Washington, D.C., USA - August 24, 2009, Washington, D.C., USA - CWCapital Asset Management, a subsidiary of CW Financial Services, hired Burr Ault, Daniel Balkam, Patrick Connell, David Smith, Sam Stern, and Geoffrey Wood, all named vice presidents and senior asset managers.
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Mr. Ault, Vice President and Senior Asset Manager, joins CWCAM with over 20 years of experience in real estate leasing, property and asset management handling a broad range of asset classes, with particular expertise in the repositioning of retail assets. Mr. Ault will be responsible for the management, stabilization and disposition of retail properties. Most recently, he served as President of Ault Real Estate Group, specializing in REO workouts and real estate advisement for financial institutions, specifically designing and implementing stabilization strategies for challenged commercial real estate assets.
Mr. Balkam, Vice President and Senior Asset Manager, joins CWCAM with over 20 years of experience in asset management, underwriting CMBS loans, workout and financing of commercial and multifamily real estate assets and will strengthen the firm’s expertise in the handling of FHA-financed assets. His expertise also includes Project and Asset Management for multiple property workouts, including the restructuring and modification of mortgages through the HUD Section 8 Mark to Market Program. A former executive with Bridger Commercial Funding, Mr. Balkam previously served as head of underwriting and closing of new CMBS loans for the eastern United States.
Mr. Connell, Vice President and Senior REO Asset Manager, joins CWCAM with over 19 years of experience in real estate investment and asset management and will be responsible for the management and disposition of a portfolio of Single Asset REO. Mr. Connell's expertise includes designing successful leasing and asset repositioning/redevelopment strategies as well as financial reporting for institutional and private equity clients. Most recently, Mr. Connell served as Vice President - Regional Asset Manager for New Boston Fund, Inc., where he was responsible for value creation efforts over a portfolio of office, industrial, multifamily and condominium development projects from Florida to Pennsylvania.
Mr. Smith, Vice President and Senior Asset Manager, joins CWCAM with 20 years of experience in the hospitality industry and will focus on overseeing the operations, leasing, and disposition of assets in a portfolio of CMBS loans, primarily hotels. Mr. Smith has extensive experience in creating and executing strategic plans for special serviced assets and REO. Most recently, he served as Vice President of Portfolio Management for General Electric’s Healthcare Financial Services.
Mr. Stern, Vice President and Senior Asset Manager, has over 30 years of experience in the commercial real estate industry directing a full range of asset management services. He possesses an expertise in asset analysis, business plan formation and implementation/execution of various asset resolution strategies with a concentration on multifamily assets. Most recently, Mr. Stern served as Principal of SBS Associates LLC in New York. ■