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Published: 12 March, 2009
Trigild Takes Over 13 Abandoned Apartment Complexes
San Diego-based Receivership Specialist Take Over 6,000 Units, Representing Millions in Defaulted Loans
SAN DIEGO, Calif. (March 10, 2009) - Representing nearly $500 million in defaulted loans, Trigild Inc., a San Diego-based distressed receivership, property and loan recovery specialist, has been appointed receiver for 12 apartment complexes in Arizona, California, Colorado and Florida abandoned by financially troubled Orange County investor, The Bethany Group.
As court appointed receiver, Trigild has taken over day-to-day operations of seven complexes in the Phoenix area, a property in San Diego County, one in Orange Park, Fla., and four properties in the Denver/Colorado Springs area.
According to Trigild's president and founder Bill Hoffman, the properties were abandoned by the beleaguered Bethany Group, a once booming Irvine-based firm which owns multi-family rental real estate across the country. Following reports of unpaid employees and contractors, utility shutoffs and impending liens and lawsuits, the lender was forced to act. "The loan servicing company which handles the commercial mortgages moved at a record pace to get a receiver appointed to guarantee that the properties and their residents are well protected," Hoffman said. As a result, "thousands of tenants will continue to live in the complexes and over a 100 employees will continue to be employed."
To further ensure that operations proceed smoothly, Trigild's team of property specialists were on site at the apartment complexes within hours of the court's order to have Trigild take possession. "This is a distressing situation for residents, employees, suppliers and the local communities overall," Hoffman said. "We expect all of these parties to soon feel that things have returned to normal and are, in fact, improved within a short period of time."
Hoffman points out that it is to everyone's benefit to have these properties back on firm financial footing. "These are all solid entities with positive cash flow which represent the very foundation of the lenders' security for their loans," said Hoffman. "The protection of these assets is just as important to the bankers as it is to the residents and employees, so it is to everyone's benefit to have a receiver - an impartial third party - take charge of the situation to restore order and efficient operations."
Properties in Arizona are the 460-unit Laguna Village, the 320-unit Alante at the Islands and the 374-unit Santan Crossing in Chandler; the 432-unit Whispering Meadows and the 582-Tuscany Palm in Mesa; the 395-unit Sienna Springs in Phoenix and the 196-unit Verrado Park in Glendale. The 114-unit Sunset Village Apartment in Oceanside, is just north of San Diego. The Colorado assets include the 482-unit Waterford Court in Aurora, the 216-unit Rockrimmon and the 280-unit Falcon Pointe Ridge in Colorado Springs and the 186-unit Rolling Hills in Castle Rock. Blanding Place Apartments, the Florida property, has 231 units.
Falling real estate values, high vacancies and poor cash flow have triggered significant financial difficulties for many owners of residential real estate and other commercial properties, Hoffman said. "We have been advised to prepare for additional properties from the same group."
Given the current economic climate, failures of this sort will continue to increase, he added. "The highly leveraged deals from a few years back do not bode well for the commercial real estate industry. But lenders, loan servicers and companies like ours have been through previous downturns and understand how to operate effectively in difficult markets."
"Trigild now manages 150 real estate assets representing nearly $2 billion of assets. The company serves as receiver for most of these projects and Hoffman expects that figure to increase in the months to come. Over the years, the company has served as receiver for more than 1,500 properties, among them hotels, commercial office buildings, retail shopping centers, residential projects, unfinished real estate and restaurants.
Headquartered in San Diego with regional offices throughout the country, Trigild has more than 30 years of expertise in managing a wide array of commercial real estate assets and operating businesses, focusing on turnaround management and repositioning of troubled properties. Specializing in non-performing commercial loans, Trigild combines receivership, operations management, consulting, and disposition services under one roof -- for maximum loan recovery.
Trigild is located at 12707 High Bluff Drive, Suite 300, San Diego, 92130. For further information, visit www..trigild.com.
NewsBlaze LLC
President
705-2 E. Bidwell St., #213
Folsom
CA, 95630
916 608 4271
http://newsblaze.com
Tags: Receivership Specialist, distressed receivership, loan recovery, multi-family rental _ _
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