Grubb & Ellis Co., a commercial real estate services and investment firm, has formed a financial services asset management practice designed to provide critical services to financial institutions, special servicers and government agencies dealing with challenged real estate and mortgage assets.
Services offered include receivership, property management, construction management, asset due diligence, lease administration, valuation transaction management and capital markets execution.
‘The current environment is placing significant stress on a variety of our clients who are managing real estate debt as collateral values are challenged and recapitalization options shrink,’ says Glen Esnard, president of Grubb & Ellis' capital markets group.
The practice group is being co-led by Frank Mancini, executive managing director, in New York and Conrad Andersen, senior vice president of global client solutions, in Newport Beach, Calif.
Source: Grubb & Ellis