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New firm taps distressed real estate opportunities.

A team of real estate professionals with nearly $5 billion of workout expertise, announced today the formation of Commercial Realty Resolution LLC (CRR), an integrated, multi-service distressed real estate advisory and asset management firm. CRR's target clients include financial institutions such as banks, insurance companies and pension funds; real estate private equity funds, hedge funds and other buyers of distressed assets; and government entities.

CRR's founding members are Paul Fornaby, Kevin Cahill, Richard Cohn, Marisa Mackey, Joseph Michels and Michael Pollis. CRR is based in New York with offices in Westchester and Long Island.

Paul Fornaby, president, has a track record of building and operating successful financial services businesses. Mr. Fornaby co-founded the loan workout group at Crossland Savings FSB (Crossland) and managed the workout department at Apple Bank. He was a senior executive and board member at Country Bank and Value Investors, Inc. Mr. Fornaby co-founded ValueExpress LLC, a full-service mortgage conduit lender. Most recently, he founded Forum Capital Partners, a commercial real estate advisory and investment firm.

Kevin Cahill, executive vice president, served with Mr. Fornaby at Crossland and was a senior officer in the Special Assets Department at Greater New York Savings Bank. In these positions he oversaw the loan workout processes which included foreclose and bankruptcy filings. In 1995, Mr. Cahill, along with Richard Cohn, founded Saturn Realty Partners, LLC, a diversified real estate finance, asset and property management firm.

Joseph Michels has held senior positions in the real estate lending departments of JPMorgan, Lehman Brothers and MetLife. He is knowledgeable of the lending practices and policies of conduit lenders and life insurance companies.

Richard Cohn, co-founder of Saturn Realty Partners, brings extensive turnaround and property management experience to CRR. Mr. Cohn has managed the financial operations for a residential developer and owner of income-producing property. In addition, Mr. Cohn has managed over one million square feet of assets including residential condominiums and cooperatives, town homes, single-family homes, office buildings and hotels

Marisa Mackey has held real estate and fixed-income investment positions at Tudor Investment Corporation, Angelo, Gordon & Co. and W. P. Carey. While holding these positions, Ms. Mackey was involved with the acquisition of over $650 million of commercial property.

Michael Pollis has over 20 years of commercial real estate experience with Washington Mutual and Emigrant Savings Bank. Mr. Pollis has originated over $1 billion of commercial mortgages for bank lenders.

According to Fornaby, "We founded Commercial Realty Resolution on the premise that each workout is unique, and requires personal attention." Our extensive expertise with troubled real estate assets enables us to add significant value in determining each client's best course of action in any distressed situation. We are committed to maximizing our clients' recovery related to distressed assets in an existing portfolio, and maximizing future returns when buying distressed assets."

Cahill added, "Our broad-based property and asset management expertise uniquely qualifies CRR to manage assignments in distress, foreclosure and bankruptcy. We are experienced with the complexities involved with receivership and court appointed trustees."
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Title Annotation:FINANCE
Comment:New firm taps distressed real estate opportunities.(FINANCE)
Publication:Real Estate Weekly
Date:Apr 15, 2009
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