NAI Global, a network of commercial real estate firms, has formed a Special Asset Solutions group to assist clients with financially distressed real estate and real estate owned (REO) assets.
The new group concentrates NAI's resources across multiple disciplines and markets to provide banks, financial institutions, special servicers and other holders of REO assets with the full spectrum of services an asset is likely to require throughout the ownership cycle, the company says.
The group's service offerings include loan sales, loan restructurings, asset management, property management, receivership, due diligence, valuation, leasing and disposition. Special Asset Solutions also leverages the product-specific expertise of NAI specialty practice groups in the retail, multifamily and hospitality sectors.
"With a large number of assets coming under their supervision over the next 12 to 24 months, lenders are having to adapt to a new role as de facto property owners," says NAI Global President and CEO Jeffrey M. Finn. "This realignment of our established service lines enables understaffed REO departments to focus on their core competencies while proactively dealing with their nonperforming loans and REO."
NAI Executive Vice President Rhyne Brown will lead the team, which the company says is supported by 5,000 professionals in over 325 NAI offices worldwide, including most secondary and tertiary markets where many of these assets are located.
"While there are a variety of issues that must be addressed along the way, the ultimate goal for many of our clients is a successful disposition," says Brown.
NAI adds that it employs a variety of disposition methods, from traditional real estate marketing to loan sale programs and accelerated marketing programs, such as NAI's Commercial Property PowerSale online property auction platform.
SOURCE: NAI Global