Real estate services firm Douglas Wilson Companies (DWC) has announced the formation of a small business division with reduced rates designed to handle a growing number of targeted receiverships of less than 100 units, 100,000 square feet or $10 million in value.
"More lenders and attorneys are requesting to narrow the scope of receiverships for smaller assets in order to facilitate a more cost effective transfer of an asset through the foreclosure and disposition process," said Robert Richley, president of DWC. "Clearly these receiverships are a sign of the times, when cost consciousness is essential."
The San Diego-based company's new small business division is suited for small operating companies and simple rents and profits real estate receiverships that don't encompass mechanics liens, litigation, construction, entitlements or detailed forensic analysis.
"Clients coming to us seek our proven competencies but in a more pointed way in order to be more efficient in these less complicated receiverships," said CEO Douglas Wilson."We see asset managers in financial institutions dealing with a growing number of these situations."
Despite handling 250 projects that fit small business parameters, the firm usually associated with its work with extremely large and complex troubled real estate assets. Two current high-profile assignments include the build-out of a 400,000-square-foot urban office tower in Washington, D.C. and the completion of a scientific facility operated by the U.S. Department of Commerce.
"We're going to ensure that we provide the same standards of work, the written analysis, communications and overall responsibility that comes under any fiduciary obligation," said Richley. "We believe that our new Small Business Division will be on the leading edge of targeted receiverships nationwide."
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