Criterion Development Partners has launched a specialty practice, Criterion Real Estate Services, which provides multifamily services to lenders, owners, institutional investors and other equity partners seeking to optimize the performance of distressed real estate assets.
The first client to engage Criterion Real Estate Services sought help for a portfolio of 10 underperforming multifamily projects, including raw land, disputed land contracts, a project undergoing a renovation and another under construction, the company says. Responsibilities included underwriting to determine a go/no-go decision, contractor qualification, and value engineering and plan analysis.
"A thorough and independent underwriting is critical to the successful resolution of any distressed situation," notes Pretlow Riddick, Criterion's president and principal. "Market fundamentals have changed so significantly in the last year that many assumptions underlying today's real estate models may no longer be valid."
Feasibility analysis conducted by Criterion Real Estate Services focuses on market analysis, regulatory requirements, entitlement risk assessment, site and design assessment, as well as project underwriting associated with capitalization, construction, operations and disposition assumptions. Additionally, Criterion Real Estate Services provides a recommended action plan, including a detailed timeline and budget.
SOURCE: Criterion Development Partners