The Corvus Group, a Washington, D.C.-area firm with nearly $10 billion of real estate assets under management from failed banks, has formed a Troubled Asset Advisory Group (Corvus TAAG).
The group, based in Chicago, says it provides specialized staffing and analytical/advisory services to companies involved with troubled and distressed commercial real estate and homebuilder/residential development debt.
The new division's services include loan/bank-owned property portfolio due diligence and valuation, workout services, disposition oversight and management, collateral services oversight (receiverships and property management), special servicing support and legal coordination.
"Corvus TAAG allows us to expand our staffing expertise to the growing number of investor groups, servicers and financial institutions now experiencing a broad variety of commercial real estate credit challenges," says Corvus Group President Tom Rosenfeld.
Through a strategic partnership with accounting, tax and business consulting firm RSM McGladrey Inc., the RSM McGladrey Inc./Corvus team is one of eight organizations to support the Federal Deposit Insurance Corp. (FDIC) with bank closing services.
Since 2008, Corvus has supported more than 30 bank closures nationwide by performing asset management services on distressed real estate loan portfolios. To date, Corvus has serviced and managed more than 25,000 assets from closed banks with an outstanding balance exceeding $10 billion, the company says. Of these assets, more than 13,000 have been resolved, with a balance of more than $6 billion.
SOURCE: The Corvus Group