Trigild traces its roots to 1973, when law school student Bill Hoffman took a job as a hotel night auditor so he could study while working his way through school.
The aspiring attorney soon became enamored with the hospitality business, and was quickly promoted to front desk, then general manager. After graduating from law school and being admitted to the California Bar, Hoffman eschewed the standard route of joining a law firm, and instead formed a partnership with two hotel and multifamily owners to manage their portfolio. In 1976 he joined these partners to found Trigild – a Latin word he found in the Black’s Law Dictionary signifying three-powered. Subsequently, Hoffman bought out his partners to concentrate on the firm’s growing property management business.
Fast forwarding to 1980’s when the Saving & Loans crisis hit — an attorney friend asked Hoffman if he could serve as a court-appointed receiver for a defaulted hotel, and a new Trigild business line emerged. Over the next five years, Trigild was named receiver and management company for nearly 200 assets, including over 100 hotels, 50 multifamily projects, 15 commercial properties — and even a barge terminal.
Many of these original clients – including Wells Fargo, Midland, GE Capital, U.S. Bank, Far East Bank, Amresco (now Berkadia), and JER (now C-3) – remain loyal Trigild clients, a true testament to our dedication and ability to remain on the cutting edge of fiduciary and management services.
During this period, the Trigild receivership team became innovators in how to best utilize receivership laws to the benefit of an asset. Hoffman became well known for his expertise in this arena, writing articles and speaking to professional groups on the topic.
After the S&L crisis was resolved, Trigild continued managing — as well as owning — hotels and multifamily projects. While it was assumed that the receivership boom would subside, in 2004 fast food restaurants and gas and convenience stores hit a rough patch. In a five year period, Trigild operated and was frequently receiver for over 700 of these assets. These assignments were typically grouped in portfolios and spread over numerous states. Since no lender wanted to take title to a gas station, Hoffman created a legal strategy to sell assets as receiver, allowing title to pass to a new owner without the lender ever taking title. Since then Trigild has sold 250 assets as receiver, even over the objection of the borrower. At the same time, Trigild has expanded its fiduciary services to include bankruptcy.
In 2008, Hoffman heard economist Nouriel Roubini predict the collapse of the housing market. After our special servicer clients cautioned that this would spread to the commercial real estate market, Trigild proactively recruited the top real estate and hospitality asset and property managers, added our fiduciary and support team, and further developed our technology and systems.
Poised for growth, Trigild has since operated 15 million square feet of commercial space, 40,000 hotel and multifamily units, and served as fiduciary – receiver and bankruptcy trustee – for assets ranging from hotels and retail centers to unique businesses, such as a $1.6 billion TIC syndicator and a large food processing plant.
Once again, Trigild has expanded and fine-tuned its services to take advantage of the current real estate cycle. We are working with investment groups to acquire assets and have expanded our advisory services to include due diligence, asset management, and litigation support. Our unique focus on and knowledge of the distressed asset arena remains, and has been expanded to include the semiannual Trigild Lender Conference and the Trigild Deskbook — a state by state guide — considered by many to be the “bible” for its practical revue of receivership and bankruptcy law for non-lawyer.
After nearly 40 years in the business, we have never lost our spirit or enthusiasm. At Trigild, we are driven to find opportunities, forge lasting relationships and relentlessly maximize asset value on behalf of our clients and investors.