Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CORAL GABLES, FL-Locally based Colliers Abood Wood-Fay has established a receivership solutions practice to address the rising number of commercial real estate foreclosures in South Florida. The new division will offer its expertise to banks and special servicers that have been forced to take back properties.

David Garfinkle, an asset manager who has specialized in distressed and underutilized properties for more than a quarter-century, will lead the Colliers Receivership Solutions team. He will work with Adam Pollock, general counsel for receivership solutions, as court-appointed receivers who will take on such tasks as collecting rents, paying expenses, maintaining assets, marketing properties and overseeing dispositions.

Nine team members with over 120 years of combined experience will work to maximize the value of REO assets in all commercial sectors, including fractured condominium projects. Garfinkle previously served as CEO and managing member of Miami-based GWP Group, a real estate investment and management firm where Pollock also served as managing member and general counsel.

“Over the next 36 months, a broad spectrum of asset types will be taken over by lenders who will seek seamless solutions to realize the maximum value for their properties,” Garfinkle tells GlobeSt.com. “Colliers Abood Wood-Fay gives us the complete spectrum of real estate asset services to maximize recovery for lenders and special servicers.”

Services provided by Colliers Receivership Solutions also include non-judicial monitoring; comprehensive asset management; stabilization and maximization of cash flow; property risk assessment and mitigation; sales and leasing marketing plans; management of property improvements, renovation and construction completion; and blanket receiverships for community associations.

Garfinkle has been a client of Colliers Abood Wood-Fay for the past 18 years, says Michael Fay, president of the firm. “We have operated with him on many levels, from management, leasing, renovation and sales of different product types over the years,” Fay says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.