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San Diego Chapter's "Preserving Asset Value Through Receiverships" Draws Record Attendance By Yousif, Tony, Smith, Adam & McClaren, Kelley* More than 125 financial and commercial real estate professionals from Southern California attended a half-day program exploring the benefits of appointing a receiver to preserve the value of troubled real estate at a half-day seminar and panel discussion at the San Diego Marriott Mission Valley hotel on November 4, 2009. “Preserving Asset Value Through Receiverships – The Real Story From the Trenches” was the topic of the program, presented by the CRF’s San Diego Chapter. Co-chairs for the event were Tony Yousif, Kelley McLaren and Adam Smith. The half-day program was hosted by Torrey Pines Bank and co-sponsored by Gerson Law Firm APC, Griswold Real Estate Management, Sunwood Ventures LLC, Trigild and The Distressed Asset Alliance. Moderators of the program were Tom Hebrank CPA of Hebrank Consulting; Jim Taylor, Sperry Van Ness senior vice president; and Gordon Gerson, Esq. The outstanding speaker roster included Everett Barry, Esq. of Mulvaney, Kahan & Barry LLP; William Bramley, Esq.; Marjorie Burchett, Esq. of Luce Forward; Michael Essary, Calsur Management & Realty president; Elise Giles, loan workout & asset manager at 1st Horizon/1st Tennessee Bank; Ann Hambley, 1st Service Solutions CEO; Richard Kipperman, Corporate Management, Inc. president; workout specialist Peter St. Clair and Jason Hull, Trigild managing director. Douglas Wilson of the Douglas Wilson Companies gave the keynote address at the event. The morning panel provided insight into the current state of commercial real estate lending. Workout specialist Peter St. Clair explained how the market’s insatiable appetite for “cheap debt” contributed to the current lending crisis. Peter drew upon his 30 years of experience as an asset manager, bank REO executive, and investment banker to place the current downturn in historical context and to provide insights into opportunities for receivers in 2010 and beyond. Andy Dunlap of 1st Service Solutions, provided an overview of the loan securitization process, describing the roles of the various loan servicers involved in a CMBS transaction. He illustrated why it is difficult for a borrower to successfully modify the terms of a loan once that loan has been securitized. Elise Giles, an asset manager with First Horizon/First Tennessee Bank, added her perspective as a banker with both construction lending and loan workout expertise to the discussion. She described how some institutions allowed the competition for new lending business to skew underwriting standards in a climate of easy access to capital. She also shared strategies lenders can use during the workout process, highlighting specific instances when a receivership can be particularly beneficial. Keynote speaker Douglas Wilson recounted his own experiences watching property owners struggle to retain ownership through periods of diminished cash flow. This taught him the importance of generating income during down cycles, he stated. Doug early on identified receivership services as a promising line of business. Shortly after entering the field, Doug recognized that very few receivers were offering services at the national level, and correspondingly focused his business. Doug concluded with a look back at previous real estate cycles, reminding the audience that downturns provide a tremendous opportunity for individuals and companies that are able to adapt and persevere. Special thanks were given to Gail Squar of JBS & Associates, the new
San Diego chapter administrator for her assistance in the marketing of and
on site logistics for the conference. |