The PKPG Companies are a real estate improvement group focusing on assisting developers and banks with the following:
· Oversee the construction and purchasing on incomplete units or projects
· Provide Pro-forma and cash flow modeling for projects to determine exposure risk
· Oversee the sales and marketing efforts in disposing of properties
· Work with the municipalities on any permit issues associated with incomplete properties
· Work with Title companies on any lien issues tied to the incomplete properties
· Manage over the clean up and disposition of REO properties
The PKPG Companies were founded by Peter Canalia, who is a 15+ year veteran of the homebuilding industry. Mr. Canalia has held the roles of SR. VP of Purchasing, SR. VP of Construction, VP of Sales & Marketing, VP of Development and President over a publically traded homebuilding division. With his strong background in multiple fields, Mr. Canalia has the experience to assist your group with any situation.
Mr. Canalia has a deep background in dealing with workout situations arising from underperforming markets or poor execution by previous developers. Some of those experiences are:
Mr. Canalia was hired by a publically traded homebuilder to close down one of their operating divisions. The homebuilder was active in 11 communities and owned a great deal of land. Mr. Canalia managed over the reduction in work force associated with the closing. He completed and closed the remaining backlog and speculative units. He packaged and sold the land off to local developers and builders. He negotiated down all office and equipment leases and he set up a customer service team to stay in the market for two years after the last closing to mitigate any future losses for the company
Mr. Canalia worked with a local bank and developer to arrange a deed in lieu of foreclosure on an underperforming development in Chicago. The property was rezoned for more units allowing the bank to increase the value of the property which enabled them to take back the property without fear of a large loss as would have been the case under the original development plan.
Most recently Mr. Canalia worked with a large Chicago based developer on a project located in Nashville, TN. The project’s floor plans, elevations and specifications greatly missed the target market, so Mr. Canalia worked with the local sales team in preparing a market study to determine the product and price point needed to meet the developer’s absorption schedule and then worked with an architect to develop new product to support the study. Mr. Canalia also worked with the sales team to assist them in how to market the existing homes in order to sell them, buy down the construction loan and make way for the new product.
As briefly shown above, the PKPG Companies have a long history of working through difficult situations to create the best results possible. In the event your firm feels the PKPG Companies can assist you with your project, please contact me at the numbers or email addresses listed below. We would be glad to meet with your group at our expense to assess your situation and create a personalize proposal for your needs.
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