The Corvus Group/RSM McGladrey, Inc. Complete Due Diligence on Commercial Real Estate Securitization Portfolio
The Corvus Group, Inc. and RSM McGladrey, Inc. recently completed a due diligence assignment on a performing and securitized commercial real estate loan portfolio with a loan balance aggregating $737 million.
Chicago, IL, June 15, 2011 --(PR.com)-- The Corvus Group, Inc. and RSM McGladrey, Inc. announced a recently completed due diligence assignment on a performing and securitized commercial real estate loan portfolio.
Corvus, a diversified commercial real estate capital services company that serves public and private sector clients nationwide, and McGladrey, one of the country’s leading providers of audit, tax and consulting services, performed due diligence on the portfolio of approximately 700 commercial and multi-family mortgages with a loan balance aggregating $737 million. For the engagement, the Corvus Capital Markets/McGladrey team streamlined the portfolio’s loan data, prepared loan summary reports, completed aggregation and analysis, and managed the process of obtaining third-party broker price opinions and third-party title reports.
The securitization was a pilot client program which consisted of three classes of securities: 1) Senior certificates with an expected average life of 2.6 years, 2) Mezzanine certificates with an expected average life of 6.5 years, and 3) A subordinate class with an average life of 7.1 years.
"A securitization transaction of this nature was the best strategy to dispose of these assets and allow the client to maximize the price received," says RSM McGladrey Managing Director Michael Sher.
"Corvus Capital Markets is pleased to once again team up with McGladrey to provide assistance and expertise on this large-scale and complex due diligence assignment. Working in partnership, our team has a longstanding track record of supporting our clients as they analyze and dispose of performing and distressed commercial real estate assets nationwide," says Corvus Chief Executive Officer Wayne Thornton.
"RSM McGladrey and The Corvus Group have developed a strategic relationship that has spanned many years and together we have successfully completed both large and small due diligence assignments. This combined team has been seamless," says Sher.
The Corvus Group
Founded in 1997, The Corvus Group (www.thecorvusgroup.com) provides capital markets, receivership and advisory services solutions to public and private sector organizations nationwide. The firm is based in Washington, D.C. and Chicago.
RSM McGladrey, Inc.
McGladrey (www.mcgladrey.com) is the brand under which RSM McGladrey, Inc. and McGladrey & Pullen, LLP serve clients’ business needs. Together, they rank as the fifth largest U.S. provider of assurance, tax and consulting services, with 7,000 professionals and associates in nearly 90 offices. The two firms operate as separate legal entities in an alternative practice structure. McGladrey & Pullen is a licensed CPA firm that provides assurance services. RSM McGladrey is a leading professional services firm providing tax and consulting services. Both firms are members of RSM International, the sixth largest global network of independent accounting, tax and consulting firms.
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Corvus, a diversified commercial real estate capital services company that serves public and private sector clients nationwide, and McGladrey, one of the country’s leading providers of audit, tax and consulting services, performed due diligence on the portfolio of approximately 700 commercial and multi-family mortgages with a loan balance aggregating $737 million. For the engagement, the Corvus Capital Markets/McGladrey team streamlined the portfolio’s loan data, prepared loan summary reports, completed aggregation and analysis, and managed the process of obtaining third-party broker price opinions and third-party title reports.
The securitization was a pilot client program which consisted of three classes of securities: 1) Senior certificates with an expected average life of 2.6 years, 2) Mezzanine certificates with an expected average life of 6.5 years, and 3) A subordinate class with an average life of 7.1 years.
"A securitization transaction of this nature was the best strategy to dispose of these assets and allow the client to maximize the price received," says RSM McGladrey Managing Director Michael Sher.
"Corvus Capital Markets is pleased to once again team up with McGladrey to provide assistance and expertise on this large-scale and complex due diligence assignment. Working in partnership, our team has a longstanding track record of supporting our clients as they analyze and dispose of performing and distressed commercial real estate assets nationwide," says Corvus Chief Executive Officer Wayne Thornton.
"RSM McGladrey and The Corvus Group have developed a strategic relationship that has spanned many years and together we have successfully completed both large and small due diligence assignments. This combined team has been seamless," says Sher.
The Corvus Group
Founded in 1997, The Corvus Group (www.thecorvusgroup.com) provides capital markets, receivership and advisory services solutions to public and private sector organizations nationwide. The firm is based in Washington, D.C. and Chicago.
RSM McGladrey, Inc.
McGladrey (www.mcgladrey.com) is the brand under which RSM McGladrey, Inc. and McGladrey & Pullen, LLP serve clients’ business needs. Together, they rank as the fifth largest U.S. provider of assurance, tax and consulting services, with 7,000 professionals and associates in nearly 90 offices. The two firms operate as separate legal entities in an alternative practice structure. McGladrey & Pullen is a licensed CPA firm that provides assurance services. RSM McGladrey is a leading professional services firm providing tax and consulting services. Both firms are members of RSM International, the sixth largest global network of independent accounting, tax and consulting firms.
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Contact
The Corvus Group
Diana Chrissis
312-546-9536
www.thecorvusgroup.com
Diana Chrissis
312-546-9536
www.thecorvusgroup.com
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