The ""Corvus Group"":http://www.corvus-group.com, a Washington, D.C.-area firm with nearly $10 billion of real estate assets under management from failed banks, has formed a Troubled Asset Advisory Group (Corvus TAAG).
[IMAGE]The group, based in Chicago, says it provides specialized staffing and advisory services to companies involved with troubled and distressed commercial real estate and homebuilder/residential development debt.
The new division's services include loan and REO portfolio due diligence and valuation; workout and disposition services; collateral services, including receiverships and property management; special servicing support; and legal coordination.
""Corvus TAAG allows us to expand our staffing expertise to the growing number of investor groups, servicers and financial institutions now experiencing a broad variety of
[COLUMN_BREAK]commercial real estate credit challenges,"" said Tom Rosenfeld, president of the Corvus Group.
According to Rosenfeld, his team's experience with past savings and loan institution closures, as well as rising defaults within commercial mortgage backed securities, has given them the know-how to help clients minimize risk, maximize balance sheet value and capture cash returns.
The Corvus Group has supported more than $50 billion in asset transactions for federal agencies, including the FDIC, U.S. Department of Veterans Affairs, HUD, and the Small Business Administration.
Through a strategic partnership with accounting, tax, and business consulting firm ""RSM McGladrey, Inc."":http://www.rsmmcgladrey.com, the Corvus team is one of only eight organizations to support the FDIC with bank closing services.
""The Corvus team delivers proven real estate asset management expertise and knowledge on each FDIC engagement. We are pleased to partner with Corvus in supporting the FDIC with bank closing services,"" commented Michael Sher, managing director at RSM McGladrey.
Since 2008, Corvus has supported more than 30 bank closures nationwide by performing asset management services on distressed real estate loan portfolios. To date, Corvus has serviced and managed more than 25,000 assets from closed banks with an outstanding balance exceeding $10 billion. Of these assets, more than 13,000, or $6 billion, have been resolved.