The Meridian Capital group, bombarded with client inquiries about mortgage exercises during the pandemic, was named Wendy Silverstein. The brokerage wanted a former CEO of Vornado Realty Trust, who last headed WeWork’s arm for real estate investmentto embark on and use its many years of experience in debt restructuring.
“I thanked them, but I told the truth that I was done working for other people,” Silverstein said The real solution on Tuesday, describes an April call. Instead, it created its own company that could provide such services to Meridian and others.
As a result, Silverstein and Ed Adler, a former colleague and CEO of Deutsche Bank, launched the Silver Eagle advisory group. The company has a service and fee-sharing agreement with Meridian, under which the business intermediation will work exclusively with Silver Eagle to restructure and exercise loans. Silver Eagle will also accept work from other clients.
The company will provide a variety of services at the national level, from corporate debt restructuring to single-asset loan training for real estate companies, owners, debtors and creditors.
Yoni Goodman, president of Meridian, said the company has seen an increase in distress in the hospitality, retail and office sectors, along with certain condominium and remodeling projects. He said mortgage brokerage had long considered getting into practice.
Adler and Silverstein first met at Citibank in 1990, on an exercise team representing the bank in billions of dollars in corporate debt and asset-level restructuring. Silverstein subsequently spent 17 years at Vornado, where she served as Head of Acquisitions and Capital Markets. She continued become CEO from New York REIT, where she was accused of liquidation the company’s business portfolio in the city of 4.4 million square feet. She then served as Chief Investment Officer of WeWork Real Estate Investment Fund and left the cooperating company shortly before canceling its plans to publish.
Adler spent more than a decade at Deutsche Bank, where he led the bank’s efforts to resume its commercial lending in the states. Most recently, he was the head of the US credit investment platform BentallGreenOak Real Estate in the USA.
The new company is coming online at a difficult time for commercial real estate. According to a recent report by Moody’s Investors Services, more than $ 54.3 billion in U.S. commercial mortgage-backed securities has been transferred to lending exercise specialists, primarily due to late repayments. This, according to Bloomberg News, represents a 320 percent increase since the beginning of the pandemic.
Adler said the US was in the early stages of a difficult downturn, but called the need for “highly measured decision-making” constant in all financial crises.
“Banks are not in trouble on their own,” SIlverstein said of the current crisis. “As a result, the banks will play the game quite hard.”