Whether it is overseeing troubled hotels, apartments, resort properties or residential assets, William Hoffman, Trigild Corp. president and CEO, is comfortable in his receivership role.
Hoffman, who founded the firm in 1976, has been a court-appointed receiver for more than 1,500 assets, among them hotels, golf resorts, commercial office buildings, retail shopping centers, residential projects and restaurants.
Trigild currently has 75 employees. The company has 200 properties and has handled 2,000 properties over the past 34 years.
In addition to corporate employees, Trigild oversees approximately 600 employees at various properties nationwide -- this number changes frequently as we take on new properties.
On Nov. 11, Trigild announced it had added 11 office and industrial properties totaling more than 3 million square feet to its portfolio including Scripps Corporate Plaza, three buildings spanning 244,270-square-feet, in the Scripps Ranch area.
Outside of San Diego, the portfolio includes five Orange County office buildings totaling 800,000-square-feet, a 500,000-square-foot office building in New Orleans, a 500,000-square-foot office building in Wilmington, Del., and a 968,000-square-foot industrial complex in Columbus, Ohio, among other properties.
Trigild now represents more than $6 billion in defaulted loans, and anticipates a significant increase in its receivership business within the next few months.
"With several hundred billion dollars' worth of hotel, office, industrial, retail and multifamily facing foreclosure within the next few years, the need for our services continues to accelerate," Hoffman said.
In August Trigild announced that it had managed to sell seven abandoned apartment complex with a total of 2,759 units in Arizona for $123 million to Standard Portfolio.
Hoffman said the sale was such a success and the properties were in such demand that Trigild was able to obtain more than $53 million more than the best 'all cash' price.
Hoffman explained that some states, and the federal courts, already provide for such receiver sales, but often only if the borrower does not object. Other states have specific rules forbidding such sales by receivers. Arizona had no specific rules allowing or forbidding, and Hoffman argued, over strenuous objection by borrower's counsel, that the court could exercise its equitable powers to do what was most beneficial for all parties.
"In this case we argued that this judge had wide discretion, and since any guarantors on the loan may have potential liability for deficiencies, the sale at a much greater price benefited them as well," said Hoffman.
Hoffman, who has about 35 years of experience as a real estate broker and attorney, has been recognized by the American Hotel and Lodging Association as a Certified Hotel Administrator, and is a former president of the California Lodging Industry Association.
He currently serves on the American Bar Association's Hotels, Resorts & Tourism Executive Committee, as well as on the board of directors for the San Diego Receivership Forum. He is a member of the Turnaround Management Association, the Commercial Mortgage Securities Association, and the American Lodging Industry Association.