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NEWSLETTER SPRING 2007
San Diego San Francisco Denver Atlanta Orlando
DWC Continues Growth in Florida
DWC steps in
to assist
clients with
condo
projects.
The overall Florida
2007 will be a year for condo market
growth. In 2006, we expanded continues to
our client base in multiple areas, experience many
and so far in 2007 we are working challenges.
to continue this trend. I believe Increased supply,
that the current market provides decreased
many opportunities and I look absorption, and a
tightening on end-user lending stagnant and the project lacked
forward to take advantage of
requirements have had a debilitating leadership and energy. DWC
what I consider an exciting time
effect on most projects. DWC is leading initiated the repositioning effort by
in our industry. So far in 2007, we
the way to provide innovative solutions leasing up the unsold inventory,
have been able to expand our
to clients by repositioning several condo creating market leading promotion
workout services in the
projects throughout the state as either a and advertising campaigns, and
condominium market as either a
receiver or consultant. developing an enthusiastic sales
receiver or consultant. As a result,
team. DWC’s team also submitted
we have opened an office in
DWC’s knowledge in workouts, the necessary condominium
Orlando to continue our growth
residential development, sales and documents to various regulatory
throughout the United States. In
marketing, and property management agencies and resolved open real
the midst of our expansion, we
has maximized the absorption and estate tax issues.
recently completed our 33-story
luxury condominium tower, The cash flow of these challenged assets in Continued on page 3
Mark. 2007 should provide competitive markets. DWC’s extensive
opportunities for growth in experience has enabled these projects Douglas Wilson Companies
multiple areas, and I wish you to overcome the weaknesses in today’s
market, and become leaders in sales Orlando Office
luck and continual success
throughout the year. velocity.
7380 Sand Lake Road, Suite 500
A recent example of DWC’s successful Orlando, FL 32819
Regards,
efforts is the workout of a 336-unit 407-248-1502 (phone)
conversion in Orlando. Prior to DWC’s
407-351-1901 (fax)
takeover, sales and leasing were
Douglas P. Wilson
NEWSLETTER
Receivership News
Completed Projects
Wilson Named Tim-Jon Pension Plan
Receiver for Douglas Wilson has completed his duties as successor
trustee and plan administrator for the Tim-Jon pension
Industrial Office plan. Douglas Wilson appointed DWC to perform a
Building valuation of the plan which included several non-liquid
assets involving oil and gas interests. During Mr. Wilson’s
Douglas Wilson was appointed as engagement, there were significant asset appreciation
receiver by the Superior Court of and an independent audit was performed. The plan was successfully terminated and
California, County of Almeda, to
the proceeds were distributed to the participants.
manage a 56,425 square foot
office building occupying 2.4
acres in Emeryville, California, not
A&J Cheese Capistrano Terrace
far from Oakland. The property is
located near Disney’s Pixar Douglas Wilson has recently completed his Mobile Home Park
campus within an area known for five year duty as receiver for a wholesale
cheese distributor. The company’s Douglas Wilson has completed his duties
technology and pharmaceutical
principal operations were located in San as receiver for Capistrano Terrace Mobile
companies.
Bernardino County and Riverside County, Home Park located in San Juan
California. As receiver, Mr. Wilson retained Capistrano, California. The park
Novaritis, a pharmaceutical
DWC to replace existing management consisted of four terraced areas,
company, is the sole tenant in the
and continue operations for a period of six covering approximately 17 acres, and
building and occupies
months. To maximize cash flow, DWC contained 153 pads available for lease.
approximately 36,000 square feet.
consolidated operations and inventories to As receiver, Douglas Wilson appointed
the San Bernardino locations and closed DWC to manage the property, satisfy
As receiver, Mr. Wilson engaged
the Riverside warehouse and distribution numerous city requirements and tenant
DWC to manage the property and
center. DWC collected millions of dollars in demands related to pre-existing
lease the remaining space.
accounts receivable, performed forensic geotechnical issues, and handle various
accounting, restated earnings, and extraordinary matters, including electrical
amended prior years tax returns which and water outages.
resulted in a $2 million refund. Ultimately,
$8.2 million in proceeds were recovered Douglas Wilson has been named
for the plaintiff. President Robert Richley Receiver for multiple problem
comments, “A&J Cheese was a great
resolution cases throughout the
success for DWC, it was a very involved
and lengthy receivership that required United States. Projects range
many areas of our expertise to be to be from golf courses to multi-family
utilized.” After DWC’s collaborative efforts
real estate
resulted in the liquidation of inventory, they
successfully orchestrated the sale of the developments. DWC has often
company to a third party. been hired to stay on
as property manager after the
assets are sold.
