Printer Friendly

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.

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 to consult with clients throughout each step of the process, from initial default by the borrower, note sale, or Real Estate Owned by lender (REO) 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. 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) and was one of a select group of brokers exclusively representing Freddie Mac 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.
COPYRIGHT 2009 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Besen Group
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Oct 7, 2009
Previous Article:CPC launches $1b green lending program.
Next Article:SL Green.

Related Articles
Besen & Associates.
Besen & Associates.
Besen Retail LLC.
Besen invites investors to get off the sidelines.
Besen Retail.
Former Besen brokers open new firm.
Besen & Associates.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters