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Friday - May 1, 2009
Commercial Mortgage Alert
Oceancrest Advisory Services, a due-dilligence and advisory firm based in Wilmington, N.C., is expanding to take advantage of growing opportunitites presented by the real estate downturn. The company has opened an office in Kansas City, Mo., and plans to launch a Dallas outpost this summer. It is also thinking about setting up an office on the West Coast early next year. Oceancrest's targeted clients include debt funds that buy distressed commercial MBS. The company will help funds value collateral properties and develop exit strategies for investments. "There's a lot of capital out there but very little good information," said managing partner John Lennon. "The actual value of a lot of properties is still in question, and a lot of inestors aren't satisfied with the rating-agency information. There's going to be a big increase in demand for our kind of services." The Kansas City and Dallas offices will give Oceancrest physical proximity to major special servicers like ORIX and Midland Loan Services, as well as a presence in markets that are going to generate distressed mortgages. "The idea is to give investors a real number [for the value of bonds] and an exit strategy," said president Ronald Rossi, who co-founded Oceancrest with Lennon in 2005. "A lot of buyers need a better handle on what they want to buy, or what they even have." The Kansas City office, which opened in January, is headed by Lou Steele, senior vice president in charge of the Midwest asset-management operation. He formerly was a principal of Prudential CRES Commercial Real Estate in Kansas City. Before forming Oceancrest, Lennon worked for Insignia Financial, where he served as asset manager of an Insignia joint venture with Prudential Real Estate Investors. Rossi was previously an asset manager at Wachovia.
Wednesday - April 22, 2009
Thomas & Hutton Engineering and Oceancrest Advisory Services Form Strategic Partnership
Press Release (Submitted by Elliotte Quinn)
Oceancrest Advisory Services, LLC and Thomas & Hutton Engineering Co. have today announced the formation of a new strategic partnership that provides a single point of contact for the workout and asset management of residential sub-divisions; including single-family and multifamily residential communities, master-planned, large-scale mixed-use, golf and resort developments. The partnership's expertise in discovery and due diligence will turn raw information into intelligence, identify risks, provide solutions and solidify an exit strategy that is achievable. Thorough due diligence will ensure surprises that lead to unexpected expenses, fines and project delays, are avoided. The firms' track records, experience and access to in-house design capabilities and cutting edge technology gives the partnership the ability to complete the design and engineering of a project, as well as entitlement, permit review and compliance. The partnership will quantify remaining development costs, deliver a forensic budget analysis, manage the critical path and manage the general contractor and other vital vendors. Furthermore, the partnership will provide asset and portfolio reporting, stratification of a clients real estate holdings, valuations and positioning to ensure the business plan is achievable and on track.