When Natural Disasters Occur, Douglas Wilson Companies is Here to Preserve Value

by DWC Team on September 1, 2017

We join all Americans in sending heartfelt condolences and support to those suffering the effects of Hurricane Harvey.

With an estimated $55 billion in property damage in the Houston commercial market alone, we know that property owners, landlords, businesses, and municipalities are in crisis.

The magnitude of destruction is unprecedented. As of this moment, over 25% of all leasable space in Houston has sustained water damage. The need to preserve and restore value of these impacted assets is urgent, and epic.

In years past, Douglas Wilson Companies (DWC) has provided support during other incidents of crisis and natural disasters. We understand the economics and financial devastation — as well as personal loss — involved in these fast-moving situations.

For over 25 years, DWC has championed hundreds of complex, nationwide assignments on behalf of lenders, legal counsel, property owners and managers.

Perhaps most pertinent to those impacted by Harvey, DWC has the immediate capacity to install, oversee and manage your unique assignment. Please contact us today on how we can rehabilitate your damaged properties and restore tenants within the tightest time frames.

Whether via advisory services or receivership, DWC utilizes a team approach, drawing from a pool of professionals with a diverse wealth of experience, including: insurance claim processing, development services, construction management, financial and forensic analysis, asset management and property management.

Our industry association, CRE Finance Council (CREFC) has partnered with Team Rubicon, a nonprofit whose primary mission is providing disaster relief to those affected by natural disasters. By pairing the skills and experiences of military veterans with first responders, medical professionals, and technology solutions, Team Rubicon aims to provide the greatest service and impact possible. Let’s all get together and show the Real Estate community’s support for the victims of Hurricane Harvey.

 

REPRESENTATIVE NATURAL DISASTER PROJECTS:

COASTAL LANDSLIDE / BLUFF FAILURE

RECONSTRUCTION, AGENCY MANAGEMENT,  RESORT MANAGEMENT

Ocean Trails Golf Course – Rancho Palos Verdes, CA: 18-hole, Pete Dye-designed, championship golf course with 75 custom-home sites overlooking the Pacific Ocean.

Davenport cliffs

Douglas P. Wilson acted as consultant for secured creditor, CS First Boston, in the Ocean Trails Chapter II Bankruptcy. DWC was responsible for overseeing debtors re-construction and repair of the golf course following a major landslide. DWC first conducted a comprehensive review and prepared cash collateral budgets for construction repairs and golf operations. Its initial tasks included monitoring the debtor’s use of cash as well as conducting an in-depth forensic accounting. In managing debtor’s construction and repair of the landslide damage and other property improvements, DWC reviewed design and engineering, bidding and negotiating construction contracts, project management and scheduling. DWC also worked closely with debtor and city, state and federal agencies to ensure compliance with the conditions of various development permits. After a successful renovation and repair of the property, Ocean Trails Golf Course was sold to a world renowned real estate developer and golf course owner.

LANDSLIDE

PRESERVING LAND FOR ULTIMATE SALE

Capistrano Terrace – San Jan Capistrano, CA: 153-lot terraced mobile-home park situated on approximately 17 acres.

DCP_0003_3 IN

DWC was tasked with general management and oversight of repairs and improvements needed to preserve the asset as a result of damage caused by several mud slides. The subsidence affected several spaces on which the mobile homes are located as well as the property’s retaining walls and other amenities. DWC oversaw the completion of multiple property inspections resulting in numerous repairs and upgrades. Throughout the receivership, DWC resolved several crisis situations including a power outage caused by a faulty generator, as well as a water outage, that required special handling. Additionally, DWC worked diligently to resolve issues and maintain positive contact with residents, who were threatening legal action for various issues at the park. DWC preserved the asset and resolved resident conflicts. The property note was sold to a party affiliated with Capistrano Terrace and DWC relinquished possession of the property.

NORTHRIDGE EARTHQUAKE

PRESERVING TENANTS AND CASHFLOW

Transamerica Building- Woodland Hills, CA: 70,000 square foot, 3 story, single tenant, office building.

Subsequent to the Northridge Earthquake, experiencing significant property damage, the building owner abandoned the premises– believing it to be irreparable within the time constrains of the Damage and Destruction provisions of its lease. Separately and prior to the earthquake, the tenant, Transamerica, had vacated the building, leaving a remaining liability of approximately six years per the lease agreement. Following the appointment of the receiver, DWC oversaw the engineering, design and construction team that restored the building in less than six months, thus preserving the lease.

WILDFIRES

FUTURE FIRE MITIGATION

One Carter – Sierra Madre, CA: A 29 lot, hillside subdivision.

Wildfire

DWC oversaw the fast track completion of significant storm water run-off protection measures, following the 2008 Santa Anita fire. This included the construction of $2 million in infrastructure improvements. DWC secured approvals from the Sierra Madre City Council to modify grading and street improvement plans for this high profile and controversial project. These improvements were mandated by the City of Sierra Madre to prevent damage to neighboring properties from threatening mud slides.

Not everyone can plan for these events, if you would like to discuss a strategic remedy for any of your assets, please contact: John Morrell

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