McGladrey and The Corvus Group Complete Due Diligence on Commercial Real Estate Securitization Portfolio
CHICAGO (June 15, 2011) — RSM McGladrey, Inc., a leading professional services firm, which operates under the McGladrey brand, and The Corvus Group, Inc., a diversified commercial real estate capital services company, announced a recently completed due diligence assignment on a performing and securitized commercial real estate loan portfolio.
RSM McGladrey and Corvus 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 McGladrey/Corvus Capital Markets 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.
“We understand our clients’ goals and needs, and we knew that a securitization transaction of this nature was the best strategy for disposing of these assets, while allowing this client to get the most from their assets,” said 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,” said Corvus CEO Wayne Thornton. “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.”
“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 provides clients with access to the best nationwide resources to meet their needs,” said Sher.
About The Corvus Group
- Banking/Financial Institutions
- Consumer Products
- Financial Services
- Food and Beverage
- Government Contracting
- Government Entities
- Health Care
- Life Sciences
- Manufacturing and Distribution
- Private Clubs
- Private Equity
- Real Estate
- Specialized Industries