According to Real Capital Analytics, there are more than $160 billion of commercial properties in the US in default, foreclosure or bankruptcy; and 2010 will see more of the same.

"It is clear to us that there are problems on the horizon for 2010 as 'extend and pretend' becomes less of an option for lenders and as additional maturing CMBS loans fall into distress--we expect to see $40 billion in CMBS loan maturities this year," Clark tells GlobeSt.com. "Eighty-nine billion dollars, out of the $147 billion in outstanding CMBS loans, were five years in term and originated in 2007, so the next few years will see a lot of flux in the market."

The Alter Asset Recovery team, which will work out of offices in Chicago, Atlanta and Phoenix, will help lenders maneuver through the financial, operational, asset-management and reporting steps for a successful takeover and sale of distressed properties. The arm will focus on institutional-caliber office, industrial, medical, mixed-use and office assets across the country.

Right now, Clark says, the group is in discussions with lenders in Illinois, as well as surrounding states, the southeast and the southwest.

With all the banking failures in 2009, the distressed-focused arm is likely to have a lot of business. "This is the first time since 1992 that more than 120 banks have failed," Gould tells GlobeSt.com. "Within the banking industry, there is a generation of personnel who have only known a bull market and a period during which global property returns quadrupled. The result is a lack of experienced internal workout staff. It is difficult to turn a relationship banker into a problem asset workout expert."

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Alter Group Launches Distressed Asset Arm

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