with maximum recovery on non-performing loans.
Remember that receivership is an “ancillary remedy” usually tacked on to an existing legal action like a foreclosure proceeding. The court appoints its own agent to serve as an impartial “disinterested third party” to take possession and control of assets that are the subject of the legal action until that action is resolved. Those assets are any and all things pledged as security for the loan. Read More
Trigild was first appointed Receiver over the asset in 2014, and in 2015 retained as property manager once the asset was foreclosed upon. The asset is a 51,486 sq. ft. retail shopping center located in Billings, MT. Upon takeover , TJ Maxx was the leading tenant with the two large endcap spaces vacant; totaling 29% of the shopping center. As Receiver and Manager, Trigild encountered the following challenges:
- Considerably low occupancy of 62% in addition to three current tenants’ leases approaching expiration
- Three years of delinquent property taxes
- Poor curb appeal and a damaged monument entrance sign resulting in slow traffic flow to the shopping center
Trigild’s management team quickly produced results as evidenced. We brought occupancy up to 91% renewing 100% of expiring leases.
Call today and let us show you how we can get results like this for your assets. 858-242-1227.
Commercial/Multifamily Mortgage Debt Outstanding Continues Strong Growth – Mortgage Bankers Association
Fitch, Morningstar: CMBS Delinquencies Tick Up Again – Mortgage Bankers Association
Warning: Watch Out for These Lease Renewal Threats – Multifamily Executive
CRE Investment Risk by Region – NREI Online
The Coming Commercial Real Estate Bust – Wall Street Daily