Lowe, Dunn Name Workout Execs

Virtue is a nine-year veteran of Merrill Lynch & Co. who will work with Lowe executives to execute workout strategies for troubled real estate assets and loan/REO portfolios. Phil Peters, executive vice president overseeing Lowe's workout activities, says that Virtue brings capabilities, relationships and experience that will be essential in working with complex distressed asset situations across a wide range of asset types.

[IMGCAP(2)]Lowe has worked on more than $3 billion of distressed real estate over the past 37 years, providing workout services to a broad range of banks and other institutional owners that dates back to the earliest days of the firm. Its   This experience includes significant portfolio assignments for H.F. Ahmanson & Co. (later Washington Mutual), US WEST Real Estate and Washington State Investment Board, as well as asset management of the largest single asset assigned by the Resolution Trust Corp.

Virtue previously was a director with Merrill Lynch's real estate investment banking group, working both in New York and Los Angeles and was involved in the financing and advisory activities of both public and private real estate, hospitality and leisure companies. He will be based in Lowe's Los Angeles office.

Ung, who has been with Dunn since October 2008, will be based in the corporate offices of Charles Dunn Co.'s Downtown Los Angeles building at 800 W. Sixth St. Dunn's Restructuring Services Group "will address all types of distressed real estate needs and situations," according to a company statement.

Ung notes that, while this type of service has been in place for years at Charles Dunn Co., the newly formed RSG concentrates those services on a team that has experience working with lenders, borrowers, government entities, institutions and individuals. The Dunn RSG team's main service lines include receiverships, asset and property management, client consultation, asset evaluation, sales and leasing brokerage, loan workout strategies and loan sales.

Ung has more than 12 years of experience in real estate finance, development, asset management and brokerage. He held previous senior management positions at J.P. Eliopulos Enterprises, a commercial and multifamily real estate development firm, and Suarez Architectural Co. He has structured, negotiated and administered corporate borrowing in excess of $300 million and has developed and managed projects valued in excess of $150 million.