CHICAGO-Magellan Development Group, based here, is launching Magellan Project Services. The new group will be a consulting service to work with financial institutions dealing with underperforming assets or development challenges. Brian Gordon, VP, will be the president of the new affiliate.

“We believe there is an opportunity, with the credit crunch and the slowing economy, for us to work with institutional lenders, mezzanine financiers and banks to take over some of their existing projects that might have been foreclosed on,” Gordon says. The group will look for opportunities “in all of the troubled markets nationwide,” including Miami, Phoenix and Las Vegas, he says. Robert Pontarelli will be the head of the western division for the affiliate.

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