Parallel Holdings has formed a new venture, Parallel Asset Management, which focuses on third-party asset management and asset resolution services for commercial real estate debt and equity. Since its formation, Parallel has been awarded $600 million in assignments, handling both performing and distressed loans and hard assets, the company reports.
Parallel's team of real estate professionals bring significant experience in the areas of asset management and workouts, lending and capital markets, and ownership, development and operations, the company says.
"We understand the relationship between debt and equity because we've been there, executing transactions and developing and implementing business plans as lenders, owners, managers, developers and workout specialists, says Ken Schechter, co-head of Parallel. "Our team is fully equipped to deliver the desired outcomes for our clients."
SOURCE: Parallel Holdings