X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-This week, locally based Related Group expanded its real estate services by forming Related Asset Advisors, a company that will focus on providing financial advice and resources for troubled real estate assets. Many of Related’s employees are already involved in the financing, marketing and positioning of products, executive vice president Joyce Bronson tells GlobeSt.com, and this multi-service group will branch out to help residential and commercial lenders and owners that may be experiencing financial hardship.

The company will offer services such as asset management, loan workouts, construction management, property management, sales and leasing expertise. The group consists of three main executives–Bronson and senior vice presidents Oscar Rodriguez and Barbara Salk–and access to numerous experts throughout the company and its affiliates, says Bronson.

“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, in a release. “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.”

There is no specific dollar amount set aside for the company to dole out, indicates Bronson, adding that resources will be available on a case-by-case basis. Related would also work with owners on strategy and management to explore the possibility of obtaining new loans from lenders, she says. The company’s goal is to help lenders, financial institutions and owners get a fresh perspective and outlook on properties struggling because of the economy and capital markets freeze.”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 Jorge Perez, Related chairman and CEO, in a released statement.

Early this year, GlobeSt.com reported that Related Group had formed a $1-billion fund in partnership with Philadelphia-based equity firm Lubert-Adler to purchase mortgages and residential properties from developers, lenders and owners. When asked about the fund’s relation to the new company, Bronson says the fund has criteria that may not match what a property owner would want, and Asset Advisors would offer another method through which Related could help. They are two separate arms of the company, she says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.