Industry Veterans Form Distressed Asset Management Alliance

Boston-based ""Real Estate Fiduciary Services"":http://www.refiduciaries.com (REFS), a real estate investment strategist company, has announced the formation of a specialized ""Asset Management Alliance"":http://www.refiduciaries.com/ama. Led by REFS President John Baczewski and comprised of seven other senior-level real estate practitioners from diverse backgrounds and cities, the alliance was created in response to the growing number of real estate investors, lenders, and owners with financially distressed and underperforming assets.
In addition to Baczewski, the alliance includes REFS principal Francis Decker; Bruce Fernald and Mark Briggs, principals of ""Black Diamond Capital Advisors"":http://blackdiamondcapitaladvisors.com, an Atlanta firm that provides capital sourcing and advisory services for commercial real estate clients; David Lester, president of ""Lester & Associates"":http://www.lester-associates.com, an Atlanta marketing-communications firm specializing in real estate; Debra Williams and Ned Williams, principals of ""Vector Real Estate Advisors"":http://www.vectorrealestateadvisors.com, an asset management and consulting firm based in Virginia Beach, Virginia; and Hunter Richardson, CEO of Richardson Development Group, a real estate development and project management company in Reston, Virginia.
Baczewski said, ""This alliance is unique in both the breadth and depth of the asset management expertise it offers. It joins together seasoned real estate veterans whose experience covers all disciplines of the profession - across all capital structures, product types, and markets - and through multiple industry cycles. Combined with our strong business connections, we can provide cost-effective workout solutions to any financial or operational challenge a client's portfolio may face.""
Baczewski added that the alliance's services are available on an episodic or ongoing basis. ""We can focus on a specific project, augmenting the client's internal staff,"" he explained, ""or we can act as the in-house real estate team, managing the client's entire portfolio. This not only helps clients to better manage overhead and staffing costs, it also saves them time - which is critical in a period of declining property operating fundamentals and capital availability.""