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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.

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