When John Mitchell started his receiver firm Resolute Commercial Services with Jeremiah Foster in 2008, they knew that business would increase as the the economy declined.
Receiver firms like RCS act as third parties, called in by the court to take over assets during litigation.
Since its start, the Scottsdale firm has been the third-party negotiator in more that 50 commercial foreclosure cases, often bringing solutions that satisfy both lender and Business owner.
"The first thing that slows down is home development, and we started to see the cracks in the economy at that level," Mitchell said, recalling the initial discussions about starting RSC with Foster in 2007. "We saw it was going to transcend all genres in real estate. Homes were first, then commercial followed."
RESOLUTE COMMERCIAL SERVICES TAPS WYCHE FOR TX OFFICE AUGUST, 2010
DALLAS-Resolute Commercial Services has expanded into Texas, opening an office here and tapping industry veteran Roger Wyche to head it as senior managing director.
The Scottsdale, AZ-based company works with lenders, bankruptcy counsel, developers, investors and operators to provide receivership servicers, workout strategies, property management, development and asset acquisition/disposition.
Wyche is an 18-year veteran of the commercial real estate industry. Most recently, he worked at Beal Bank as a team leader that handled due diligence and underwriting for FDIC loan pools. He was previously employed by Goldman Sachs and has been involved in various capacities including broker, CMBS lender and underwriter of CMBS B-Piece bonds.
A NEW LEASE. TENANTS, RECEIVERS BENEFIT FROM RETAIL-CENTER FORECLOSURES APRIL 18, 2010
In metro Phoenix's under-occupied, financially stressed shopping centers, the remaining tenants face yet another challenge.
Besides their own financial woes linked to the worst recession in decades, they often have to cope with their landlord's problems.
Rising vacancies and declining values prompted many landlords to postpone improvements, cut back on maintenance and scrap marketing plans aimed at drawing traffic to the developments.
WINCO SCOUTS FOR WAREHOUSE-GROCERY SITES FEBRUARY 7, 2010
A new grocer looking at the Phoenix area could ratchet up already red-hot competition in what is thought to be America's most competitive grocery market.
Winco Foods, an Idaho-based discount grocery chain, has been scouting the area for sites for four to five warehouse-style food stores.
The employee-owned company is said to have inked a deal for a former Walmart location at Third Avenue and Bell Road in Phoenix for its first store, although Vice President Mike Read would neither confirm nor deny the location. He acknowledged, though, that the company was interested in the Phoenix area as an expansion market.
RESOLUTE COMMERCIAL SERVICES ANNOUNCES
JOSEPH ARMBRUST AS ITS SENIOR MANAGING DIRECTOR DECEMBER 14, 2009
Joseph Armbrust has been named Senior Managing Director for Hospitality, Food and Beverage at Scottsdale-based Resolute Commercial Services.
In this role, Armbrust will ascertain the issues related to staffing, internal controls, refurbishment, business/marketing plans, budgeting, and improvement of overall operating income of clients in the hospitality industry.
Armbrust brings more than 30 years of executive level hospitality management experience to the Resolute Commercial Services team. His career includes expertise in multi-property management, franchise operations, turn-arounds, conversions, property refurbishments, and management consulting. He has experience with everything from full-service convention hotels to limited service properties.
20 MINUTES WITH JEREMIAH FOSTER | PRINCIPAL | RESOLUTE COMMERCIAL SERVICES LLC DECEMBER 4, 2009
How have you changed your business strategy to reflect current economic conditions?
I was involved in selling commercial land at another firm when I realized in 2007 that the real estate bubble was going to burst. I created Resolute to turn the ship into a wave.
What resources did you use to help develop your business and marketing plans?
Experience–thankfully, my business partner is an "old pro" with 18 years in the workout business.
How do you use technology to promote your business?
We use an internal Web site and wiki applications to help us track ideas, manage projects and organize customer databases. We also have also shifted our marketing focus to be heavily focused on electronic means.
RESOLUTE COMMERCIAL SERVICES ANNOUNCES
TERESA NGUYEN AS DIRECTOR OF PROPERTY MANAGEMENT NOVEMBER 16, 2009
Resolute Commercial Services announces Teresa Nguyen as Director of Property Management.
Targeting lenders, bankruptcy counsel, developers, investors and operators, the Scottsdale-based company specializes in delivering constructive solutions to complicated real estate matters including receiverships, workout strategies, property management, development and asset acquisition/disposition.
In her role, Nguyen is responsible for the property management of the firm’s commercial retail portfolio. She brings more than 10 years of real estate experience in both residential and commercial properties. She also has experience in the escrow industry serving as the branch manager for Netco Title in Tempe, AZ where she oversaw daily operations and improved previous national audit scores by 5% within an eight-month period by implementing internal workflow audits and meeting funding deadlines.
RESOLUTE COMMERCIAL SERVICES ANNOUNCES JOAN BRUBACHER AS ITS CHIEF FINANCIAL OFFICER OCTOBER 9, 2009
Joan Brubacher has been named (CFO) Chief Financial Officer at Scottsdale-based Resolute Commercial Services.
Brubacher brings more than 30 years of experience in finance and operations to Resolute Commercial Services. Her areas of expertise include strategic planning and organizational management; budgeting and cost management; contract negotiations and strategic alliances; cash flow management; capital acquisition and fund raising; mergers, acquisitions and divestitures; corporate and investment finance; investor relations; operations/supply chain management; and customer and supplier relationship management.
CROSSROADS @ TOLLESON OWNER DEFAULTS ON LOANS OCTOBER 3, 2009
The Crossroads @ Tolleson is the city's retail commercial jewel, but the 100,000-square-foot shopping center is in receivership as the property owner faces forclosure.
