SOURCE: Easton Lynd Management

January 29, 2010 12:03 ET

Easton Lynd to Manage Distressed Properties for Warren Buffet-Owned Berkadia Commercial Mortgage

First Assignment Is a 44,000 Square Foot Retail Building in Clearwater, Florida

SAN ANTONIO, TX--(Marketwire - January 29, 2010) - Easton Lynd Management, the commercial property management division of The Lynd Company, has been tapped by Berkadia Commercial Mortgage LLC to manage a portion of its distressed property portfolio throughout the United States. Berkadia, based out of Horsham, Pennsylvania, is a top-rated, special servicer of commercial real estate loans owned jointly by Warren Buffet's holding company, Berkshire Hathaway Inc. and Leucadia National Corp. Berkadia has a portfolio of $240 million, making it the third largest servicer in the United States. Easton Lynd has more than 30 years managing commercial properties with 9.7 million square feet currently under assignment nationwide.

Easton Lynd's first assignment with Berkadia is a 44,000 square foot stand-alone retail building in Clearwater, Florida, that the loan servicer took back in January 2010. Circuit City had occupied the space prior to its filing bankruptcy and going out of business.

Zac Gruber, regional vice president in charge of Easton Lynd, said a property manager plays a vital role for a loan servicer when it comes to maximizing a property's value.

"Timing is very important in distressed situations," said Gruber. "As a manager, you have to act quickly and be able to identify any issues that are causing the property to lose money. You then have to analyze, prioritize and execute what needs to be done to turn the asset around. It takes a well-trained staff to make this happen."

Gruber continued, "We manage properties like they are our own. Our operations and executive teams come from all areas of commercial real estate, so we are intimately aware of the pressures of real estate investment. We have the clients' best interest in mind 100% of the time."

Gruber said one area in which Easton Lynd brings value is its ability to bring expertise and flexibility to the table when decisions are being made on how to eventually dispose of distressed real estate.

"We provide important feedback that helps steer lenders and servicers in making the right business decision," said Gruber.

Another feature that gives Easton Lynd a distinct competitive edge is its technology platform. The company developed a web-based portal called Easton Lynd Ultranet, which allows owners to view reports, property files, leases, financial statements, insurance binders and results whenever they need access to that information.

"Berkadia ultimately chose us due to our real time technology and transparent reporting," said David Lynd, chief operating officer of The Lynd Company. "In times like these, no one wants surprises. We look forward to continuing our third party management presence in the commercial space in the coming year."

Easton Lynd expects Berkadia and other commercial lenders will have a wave of real estate takeovers to fill the pipeline in 2010. Gruber expects commercial loan defaults to increase and believes his company is well positioned to manage these assets.

"We've been highly successful in leveraging technology, expertise and strong customer service to add value to real estate investments for more than 30 years," said Gruber. "We look forward to doing that with Berkadia and any other entity that needs help managing troubled real estate assets anywhere in the country."

About Easton Lynd Management:

Easton Lynd Management, a division of San Antonio, Texas-based The Lynd Company, is one of the country's fastest growing and most advanced commercial real estate management companies. The firm represents a diverse investor base from small private investors to large institutional clients across multiple property types including industrial, office and retail. Its revolutionary property reporting and tenant interaction capabilities make Easton Lynd a preferred property management firm. For more information log on to

About Berkadia Commercial Mortgage:

Berkadia Commercial Mortgage LLC, owned jointly by Berkshire Hathaway and Leucadia National Cororation is a highly rated special, master and primary servicer of managing a portfolio of more than $240 billion. As a correspondent for insurance companies and a leading approved lender for Fannie Mae, Freddie Mac, HUD/FHA, Berkadia offers client access to capital sources for acquisition construction, rehabilitation or refinance of commercial real estate properties. For more information

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