The building is topped out and the skin is going on within the next week
San Diego, CA (PRWEB) October 8, 2009
With the default rate of commercial loans soaring, the Douglas Wilson Companies - a national distressed real estate and problem resolution specialist - is increasingly being tapped by judges on the East Coast for its expertise in non-performing assets.
Currently handling assets representing nearly $2 billion in defaulted commercial loans, Douglas Wilson Companies most recently was appointed receiver for several high profile projects in Washington, D.C.
According to company founder and CEO Douglas P. Wilson, his firm was appointed receiver by the Superior Court for the District of Columbia for a 442,000-square-foot office building under construction on Half Street in the revitalizing Capital Riverfront neighborhood.
Approximately 50 percent complete, the silver LEED-certified freestanding modern build has 360-degree city views and is close to the new Nationals Park baseball stadium and metro system.
"The building is topped out and the skin is going on within the next week," says Wilson, noting his firm's multi-faceted role of coordinating construction and property management as well as providing lender consultation services. "Concurrent to our construction work, we'll be aggressively marketing and leasing the building."
Additionally, Douglas Wilson Companies is overseeing a 12-story, 243,000-square-foot building at 100 M St. that is 45 percent leased and expects to have a disposition strategy in place later this month.
According to Wilson, the need for experienced, knowledgeable court-appointed receivers is surging on the East Coast and around the country due to the increasing failure rate of commercial loans.
"The default rate of U.S. commercial real estate loans has reached its highest level in 15 years and may climb even higher in the coming months," says Wilson. "Rising vacancy rates, falling rents and increasing operating expenses all make it difficult for borrowers to meet principal and interest obligations."
With offices in San Diego, San Francisco, Las Vegas, Atlanta, Orlando and Miami, Douglas Wilson Companies is well positioned to meet the growing demand and already has been an appointed fiduciary in more than 500 matters in both state and federal courts and overseen nearly $8 billion in assets for clients such as Bank of America, Wells Fargo, JP Morgan Chase and Credit Suisse.
Additionally, it provides real estate development, brokerage, leasing and property management services to investors and institutional clients throughout the United States and the Caribbean.
Douglas Wilson Companies is a national problem resolution and real estate services firm headquartered at 450 B St. in the financial district of downtown San Diego. For further information, call 619-641-1141 or visit http://www.douglaswilson.com.
ABOUT DOUGLAS WILSON COMPANIES
Founded in 1989, San Diego-based Douglas Wilson Companies is one of the largest firms of its kind, providing a wide range of specialized business and real estate services to law firms, state and federal courts, corporations, partnerships, pension funds, REITS, financial institutions and property owners nationwide.
Services include workout and problem resolution, crisis/force majeure response, asset management, consulting, business planning, receivership, development, entitlement, and construction management. To date, the company has provided problem resolution for more than 500 projects involving assets valued in excess of $8 billion.
The company's real estate development division built the $60 million condominium complex in San Diego's East Village and a nearby $155 million, 33-story condominium tower.