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New Besen distress team.

The Besen Group, a full-service commercial real estate firm, has formed a Distressed Asset Advisory Group, a special service unit to provide expertise to lenders for commercial property in financial distress Financial distress

Events preceding and including bankruptcy, such as violation of loan contracts.
.

The group will advise lenders, receivers, special servicers as well as owners, offering valuation, asset management, re-capitalization and disposition services.

Sanjay Gandhi, managing director, will head up the unit working with Michael Besen, chief executive officer of The Besen Group.

The Distressed Asset Advisory Group is comprised of an interdisciplinary team interdisciplinary team,
n a group that consists of specialists from several fields combining skills and resources to present guidance and information.
 to consult with clients throughout each step of the process, from initial default by the borrower, note sale, or Real Estate Owned Real Estate Owned

Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most
 by lender (REO reo
Noun

NZ a language [Maori]
) sale.

As court-approved fiduciaries, members of this team are authorized to act as managing agent and/or broker for property in receivership status.

The group already has assignments to manage commercial assets in receivership throughout the New York Metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . Several national lending institutions have retained the group for management and REO sale assignments over the past year.

Michael Besen commented, "Protecting the asset and the value of the property during the receiver's tenure of control is of paramount importance. Our significant experience in managing over 2,000 residential units, 130 stores and 604,000 s/f of Class B office space will enable a seamless transition of the property."

During the Savings & Loan crisis of the early 90, Besen worked with the Resolution Trust Corporation (RTC See real time clock. ) and was one of a select group of brokers exclusively representing Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation.  in the disposition of hundreds of distressed assets.

The team has an established network with lenders, attorneys and receivers for foreclosure proceedings.

"Our asset management expertise is what ultimately differentiates us from the masses of brokerage-based distress groups recently formed. We believe that our ability to provide 360 degree service starting even prior to a loan defaulting could be highly beneficial to those with troubled assets," said Sanjay Gandhi.
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Title Annotation:Besen Group
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Oct 7, 2009
Words:316
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