CWP Advisors LLC was recommended by Midland Loan Services, Inc. and appointed by the Superior Court of Arizona to serve as court-appointed receiver for The Village at Surprise Retail Center. CWP Advisors is a real estate receivership, management and brokerage company providing advisory services to owners, lenders and special servicers who have invested in residential and commercial real estate located throughout the western United States. Its clients include some of the largest financial institutions and special servicers responsible for managing loans pooled into commercial mortgage backed securities (CMBS).
As receiver, Gregg Williams, Principal of CWP Advisors, will be responsible for managing all aspects of the property. The Village at Surprise is a 27,205 square foot retail property located in Surprise, Arizona northwest of Phoenix. The retail complex consists of multiple buildings and was built in 2004. The lender elected to install a receiver to operate the property after the ownership defaulted on its loan.
"The balance sheet lenders and the special servicers we work with are primarily concerned with the preservation of their collateral. In most cases, the owner's equity has eroded to zero and they are not sufficiently capitalized to keep the property operational and in a marketable state," said Mr. Williams.
"Unfortunately, most owners of the properties we've been assigned to manage did not pay attention to the basic needs of their assets. Nearly all of the properties we've taken over have not paid their property taxes and lack property insurance, which is essential to preserving the collateral. In certain matters, maintenance items and tenant relations have been completely ignored. We remedy those issues in an effort to stabilize the asset before further deterioration in value occurs," said Salvatore Provenza, Principal of CWP Advisors.
CWP Advisors has engaged Zell Commercial as property manager and CBRE as leasing agent.
Midland Loan Services is one of the leading third-party providers of primary, master and special loan servicing for the commercial real estate finance industry. As of December 31, 2009, Midland Loan Services serviced 28,384 loans with an outstanding principal balance of over $294 Billion. Midland Loan Services is a wholly owned subsidiary of PNC Bank N.A. which is a wholly owned subsidiary of The PNC Financial Services Group Inc. (NYSE: PNC). The PNC Financial Services Group is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-backed lending; wealth management; asset management and global fund services.
About CWP Advisors
CWP Advisors is a real estate receivership, management and brokerage company providing advisory services to owners, lenders and special servicers invested in residential and commercial real estate located throughout the western United States. CWP has regional offices in Aliso Viejo, Sacramento, Las Vegas and Phoenix.
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