Announcements
Thomas Hebrank, CPA, CIRA
and Managing Director recently received his Certified Insolvency and Restructuring Advisor (CIRA)
certification. To receive this, Mr. Hebrank successfully completed an in-depth financial insolvency and
restructuring examination which covered all aspects of bankruptcy and reorganization including
managing financial turnaround and bankruptcy cases, reorganization plan development, insolvency
accounting, financial reporting, and related tax issues. In addition to passing the comprehensive three-
part exam, all CIRA recipients must have a minimum of five years of accounting or financial experience
with a certified public accounting firm, and have completed, within the last eight years, 4,000 hours of
specialized insolvency and reorganization experience. Mr. Hebrank is a graduate of Rockhurst University
with more than 20 years of experience as a CPA and manages DWC’s forensic accounting team.
Continued from Page 1
The Mark’s Completion DWC Continues
The Mark, Douglas Wilson’s $160-million condominium project in the
East Village neighborhood of downtown San Diego, is now complete Growth in Florida
and over 110 buyers started the move-in process to their luxurious new
Sales contracts were then negotiated with
homes on May 3. The 33-story residential high-rise building is now
individual condominium buyers and work began
receiving the final cosmetic touches.
to coordinate developer’s responsibilities and
The sleek steel-and-glass tower reaching 380 feet, officially makes The obligations regarding the existing homeowners
Mark the tallest building in the booming East Village. The Mark is association.
comprised of 220 one- and two-bedroom condominiums, 13
“We see the opportunity for future growth in the
penthouse suites and 11 walk-up brick townhomes.
workout and problem resolution field by serving
Located just blocks from the our existing client base and developing new
Padres’ Petco Park, The Mark’s relationships,” says David Stapleton, director.
residential tower offers some of
Robert Richley, president, comments on DWC’s
the most fashionable and
involvement with Florida’s condo projects, “We
contemporary crafted
are realizing there may be opportunities to
condominium homes in Southern
expand our services beyond strictly condos.”
California. Adding to the allure of
this upscale lifestyle are the As a result of the extensive work in Florida, DWC
stunning ocean and city views, recently opened an office in Orlando and added
abundance of underground new team members to adequately address the
parking and the ease of walking increased work flow. DWC has multiple projects
from the front door to throughout Florida, and there are more in the
neighborhood restaurants, pipeline.
waterfront attractions, shopping
destinations and trendy art
galleries.
www.themarksandiego.com
NEWSLETTER
Some of our clients Specialized Services What we do...
Bank of America Turnaround Management Founded in 1989, Douglas Wilson
California Bank & Trust Receiverships Companies provides a wide range of
Capmark Finance Trustee specialized business, workout, and real
City National Bank Forensic Accounting estate services to financial institutions, law
Comerica Bank Assignment for the Benefit of Creditors firms, state and federal courts, property
Corus Bank Special Master owners and similar entities throughout the
Credit Suisse Asset Repositioning United States. We offer business workout and
Farm Credit Services Brokerage and Disposition problem resolutions, asset management and
FDIC Leasing disposition, real estate brokerage and
Fremont Investment & Loan Asset/Property Management development, and residential and
GE Capital Resort/Hotel Management commercial construction management.
HSBC Golf Course Management Douglas Wilson has been a court
JER Partners Liquidating Trustee appointed and independent third party
KeyBank Bankruptcy Examiner fiduciary for more than 450 matters in
LaSalle Bank Expert Testimony excess of $4 billion.
Lehman Brothers Highest and Best Use Analysis
LNR Partners Asset Liquidation
Massachusetts Mutual Life Mediation
Metropolitan Mortgage & Securities Co. Real Estate Development
Midland Loan Service, L.P. Land Entitlements For further information
Morgan Stanley Construction Management Robert Richley:
ORIX Acquisitions rrichley@douglaswilson.com
Pacific Life Condominium Projects David Stapleton:
SEC dstapleton@douglaswilson.com
TIAA-CREF
US Bank
Washington Mutual, Inc. 619.641.1141
Western United Life Assurance www.douglaswilson.com
Headquarters:
450 B Street, Suite 1900
San Diego, Califorina 92101
619.641.1141
www.douglaswilson.com
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