Distressed Asset Advisory Group
The Besen Group, a full-service commercial real estate firm, has formed the Distressed Asset Advisory Group (DAAG), a special service unit to provide expertise to lenders for commercial property in financial distress. The group advises lenders, receivers, special servicers as well as owners, offering valuation, asset management, re-capitalization. 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, starting from initial default by the borrower. As court-approved fiduciaries, members of this team are authorized to act as Managing Agent 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.
Protecting the asset and the value of the property during the receiver’s tenure of control is of paramount importance. Superior management expertise is offered to properly safeguard the value of the asset. Significant experience in managing over 2,000 residential units, 130 stores and 604,000 square feet of Class B office space enables a seamless transition of the property.
The Besen Group is a full-service commercial real estate firm in business for over twenty years with a client list that includes prominent private equity funds and large-scale New York-based landlords. During the Savings & Loan crisis of the early Nineties, Besen worked with the Resolution Trust Corporation (RTC) and was one of a select group of commercial brokers exclusively representing Freddie Mac in the disposition of hundreds of distressed assets. The team has an established network with lenders, attorneys and receivers, in each of the five boroughs of New York City and surrounding metropolitan area for foreclosure proceedings.
Back-office capabilities and on-site field presence are in place to effectively manage buildings through such challenging transition periods. The ability to provide 360 degree service starting even prior to a loan default is intended to highly beneficial to those with troubled assets.