Spring 2015 Newsletter

Las Vegas
San Diego
San Francisco
Washington, D.C.
Spring 2015
Newsletter
DWC READIES FOR DROUGHT’S IMPACT
ON REAL ESTATE
SPECIALIZED
SERVICES
Development Services
Land Entitlements
Asset/Property Management
Asset Repositioning
Resort/Hotel Management
Golf Course Management
Receiverships
Trustee
Brokerage & Disposition
Referee
Forensic Accounting
Due Diligence
Court-Appointed Fiduciary
Special Master
Liquidating Trustee
Bankruptcy Examiner
Expert Testimony
Highest and Best Use Analysis
From ski resorts to agricultural
properties, Douglas Wilson Companies
(DWC) realizes and understands
the challenges some real estate and
operating business sectors are facing as
a result of the ongoing water shortage
in the Western United States, and
California in particular.
A decline in natural snowfall changes
the nature of ski resort operations, while
California Drought Effects Ski Resorts
long-standing agricultural properties
are challenged to produce under diminishing natural conditions and restrictions on water
inputs. Although state and local governments are working to address climate change, the
frequency of extreme events such as droughts, heat waves, wildfires, and floods is expected
to increase, according to an early 2015 report by the Public Policy Institute of California
(PPIC), negatively impacting agricultural properties. Conversely, higher temperatures will
result in more precipitation falling as rain in mountainous regions — and less as snow —
PPIC reports. Many will be forced to adopt new operations, or change course entirely.
DWC has more than a decade of experience working with ski resorts and agricultural
operations, both as receiver and consultant. We have worked with numerous clients to
develop successful outcomes across the nation.
-CONTINUED INSIDE
ADVISORY SERVICES GROWTH UNDERWAY AT DWC
DWC continues to grow in its full-service real estate platform, spanning development,
brokerage and development management services. With more than 25 years of experience,
DWC is known nationwide for its ability to provide a full range of professional real estate
services to meet our clients’ needs.
Currently working with family trusts, hotel REITs, community focused non-profit
organizations, corporate clients expanding their campuses, and individual land owners,
DWC’s team of professionals is fully versed and experienced in all areas of development
including strategic planning, lease negotiations, development planning, financing, and
project management — from design through completion.
DWC has been focused on leveraging our long-standing relationships with various
municipalities and public agencies to facilitate expedited and seamless entitlement
successes. Our capabilities include land acquisition, zoning evaluation, asset value
assessments, project entitlement, financing procurement and construction management —
providing a full soup-to-nuts suite of services for clients of all types.
Problem Resolution & Fiduciary Services | Real Estate & Construction Services | Brokerage Services

