Special Situations
Stabilization. Workout. Transition.
CCUS engages in distressed, transitional, and complex real estate situations where the priority is value preservation — and where experienced judgment is the difference.
The Capability
Built from two decades on the lender side.
David Homsher spent two decades managing distressed commercial real estate loans on behalf of institutional lenders and CMBS trusts — working with receivers, evaluating workout strategies, and making owner-level decisions when assets moved into foreclosure and REO. That experience is not theoretical. It is the foundation of CCUS's special situations capability, and it shapes how the firm approaches every distressed or transitional engagement. The work is not about finding creative structures. It is about understanding the asset, the operating situation, and the realistic path to stabilization — and providing a credible, independent view of what that path requires.
What we deliver.
Engagements are accepted selectively, based on the situation, asset type, and the firm's current capacity to deliver.
Distressed and underperforming asset assessment
Structured analysis of an asset in or approaching distress — identifying the gap between current performance and stabilized value, the capital and operational changes required to close it, and a credible execution plan that a lender, equity partner, or owner can rely on. We lead with what is achievable, not what is optimistic.
Workout, restructuring, and recapitalization support
Advisory to lenders, servicers, and equity partners navigating a distressed loan or ownership situation — evaluating the operating situation, assessing the sponsor's capacity to execute a workout plan, and providing an independent view of the asset's stabilization path and recovery value. David Homsher has managed these situations from the lender's side for two decades.
Transition oversight
Operational oversight during a change in control, management transition, or ownership restructuring — ensuring continuity of leasing, operating systems, and management accountability during a period when assets are most vulnerable to performance deterioration.
Asset stabilization, cash controls, and reporting
Engagement focused on protecting asset value during a distressed or transitional period — triage of deferred maintenance, leasing stabilization, operating expense management, cash controls, vendor coordination, and management accountability. The goal is to arrest deterioration and create a stable platform for the next phase, whether that is a sale, refinance, or recapitalization.
Lender-side advisory
Independent advisory to lenders and servicers evaluating a distressed multifamily loan — assessing the operating situation, evaluating the sponsor's capacity and credibility, and providing a frank view of the asset's stabilization path and recovery value. Delivered with the perspective of someone who has managed these situations from the lender's chair.
Court-appointed and fiduciary assignments
CCUS considers court-appointed receiver and fiduciary assignments only when the platform is qualified, insured, bonded, conflict-cleared, and formally appointed. These engagements require a higher standard of independence, accountability, and operational readiness. CCUS accepts them selectively and only when every prerequisite is in place.
Who We Work With
Situations that require a different kind of operator.
Lenders and servicers
Lenders and servicers managing a distressed multifamily loan who need an experienced, credible operator to assess the situation, evaluate the sponsor, and provide an independent stabilization analysis. David Homsher has managed these situations from the lender's side for two decades.
Special servicers
Special servicers managing CMBS assets in distress who need an independent operator to assess the operating situation, evaluate the business plan, and provide a credible view of what stabilization will require — and what it will cost.
Owners in distress
Owners of multifamily assets facing operating shortfalls, lender pressure, or partnership disputes who need an experienced operator to assess the situation honestly and provide a clear-eyed view of the options — including paths that may be uncomfortable to hear.
Equity partners and investors
Equity partners in a multifamily asset where the operating sponsor is underperforming or in default — needing an independent assessment of the situation and a credible path to stabilization, recapitalization, or exit.
Counsel
Attorneys representing lenders, owners, or investors in distressed real estate situations who need an experienced operator to provide an independent assessment of the asset, the operating situation, and the realistic stabilization path — in a form that can support legal and financial decision-making.
A note on scope and confidentiality.
CCUS accepts special situations engagements selectively — based on the nature of the situation, the asset type, and the firm's current capacity. All engagements are handled with strict confidentiality. We do not discuss current or past engagements without explicit authorization. All inquiries are reviewed at the principal level.
Describe your situation.
Special situations engagements begin with a direct, confidential conversation. Submit an inquiry and a principal will be in touch.
Submit an Opportunity