I’m excited to announce that among a flurry of launches for 2010 we’ll be bringing you the Distressed Property Professional’s Podcast Series (that’s a mouthful!). I’ve been talking with high level professionals engaged in various aspects of distressed property and I’m recording it all so you can hear them here and on iTunes (as well as a whole host of other sites across the web).
Opportunities and Challenges in Commercial Property Receivership
Greg Trotter
Greg Trotter is President of Commercial Building Consultants based in Orlando Florida. He has been involved in commercial property receivership and distressed asset management for more than 10 years. He came to this career after more than 20 years in construction and has spent most of his career in commercial property preservation, distressed asset management, and asset preservation. Greg’s been involved in more than $200 Million in successful commercial property workouts with a focus on multifamily assets.
In our interview we talk about:
- 1980-82, 1990s, and now what’s different and the same?
- The mechanics of successful receivership assignments
- Working with banks and bankers
- Challenges and opportunities in commercial property and receivership
6 Critical Components for a Successful Distressed Assets Funds
Warren Kirshenbaum
Warren has been the lead attorney in assembling and structuring distressed assets funds, and creating the equity raise strategies for 4 separate distressed asset investment funds in 2009. The funds have ranged in capital size from $1.5 million to $10 million. Fully leveraged, the fund size that Warren has been working on range from $3 million to $35 million. The funds have ranged from those seeking single family homes to 3-6 family homes and to commercial properties, both retail, industrial, flex, and multifamily.
Warren has a law degree from New England Law and a Masters in corporate law from NYU. He practiced in New York both in-house for a Wall Street investment house and in private practice for a law firm. He was the General Counsel to a large real estate developer, manager, and builder based in Texas, and now uses his corporate/securities background and real estate/tax background to great benefit in the structuring of distressed assets funds.
In our interview we talk about:
- 6 Key Components to Assembling a Successful Distressed Assets Fund
- Raising Money For a Distressed Assets Fund
- The biggest mistake would-be investors make in starting a fund
How to Setup and Run Distressed Asset Mastermind Groups
Ken Hecht
Ken has been in the commercial real estate business since 1986. Ken’s recent experience has been as founder and President of The Hecht Company, a Retail Brokerage and Development firm founded in August of 2001. Currently the firm is involved in over 4 million square feet of Retail Development.
Prior to founding The Hecht Company and then Hecht Development in 2006 , Ken rose to SVP and Partner at CB Richard Ellis Whittier Partners, the largest commercial real estate services firm in the world where he founded the Retail Advisory Group, selling and/or leasing over $500,000,000 worth of commercial real estate including over $100,000,000 of retail assets. He has also completed a number of complex joint ventures, 1031 tax-deferred exchanges, long term ground leases, land sales for hotel development and leasehold interest sales.
In our interview we talk about:
- Ken’s involvement as the broker on the famous Wang Towers deal in the 1990s and the details behind it
- The differences between the last crash and this (forthcoming) one
- How he sets up and runs successful distressed asset networking (aka Mastermind) groups
- The commercial real estate challenge facing banks today and what they can do about it
- Forecast for the commercial real estate market
We’ll be releasing these podcasts and transcripts each week this month.
Join the conversation. Are you a proven professional in the distressed property space? We want to talk to you. We’re looking to talk to note sales and consulting professionals, note buyers, private equity investors, asset managers, special servicers, bankers, workout officers and others. Click here to contact us if you have something to contribute.
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