Tolleson 99th LLC, a Deleware company, defaulted on its $34 million load, failing to pay its monthly installments since January, according to the Arizona Superior Court documents.
GIVE & GET - NOT VOLUNTEERING CAN BE HAZARDOUS TO YOUR HEALTH! SEPTEMBER 9, 2009
Did you know that improving someone else's life mary very well save yours?
It's true!
According to the recent study by a casual connection between giving back and one's overall health. In fact, researchers found that those who volunteer have lower martality rates, greater funtional ability, higher self-esteem, lower rates of depression, and higher overall wellness than those who do not volunteer.
RESOLUTE COMMERCIAL SERVICES ANNOUNCES SEAN MCGRAW AS ITS MANAGING DIRECTOR AUGUST 31, 2009
Resolute Commercial Services announces Sean McGraw as a Managing Director. Prior to joining Resolute, McGraw had his own company specializing in property development consulting and real estate project management.
Targeting lenders, bankruptcy counsel, developers, investors and operators, the Scottsdale-based company specializes in delivering constructive solutions to complicated real estate matters including receiverships, workout strategies, property management, development and asset acquisition/disposition.
In his role with Resolute Commercial Services, McGraw assists in the takeover and management of various real estate and receivership projects. McGraw's career started in 1994 after graduating with a degree in Architecture from the School of Design at North Carolina State University.
Resolute Commercial Services, a Scottsdale, Ariz.-based real estat services company, opened a West Palm Beach location at 12300 S. Shore Blvd., Suite 210. Michael H. Nelson was appointed regional managing director.
RESOLUTE COMMERCIAL SERVICES ANNOUNCES OPENING OF SOUTH FLORIDA OFFICE AUGUST 12, 2009
Resolute Commercial Services, a Scottsdale, Ariz.-based real estate services company, announces the opening of its newest location in West Palm Beach. Michael H. Nelson has been appointed regional managing director.
Targeting lenders, bankruptcy counsel, special servicers, investors and operators, the Resolute Commercial Services specializes in delivering constructive solutions to complicated real estate matters including receiverships, workout strategies, property management, development and asset acquisition/disposition.
Nelson is a 30-year veteran of the real estate and banking industries in Florida. Nelson was approved by both the State of Florida and Federal banking regulatory agencies to serve as president/ceo/coo for failed financial institutions in distressed real estate management, liquidations, servicing and restructuring. These projects were in excess of $600 million in residential portfolios, retail and commercial lands and buildings, and resort properties. Most recently, Nelson has been responsible for the restructuring, management and successful liquidation of an additional $200 million in Florida real estate.
“Recession cripples Southbridge retailers“ – Highlight on The Mix Shops a Resolute Receivership Asset by Peter Corbett
August 2009
They are the survivors, a handful if resilient retailers who endured a crippling economic collapse that took shape in late 2007 as the Mix shops at SouthBridge opened in downtown Scottsdale.
Merchants such as Amy Yount of Amy inc and others have outlasted Mix development partners Jennifer Croll and Peter Kleis, who lost ownership of the Mix buildings due to foreclosure earlier this year.
Career Ladder Interview with Jeremiah Foster by Allison Stanton
August 2009
Who: Jeremiah Foster, 37 is a principal at Resolute Commercial Services LLC, a commercial real-estate and work-out services company based in Scottsdale. The company's mission is to provide solutions for complicated real-estate ventures. The company was founded in 2008.
Education: Graduated from the University of Arizona in 1995 with a bachelor's degree in engineering.
Starting point: Foster's first job was at 14 working as a busboy at a country club in West Palm Beach, Fla. He said the job helped him learn to anticipate the needs of customers and remember their like and dislikes.
“Remaining Mix Shops Tenants looking to better days“ – Highlight on The Mix Shops a Resolute Receivership Asset by Peter Corbett
August 2009
They are the survivors, a handful if resilient retailers who endured a crippling economic collapse that took shape in late 2007 as the Mix shops at SouthBridge opened in downtown Scottsdale.
Merchants such as Amy Yount of Amy inc and others have outlasted Mix development partners Jennifer Croll and Peter Kleis, who lost ownership of the Mix buildings due to foreclosure earlier this year.
RESOLUTE COMMERCIAL SERVICES ANNOUNCES
MICHAEL P. EMBRY AS ITS SENIOR MANAGING DIRECTOR JULY 16, 2009
Resolute Commercial Services announces Michael P. Embry as its senior managing director.
Targeting lenders, bankruptcy counsel, developers, investors and operators, the Scottsdale-based company specializes in delivering constructive solutions to complicated real estate matters including receiverships, workout strategies, property management, development and asset acquisition/disposition.
Embry brings nearly 40 years of experience in investment sales, marketing and development to the firm. He has overseen the development and management of over 15,000 units in single and multi-family projects in the Western United States with a total portfolio value in excess of $1billion. In his position with the firm, he is responsible for the oversight of development assignments, project and construction management. Embry’s experience transcends the current economic situation as he has been has been appointed as a Receiver on numerous residential real estate matters emerging from issues related to bank failures in the early 1990s.
Resolute Commercial Services Announces Addition of Hospitality Workout Group Industry Veteran Chosen to Lead New Effort
Resolute Commercial Services (RCS), a specialized real estate and problem resolution firm, is proud to announce the addition of the Hotel and Hospitality Division to the company. Industry veteran Joseph Armbrust has been appointed to lead this new unit, which was created to secure property and develop strategy for this industry sector.
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