San Diego, California (PRWEB) November 20, 2012
Breakwater Equity Partners, a commercial workout and investment firm, has nearly doubled the size of its office space in the Nobel Corporate Plaza located at 3636 Nobel Drive in San Diego. The recent expansion to 12,686 square feet will enable Breakwater to increase its workforce by another 30 employees.
Breakwater provides workouts to owners of distressed commercial real estate throughout the United States, in all asset classes. According to commercial real estate data provider Trepp, the number of underwater commercial real estate loans will increase through 2016. Approximately $1.7 trillion worth of loans will reach their maturity date and over half of those loans cannot be paid off or refinanced without a debt restructuring or additional equity. Breakwater expects to hire more staff to meet this increased demand; it has added 30 new employees in this past year and plans to add another 30 in the next six months.
“Over the past twelve months we have tripled our deal flow, and we expect a similar level of growth next year,” said Armand Nicholi, Breakwater Equity Partners CFO. “Our unique, multi-disciplinary approach enables us to restructure troubled real estate properties that others have written off. These successfully completed projects have opened the door to more opportunities for growth.”
“Our success has been bittersweet,” said Phil Jemmett, Breakwater Equity Partners CEO. “It is hard to see so many distressed property owners faced with losing their investment to foreclosure, but we are committed to helping as many owners save their property as possible. Hiring additional new employees and expanding our office space in the Nobel Corporate Plaza building will allow us to continue providing the best comprehensive solutions to our clients.”
Nobel Corporate Plaza is a four-story, 102,918 square-foot office building and is leased by several professional tenants including Keller Williams Realty, Urban Financial Group, and Brixmor Property Group. Breakwater will occupy the majority of the third floor through 2015. The property is located in University Towne Centre area of San Diego and offers many amenities within walking distance including shopping centers, hotels, restaurants, and excellent freeway access.
About Breakwater Equity Partners
Breakwater Equity Partners is a San Diego-based commercial real estate workout consultancy and investment firm. Through Breakwater’s extensive experience on over 200 engagements with loan values in excess of a $2.5B, the firm has devised a unique, multidisciplinary approach to uncovering and resolving distressed asset situations. Breakwater’s professional team combines legal, financial, economic, banking, and real estate expertise to devise customized strategies for each case regardless of market (gateways to tertiary), asset class (single and multi-family, office, flex, multi-tenant land, time shares, development, power centers) or loan type (portfolio or CMBS). Please visit our website at http://www.breakwaterequity.com to review case studies on representative deals.
Breakwater Equity Partners, please call 858-490-3630 or visit http://www.breakwaterequity.com.