Situs Instrumental Advisor to Winning Bidder of US$1.2 Billion in FDIC Loans.By The Situs Companies, PRNE
Sunday, March 14, 2010
HOUSTON, March 15, 2010 - The Situs Companies delivered underwriting support, loan servicing and
asset management support to the winning bidder of a US$1.2 Billion pool of
commercial real estate loans. On January 8, 2010, investment vehicles managed
by Colony Capital, LLC, a private, international investment firm, including
Colony Financial, Inc. (NYSE: CLNY), closed on the first Multibank Structured
Transaction of 2010. The loans were purchased from The Federal Deposit
Insurance Corporation (FDIC) after a competitive bid process run by the
FDIC's Financial Advisor, Deutsche Bank.
The Situs Companies provided due diligence and valuation support to
Colony's internal underwriting and valuation team for the portfolio comprised
of 1,200+ individual properties from 22 failed institutions. As noted in
Public Records, the failed institutions were primarily closed by the FDIC
between January 1 and March 31 of 2009, with bank and corresponding loan
concentrations in the southeastern and western regions of the United States.
According to Steve Powel, COO and Principal of The Situs Companies, "The
opportunity to work on the portfolio allowed us to leverage our offices
across the US, along with our team of valuation professionals, combining the
database and underwriting capabilities of CLOSER, developed by CJC Worldwide
Technologies of Franklin, TN, in partnership with the Situs Companies."
Situs Asset Management, the Rated Primary and Special Servicing division
of Situs, was retained to handle day-to-day loan servicing and to support
Colony's internal asset management team with respect to workout strategies
and resolutions of sub or non-performing loans. "As an approved emergency
primary and special servicer for the FDIC, Situs was the obvious choice for
us to partner with on this transaction", said Paul Fuhrman, Principal of
Colony Capital, LLC. "Additionally, Situs has a 25-year history, including
significant experience during the downturn of the 90s and, therefore,
understood our business model and was able to assist us immediately, adding
market expertise and the necessary bandwidth."
Situs is currently leveraging the recovery experience of this portfolio
with others, recently mandated to develop relevant market data on recoveries
and associated costs which can be used to more effectively bid future
portfolios. "We are very focused on providing clients a one stop, end-to-end
solution for acquirers of commercial real estate loan pools", added Steve
The Situs Companies is the leading provider of global commercial real
estate advisory services to the financial services industry. Since 1985,
clients have relied on Situs' experience, insight and best in class
processes. Combining creativity, flexibility, and strategic planning, the
company offers life of the loan solutions from due diligence to disposition.
The company is recognized throughout the industry for consulting, advisory,
servicing, outsourcing and disposition solutions. More recently, the company
added capital markets and platform restructuring expertise through its
affiliate Oasis Real Estate Partners. Situs is privately head, headquartered
in Houston and has offices throughout the United States and Europe. Visit our
website at www.situscompanies.com.
Keana Anderson, +1-949-400-7872, kanderson at cjcworldwide.com
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