Jorge M. Perez, Chairman and CEO of The Related Group, announced today the formation of Related Asset Advisors to provide lenders and borrowers holding troubled real estate with comprehensive access to the type of market insight, financial acumen and real estate expertise that propelled The Related Group to the forefront of real estate development in the United States.
The new company will offer asset management, loan workout, construction management, property management, sales and leasing expertise that will be provided by Related’s executives and their affiliated companies.
"This tumultuous market and uncertain economy has caused a significant number of real estate projects in varying states of completion to fall back to lenders,” said Matt Allen, Chief Operating Officer of The Related Group. “We recognize this extraordinary opportunity to utilize our in-house expertise to provide overwhelmed lenders with the benefit of Related’s unparalleled construction, management and sales platforms. Related Asset Advisors will offer not only our expertise, but in certain cases may make available additional financial resources to help lenders complete unfinished projects in a cost-efficient manner and increase their sales potential. In a market where supply is expected to exceed demand for the foreseeable future, lenders need to find and utilize the best resources available to not only protect, but maximize the value of their assets."
Perez, an icon of American real estate development in the multi-family and mixed-use sectors recently introduced a $1 billion “opportunity fund” in January of this year for the purpose of bailing out troubled buyers and expanding assets. To real estate insiders, it comes as no surprise that the handful of lenders and borrowers who were approached privately before the announcement of the formation of Related Asset Advisors unilaterally responded to the prospect of tapping into Related’s expertise with enthusiasm.
“The highly volatile condition of the market and the complexities associated with condominium ownership has created conditions where you just can’t afford to make a mistake or the value of your assets could be drastically compromised,” said Perez. “Banks and borrowers with significant portfolios of real estate want access to the experts at Related, and we are providing them with a vehicle to make that happen.”
Founded in 1979, The Related Group has built and managed more than 70,000 residential units and its current development portfolio includes projects valued in excess of $10 billion, with reported sales of more than $1.2 billion over the past year.
For further information regarding Related Asset Advisors please contact: Joyce Bronson at (800) 917-1274. For more information on The Related Group or Related Asset Advisors, please feel free to review our website www.relatedgroup.com. |