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Aug 31, 2010

Receiver Appointed for Crenshaw Property in Los Angeles

August 31, 2010 -- NEWPORT BEACH, CALIFORNIA - Robert Griswold was recently recommended by California Bank and Trust and appointed by the Superior Court of California to serve as court-appointed receiver for the Crenshaw property.  The Crenshaw property is a retail complex located in Gardena, a suburb of Los Angeles.  The lender elected to install a receiver to operate the property after the ownership defaulted on its loan.  As receiver, Mr. Griswold engaged Griswold Real Estate Management as property manager and will select additional consultants as needed to manage the estate.    


In addition to being a receiver in association with CWP Advisors, Mr. Griswold is a real estate expert  and  owner of Griswold Real Estate Management, Inc.  He has served as a court-appointed receiver and bankruptcy custodian on over 175 matters spanning two decades.  He has consulted on over 1,500 litigation matters, been deposed over 225 times and provided sworn testimony in trial or arbitration on over 70 occasions in both state and federal litigation matters throughout the United States. Mr. Griswold is also an accomplished writer of several books and frequently contributes to real estate trade publications.  


Mr. Griswold has been associated with CWP Advisors since 2009.  CWP Advisors is a real estate advisory firm providing services to owners, lenders and special servicers who have invested in residential and commercial real estate located throughout the western United States.  Its clients include some of the largest financial institutions and special servicers responsible for managing loans pooled into commercial mortgage backed securities (CMBS).


California Bank and Trust is a subsidiary of Utah-based Zions Bancorporation, a large financial institution with assets of over $50 billion.  On Friday February 6, 2009, the California Department of Financial Institutions closed Alliance Bank and the Federal Deposit Insurance Corporation was named receiver. By the following Monday, California Bank and Trust had acquired the deposits and loans of the failed Alliance Bank.

About CWP Advisors LLC

CWP Advisors was formed in response to the distressed real estate market. The Company offers Asset Management, Receivership Services and Sophisticated Resolution Solutions for real estate assets for owners and lenders invested in residential and commercial real estate.

For more information: 1601 Dove Street, Suite 273, Newport Beach, CA 92660 | 949-330-7370