Former RTC Oversight President Launches Company Focusing on Florida Commercial Receivership and Commercial Asset Management

Dec 17, 2010, 07:05 ET from VRM

CLEARWATER, Fla., Dec. 17, 2010 /PRNewswire/ -- Peter Monroe and Joseph W. Gaynor today announce the launch of VRM -- a value-added receivership and asset management company specializing in Florida commercial properties. Monroe, CEO of VRM, was Oversight Board President of the RTC (Resolution Trust Corporation) from 1990 to 1993, and COO of the FHA (Federal Housing Administration) from 1989 to 1990.  He is a licensed Florida lawyer, commercial real estate broker, retail and office developer, and formerly a Florida Class A General contractor. Gaynor, President of VRM, is a noted Florida commercial real estate work out attorney and receiver, commercial developer, and partner in the law firm of Johnson, Pope, Bokor, Ruppel & Burns.

Monroe said, "Special expertise is essential in dealing with complex Florida commercial workouts because of the challenges of Florida's judicial-only foreclosure process, Florida's extraordinary commercial real estate market decline, and persisting high unemployment levels.  VRM has assembled a team of Florida real estate experts (VRM Advisory Board) with a proven track record of Florida commercial asset management and real estate workouts. We are not just 'bean counters' who may suffice as receivers and asset managers in normal times. VRM will service the needs of special servicers, lenders and, importantly, passive commercial investors, in these troubled times."  

At the RTC, Monroe spearheaded jumpstarting the CMBS (commercial mortgage backed securities) market as a way to inject competition into the sale of hundreds of billions of commercial mortgages.  Due to precipitous declines in values, CMBS master servicers have increased the assignment of distressed properties to special servicers.  VRM's knowledge of the CMBS market and commercial workout techniques enables VRM to represent special servicers especially well.

VRM has assembled a Florida-wide network of full charge experienced commercial real estate managers able to handle property management, leasing, and disposition of any commercial property type in any Florida submarket.  

VRM recognizes that some properties will require no more than protection of waste and a quick sale handled in a cost-effective manner.  In complex cases, clients may request a creative upfront commercial asset management plan, involving Advisory Board members, and even oversight of commercial real estate managers throughout the workout process.  Gaynor emphasizes:  "Hard times encourage creativity and VRM has assembled a team representing decades of experience and creativity which will produce great results for our clients."

The Advisory Board includes Fred Hemmer, an office and retail developer, who has also completed  numerous Florida commercial workouts as a high level bank executive; Mark Rosenfeld, former CEO of Jacobsons Department stores and a successful retail developer; Jim Shapiro, former head of Rutenberg Commercial Properties, and a recognized industrial developer; Larry Comegys, former head of Florida Pulte Homes and currently a real estate consultant  specializing in commercial workouts; Drew Smith, a noted developer of retail, office and industrial properties; Steve Duckworth, a multifamily developer with 35 years of Florida experience; and Dennis Ruppel, an acknowledged top Florida real estate and banking attorney.

For more information, please visit