Spring 2015
N e w s l e t t e r
DWC READIES FOR DROUGHT’S IMPACT
ON REAL ESTATE (CON’T)
DWC MAKES ENTRY INTO SENIOR LIVING
WITH NEW PLATFORM
“In realizing the
opportunity
senior living
presents, we
are dedicated
to committing
the resources
necessary
to mark our
foray into this
sector with our
established
capabilities &
expertise.”
- Douglas Wilson
Our agricultural experience spans more than 10,000 acres of active farms and ranches. As Receiver
for Morimoto Almond Farms — a series of 12 working almond farms in Northern California
— DWC negotiated with and retained third-party farm management to care for, preserve and
maintain the farms while completing rezoning of 372 acres to Industrial Planned Development
use. DWC later liquidated the farming operations
and sold the land at above appraised value. The firm
has also successfully managed ranch operations for
Citrus Farms’ six producing properties in Central
California; consulted for Dillingham Ranch, a
2,500-acre cattle ranch with equestrian center,
coconut tree plantation, local water district and 10-
room inn in Oahu, Hawaii; and managed the Loyal
M. Nordstrom Estate, with numerous properties
across California, Washington, and Hawaii,
including a 2,500-acre horse, llama and alpaca farm.
Morimoto Almond Farms
Over the last 10 years, DWC has also handled numerous, diverse ski resort properties in
receivership with continued experience and success. The firm’s expert receivership team has
managed several such assignments including Tamarack Resort in the greater Boise, Idaho area;
Shanty Creek Resort & Club 30 miles from Traverse City, Michigan; and Royal Gorge Ski
Resort & Rainbow Lodge near Lake Tahoe, California.
DWC has developed unique solutions during these assignments. In the case of Tamarack Resort
(Resort), the firm was met with several challenges after being engaged to take over and stabilize
the resort. Located 90 miles north of Boise, Idaho, Tamarack Resort is a 7,000 acre four-season
resort and residential community — the first newly permitted four-season resort in North America
in more than two decades.
DWC’s initial receivership task included the in-depth review of all departmental operations
(lodging, food & beverage, recreational activities, and construction) for purposes of preparing
a 90 Day Budget to prepare the Resort for the winter ski season. DWC supervised all Resort
personnel while overseeing the Resort’s winter operations. Additionally, DWC supervised the
construction/winterization of the Resort’s Village Plaza and residential developments while
adhering to all environmental, regulatory, and governmental agencies. Other tasks included
implementing a winter marketing plan, the transfer and operations of numerous liquor licenses,
the verification of all escrow monies, and the review of all pending legal matters.
DWC’s ski resort work has spanned in-depth financial and membership plan analysis, forbearance
and foreclosure, operations, management of staff, and the marketing and sale of such properties.
As the drought continues, ski resorts and agricultural properties will be impacted and DWC is
here to provide our expertise on this foreseen condition and challenges in hopes of achieving the
best possible outcomes.
DWC is making a strategic foray into the business of senior living development. As part of
our ongoing commitment to development across the southwest region and beyond, the firm
will be embarking on a new product line of senior living with an assisted living and memory
care focus.
The firm’s pursuit of upcoming senior living projects stems from our realization of a strategic
opportunity based upon growing demographics and investor demand. It is often cited that
10,000 baby boomers turn 65 each day, and in the coming decades, DWC is committed to
developing residences that will house and help care for this growing population. To date, the
firm has partnered with several industry consultants and has engaged with strategic partners to
grow its presence in this market sector. We are in the process of undergoing several feasibility
studies with a memory care and assisted living focus, toward the development of market rate
units managed by an experienced operator in the senior living space.
“We are very attentive to the uptick in this market,” said DWC Chairman and CEO Douglas
Wilson. “In realizing the opportunity senior living presents, we are dedicated to committing
the resources necessary to mark our foray into this sector with our established capabilities
and expertise.” DWC is focused on developing and holding senior living assets as long term
investments. With the firm’s recent hires and new talent, this new product line is a natural
segue for DWC.
DWC BRINGS 460-ACRE PREMIER SAN DIEGO
AGRICULTURAL PROPERTY TO MARKET
DWC is brokering for sale a 460-acre premiere agricultural property in Oceanside, California.
The property, Singh Ranch, is an operating tomato farm suitable for a wealth of future
development potential, including new residential construction. The property is owned by
the Singh family, a third-generation farmer, which is known for its production of vine-ripe
tomatoes that are distributed both locally and throughout the U.S. The family will consider a
leaseback of the property while future development entitlements are obtained.
Current zoning provides for 2.5-acre minimum lot size, presenting a prime opportunity for
future equestrian or agricultural estates located just nine miles inland from the Pacific Ocean.
Residential development is an obvious future use of the property as it is located to allow for
gated entries from adjacent thoroughfares and is connected to existing trails that extend to
Oceanside’s waterfront and beaches.
The property is a prime development opportunity featuring gentle, rolling hills, pristine views
and excellent soil and climate for growing. Singh Ranch also features an elaborate multi-well
water distribution system that includes eight on-site wells (and approvals for three additional
wells) and a 1.5-million gallon reservoir that is suited, and currently in use with an existing
irrigation system for agricultural purposes.
Las Vegas
330 E Warm Springs Road
Suite B43
Las Vegas, NV 89119
San Diego
1620 Fifth Avenue
Suite 400
San Diego, CA 92101
San Francisco
50 California Street
Suite 1500
San Francisco, CA 94111
Washington, D.C.
1200 G Street NW
Suite 800
Washington, DC 20005
For More Information:
Michele Vives
Managing Director
mvives@douglaswilson.com
619.906.4376

INSIDE
California Drought Impact
DWC Advisory Services
Senior Living Platform
New Brokerage Assignment
Newsletter
Dear Friends,
As evidenced by the variety of projects referenced
in this edition of our newsletter, DWC continues
to diversify, reflecting the evolution of the
improving economy.
Our current primary focus is on principal real
estate transactions in market niches that are
attractive to the current capital markets. Of
particular interest is our dedication to growing a
portfolio of senior living facilities as the market
will continue to expand with the aging population
and undersupply of product.
although the stabilized markets have led to a
significant reduction in troubled real estate assets,
we are beginning to see more partnership disputes
involving fraud. As has been the case in the past,
this trend closely follows the past few economic
cycles and is why we will never abandon our 26
years of experience in this arena.
I want to again thank all of our deep relationships
for the continued support over the past many
years!!
Sincerely,
Douglas Wilson
Chairman & CEO
dwilson@douglaswilson.com
Regarding the state of the workout business,
Douglas P. Wilson
1620 Fifth Avenue, Suite 400
San Diego, California 92101
www.douglaswilson.com
619.641.1141