As new assignment inquiries accelerate, DWC takes on new projects
As uncertainty continues to plague global markets, many owners and operators are turning to receivership and other workout management options as the path to resolution.
For DWC, this means a flurry of new assignments and projects that have commenced in recent months, from a partially-constructed hotel in Vancouver, Wash., to residential and office real estate, cannabis retail operations and more.
While currently involved in several high-profile and complex workout scenarios including the Assignment for the Benefit of Creditors (ABC) in the wind down of retail giant Zulily and as Chief Restructuring Officer (CRO) for a 525-acre resort property in La Quinta, Calif., DWC and its 35 years of expertise have positioned the company to assist in an influx of new scenarios.
“DWC’s more than 35-year history offering turnaround management and problem resolution services for entities of all kinds has led to a surge in inquiries from operating companies, lenders, attorneys and others involved in workouts,” says DWC Chairman and CEO Douglas Wilson. “Indicative of today’s interest rate environment and uncertainty across markets and sectors, we have not seen such a strong pace of inquiries in quite some time.”
These inquiries have led to several new assignments as well as additional prospective projects on the horizon drawing from DWC’s expertise to serve as a Receiver, advisor, CRO, forensic accountant and a host of other roles in the problem resolution process.
Here are 4 new assignments for DWC:
Receivership, San Jose, Calif. Charter School Properties — DWC has been appointed as Receiver in the case of two San Jose charter schools that are closing prior to the upcoming school season. The schools, which occupy ground-leased property and have been funded in part by bond financing, are unable to meet their loan obligations due to their closure.
As Receiver, DWC is tasked with taking control of, managing and preserving the properties as well as other assets previously held by the schools. DWC also will work to complete the orderly closure of the schools operating on the sites by July 2025.
Receivership, Colorado, Office Complex — Following the initiation of the foreclosure process, DWC was appointed Receiver in early June over a two-building, 400,000-square foot office complex in Aurora, Colorado. The Receiver is tasked with overseeing operations, collecting rents, engaging vendors and brokers, and marketing the property through the Receivership Sale process, which is subject to court approval.
Receivership, Washington, Hotel Property — DWC has been appointed as Receiver of this new hotel, which is 95% complete and is a few months from opening. The Receiver is tasked with securing the property, evaluating and keeping current all entitlements, permits and licenses. DWC will oversee the sale of the property through the court-directed Receivership sale process.
Receivership, Los Angeles, Residential and Mixed-Use Complex — In early June, DWC was appointed receiver for a 133-unit mixed-use residential and commercial complex in Los Angeles after the borrower defaulted on its loan. The property currently is
in lease-up phase and the Receiver is tasked with taking control over the property, hiring a third-party property manager, and preserving and protecting the property and all other business assets.
On the Horizon
In addition to existing assignments, DWC continues to see a high level of activity among lenders and lawyers seeking problem resolution services. Currently, the company is exploring opportunities to assist a large-scale office property in Virginia, and a cannabis growing facility in California’s Central Valley — among others.
“Due to DWC’s wide-ranging experience with properties and entities spanning retail, hospitality, residential, cannabis and more, we are seeing a variety of assignment types today,” Wilson says. “Operating companies and real estate owners facing distress are not limited to any particular market, property type or business segment. As long as market uncertainty persists, we will continue to see a rising need for our problem resolution services.”
Celebrating 35 Years of Douglas Wilson Companies: The People Behind the Success
This year, DWC celebrates 35 years in business. As part of this milestone, we will be highlighting our personnel and their contributions to 35 years of success.
Meet Monica Wilson, Director
San Diego native Monica Wilson has worked for DWC since late 2020 and today serves as a director for the company. Her fondest memory while at DWC, she says, is the fact that she got engaged about two years into working for DWC, and going through the
wedding planning process while working with the team. “Not to mention most of the team attended my wedding,” she says. “The whole team is very close and has a family feel to it, so it was really special to have everyone there celebrating with us.”
While Monica works on projects and assignments of all kinds, she recounts her favorite project to date as “The Laguna Portfolio” — a receivership involving a variety of different properties in and around Laguna Beach, Calif. “There were so many different properties, such as event venues, hotels, residential, vacation rentals and vacant land,” she says. “I loved learning the ins and outs of the properties individually and how they were operated on a daily basis.”
Fun fact: Monica’s dad was on the construction team that built two major projects developed by DWC in the early 2000s — San Diego residential communities The Mark and Parkloft.
In her free time, Monica enjoys spending time with her husband, their friends and their dogs. She also enjoys indoor rock climbing, listening to audiobooks and obsessing over new crafts she comes across.
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If you, your colleagues or associates are seeking fiduciary services, or if you have other specialized real estate needs, please contact us to learn more about the DWC team and how we may assist.
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