You’ve probably heard of Mastermind Groups by now, and maybe you’re even involved in one, but are you using them to drive your distressed real estate transactions? Ken Hecht is doing just that.

Ken was a key player in the Wang Towers deal, probably the most famous distressed commercial property transaction in New England during the late 80’s early 90’s real estate bust. The four principals in that deal went on to net approximately $15 million each from a $25,000 initial investment – yes, you read that right.

Ken later became an SVP at CBRE Whitier Partners where he founded their Retail Advisory Group. He has sold or leased nearly $500 Million in commercial real estate. Ken has developed and owned a number of retail sites with partners and JVs and he has developed more than 4 million square feet for a major national retail tenant.

In this episode of the Distressed Property Professional’s Podcast series, Ken and I talk about:

• How the Wang Towers deal went together
• Differences and similarities between opportunities in the 90s and now
• How to put together effective distressed assets networking groups
• What banks should do to minimize their commercial real estate losses
• A forecast for the future of distressed CRE opportunities

The following content is available to non-members until January 27, 2010

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Distressed real estate represents an enormous opportunity today if you have the capital. With debt more difficult to come by, and where many investors have taken losses, pooling capital is an increasingly attractive option for investors and would-be sponsors/managers alike.

Continuing our Distressed Property Professional’s Podcast Series, in this podcast, I talk with Attorney Warren Kirshenbaum about the 6 key components to setting up a successful distressed assets fund. Warren was the lead attorney in assembling and structuring distressed asset funds and creating the equity raise strategies for four separate distressed asset investment funds in 2009. Fully leveraged the fund size Warren has been working on range from $3 million to $35 million.

The funds range from those seeking single family homes to three to six-family homes and commercial properties including retail, industrial, flex, and multi-family.

Warren has a law degree from New England Law and a master’s 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 background in corporate securities and real estate tax in structuring distressed asset funds.

In this episode of our Distressed Property Professional’s Podcast Series, we cover among other things:

• How to think about your funding strategies
• What’s a soft offering?
• The importance of a clear business plan for your fund
• Operating exempt from securities regulations
• Important fund communication protocols
• and more…

Listen in on the podcast below or download the transcript.

The following content is available to non-members until January 27, 2010.

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Commercial property receivership is getting to be a hotter topic by the day. With mountains of distressed commercial real estate loans piling up with banks across the country and an increasing number of vacant commercial properties, property preservation and receivership assignments are on the grow.

I recently caught up with Greg Trotter (see [download id="3"] resume), President of Commercial Building Consultants, a commercial property project management firm. Greg has an impressive background in REO and distressed asset management and members have been asking me for exactly this kind of information.

Greg provided me with a tremendous amount of background information, but I’ll just give you a sample of some of the recent REO workouts and projects his company has been responsible for:

• 510 Unit Condominium Conversion Project located in Miami, Florida
• 150 Unit Luxury Apartment Complex located in Orlando Florida
• 652 Unit Apartment Portfolio located throughout the State of Indiana
• 404 Unit / 18 Story partially constructed Condominium-Hotel Located in Orlando Florida
• 806 Unit Multi-Family Apartment Complex located in Baltimore Maryland

Greg’s clients range from local and regional banks to national lenders and special servicers.

When Greg and I spoke he was in his office in Florida having just returned from halfway across the country looking at an assignment. We were lucky to have him available for this so I hope you find it informative.

The following content is available to non-members until January 21, 2010.

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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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About a week ago we launched new search pages. Here’s a summary of the changes and a video on how to use them.

The most current data still displays with pie charts and the charts are still clickable. Now you’ll also see a breakdown on the right with the corresponding totals for each asset or loan type. Additionally you see a bank count (“Banks”). This count represents the total number of institutions contributing to the dollar amounts shown. As always the dollar amounts are in thousands. Members can click on the area of the chart, on the bank count, or on the dollar amounts to generate a list of lenders.

The historical tab now shows the totals for each of the past four quarters for every asset type for each of the 3 distressed categories tracked (late loans, non-performing loans, and bank owned property or REO).  As with the current quarter members can click on the graphs or on any of the active linked dollar amounts.

The result set from either of the searches above will always be sorted with in descending order for that type of distress. In other words banks with the most of that problem are at the top of the list and with the least are at the bottom. This is true for US searches or when searching individual states.

The video above is also available at the top of the BankProspector Product Tour page.

This is the first in a professional podcast series. The goal of this series is to bring real life, real time, information to our members and subscribers about how professionals on the front-lines of the distressed property and loan market are making it all happen. In this episode I talk with Bob Thomas.

Bob is the owner of Turnstone Property, a Boston based firm that offers debt and asset management services for individual assets and portfolios, including loan portfolios and REO. Bob’s website goes on to say that Turnstone principals have extensive experience identifying, planning, underwriting, and executing complex projects. Particular expertise in repositioning and disposition of under-performing and nonperforming assets, adaptive re-use and urban infill.

In this interview we talk about:

• Workout strategies for distressed commercial and construction loans
• Preemptive strategies for performing loans
• Distressed asset opportunities for investors
• And more…

Learn from other real estate professionals on the front lines of the distressed commercial property wave to learn more about how you can be successful with investing in distressed assets or servicing those lenders who need your help in this shifting market.

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