VOIT REAL ESTATE SERVICES DIRECTS THE SALE OF THREE DISTRESSED ASSETS IN SOUTHERN CALIFORNIA

Voit Real Estate Services’ Asset Services division, the full-service distressed asset management arm of Voit, has negotiated the sale of senior debt positions between banks and investors collateralized by three properties in Southern California. The individual considerations for each of these transactions were for undisclosed amounts between $4 million and $8 million.

“More and more non-performing commercial and residential property loans are being sold by lenders to avoid the foreclosure process and avoiding liabilities associated with ownership on chain of title,” explained John Strockis, Executive Managing Director of Asset Services for Voit Real Estate Services.  “Consequently, both banks and investors are looking to asset management specialists, such as Voit Real Estate Services, to put together a plan to handle these properties and determine the best financial outcome.”

“By working closely with both the buyers and the sellers in each of these transactions, we were able to ensure the quick sale of these assets at fair prices,” explained Kendrick Askew of Voit Real Estate Services’ Brokerage division’s San Diego office, who represented the buyer in all of these transactions. “Each transaction was completed swiftly and efficiently and involved discounting the loan on the asset from the original loan balance to incentivize the buyer to acquire the loan quickly.”

Voit Real Estate Services provides single-point service for properties and portfolios, including asset services, brokerage, construction management, development, property management, strategic planning and financial modeling, entitlement work, financial reporting, and development of exit strategies.

Transaction #1:

An undisclosed bank has sold a loan collateralized by a partially constructed residential condo project comprised of 41 units in Rancho Cucamonga, Calif. for an undisclosed price.

The buyer intends to foreclose the property on the borrower and take title to the property, in order to complete the construction of the project, lease out the project and stabilize it as an income producing apartment building.
The seller financed the loan purchase, which enabled the buyer to leverage its equity in order to obtain a higher price on the property. The financing used to buy the loan will transform into the first deed of trust upon the successful foreclosure of the property.

Askew and Tony O’Neill, also of Voit Real Estate Services’ Brokerage division’s San Diego office, represented the buyer, an investment and development company based in Southern California. The bank represented itself in the transaction.

Transaction #2:
An undisclosed bank has sold a loan collateralized by approximately 35,000 square feet of land in Downtown Los Angeles for an undisclosed price.

The buyer intends to eventually redevelop the project, which is currently being operated as a parking lot.
The seller financed the loan purchase, which enabled the buyer to leverage its equity in order to obtain a higher price on the property. The financing used to buy the loan will transform into the first deed of trust upon the successful foreclosure of the property.

Askew, along with O’Neill and Michael Christopher, also of Voit Real Estate Services’ Brokerage division’s San Diego office, represented the buyer, a commercial real estate investment company based in Los Angeles. The bank represented itself in the transaction.
Transaction #3:
An undisclosed bank has sold a loan collateralized by 35 single-family homes in Fontana, Calif. for an undisclosed price.
The buyer did not obtain any financing for this transaction and paid entirely in cash.
Askew and O’Neill of Voit Real Estate Services’ Brokerage division’s San Diego office represented the buyer, a privately funded partnership based in San Diego, Calif. The bank represented itself in the transaction.
Voit Real Estate Services is one of the largest privately owned, debt-free commercial real estate services firms serving both institutional and private clients in the Western United States.  With offices in California, Nevada and Arizona, Voit Real Estates Services can scale asset management, property management, market research, property leasing and sales, financial underwriting, construction and development services to its clients’ individual needs in any market. The firm’s nearly four decades of real estate ownership experience, combined with its asset management platform, provides clients with strategic alternatives, which allow owners of distressed real estate assets to maximize proceeds while minimizing risk.

Voit Real Estate Services was founded in 1971 by Robert D. Voit, who continues to lead the firm. Known for its personal, nimble and responsive service culture, Voit Real Estate Services has developed, acquired or managed more than 40 million square feet of commercial real estate and transacted sales and leases valued in excess of $25 billion. Additional company information is available at www.voitco.com.