DSNews The homepage of the servicing industry
Peter Monroe was president of the oversight board of the ""Resolution Trust Corporation"":http://en.wikipedia.org/wiki/Resolution_Trust_Corporation (RTC) in the early 1990s. During his tenure there, he lent his expertise to[IMAGE]
unwinding hundreds of billions of commercial mortgages from insolvent savings and loan (S&L) institutions. With the current real estate downturn, such skills are in demand again, and Monroe has his sights set on the Florida commercial property market.
Monroe has teamed up with Joseph W. Gaynor, a commercial real estate workout attorney and receiver and commercial developer, to launch ""VRM"":http://www.vrandm.com/, a receivership and asset management venture specializing in troubled Florida commercial properties. Monroe will serve as CEO of the
[COLUMN_BREAK]newly established company, and Gaynor assumes the role of president.
""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,"" Monroe said.
He says VRM has assembled a statewide network of Florida real estate experts with a proven track record of real estate workouts, commercial property management, leasing, and disposition of all commercial property types.
""We are not just 'bean counters' who may suffice as receivers and asset managers in normal times,"" Monroe said. ""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 commercial mortgage-backed securities (CMBS) market as a way to inject competition into the liquidation of distressed commercial real estate assets.
Monroe also served as COO of the Federal Housing Administration (FHA) 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.
