SAN DIEGO, CA, September 02, 2009
/24-7PressRelease/ -- Adding nearly $200 million in defaulted loans to its portfolio, Trigild -- a San Diego-based distressed receivership, property and loan recovery specialist -- has been appointed receiver for 13 apartment complexes encompassing nearly 5,000 units, in Alabama, South Carolina and Texas.
Trigild's receivership team, which includes receivership law, management, real estate and accounting experts in offices throughout the country, has taken over day-to-day operations for the residential complexes which faced foreclosure, including: Indian Hills, a 140-unit complex in Anniston, Alabama; Rutland Ridge, a 152-unit apartment building in Greenville, South Carolina; Hampton Forest, a 130-unit complex in Greenville, South Carolina; Country Walk, a 200-unit complex in Columbia, South Carolina; and The Park, a 292-unit complex in Columbia, South Carolina. Trigild also took over six residential buildings in Houston, Texas, including Braeburn Colony, a 275-unit complex; Foxboro, a 220-unit complex; Somerset, 516 units; the 921-unit Sterling Point; Hunter's Chase, a 328-unit complex; the 776-unit Westchase Ranch and Ashton Park, a 720-unit complex. In addition, Trigild is receiver for Glen Arbor, a 320-unit complex in Irving, Texas.
As receiver, Trigild is charged with preserving, securing, maintaining and safeguarding the 13 properties, and is authorized to manage, operate and market the properties for lease and sale. To that end, Trigild will oversee all deferred maintenance issues (including hurricane damage), bolster occupancy and focus on increasing the bottom line.
According to Trigild president Bill Hoffman, the receivership process will only benefit the residents and should be seen as good news by all tenants. "The residents of these complexes are going to be much better off now that the properties are in receivership," Hoffman said. "Since occupancy is a key factor in determining value, a receiver has a strong incentive to keep tenants happy. In this case, they will see enhancements and improvements almost immediately."
According to Hoffman, this latest influx of business is strong evidence of the growing trend toward utilizing receivers, versus going into foreclosure. "Lenders are increasingly focused on avoiding the expenses and headaches of the often lengthy foreclosure process, and as a result, the use of receivers is gaining significant ground."
Given the current economic climate, failures of this sort will continue to increase, and the need for qualified receivers will continue to surge. In fact, Trigild now manages 150 real estate assets representing $2 billion of assets, serving as receiver for most of these projects 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 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, 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 http://www.trigild.com.
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