FORT LAUDERDALE, Fla., Sept. 15, 2009 — Steve Russo, a former Managing Director and Florida Regional Executive of Real Estate at Wachovia Bank, announced the founding of The CREF Group, a real estate advisory and investment group. The CREF Group will work with real estate developers, investors, and financial institutions with interests in Commercial and Multi-unit residential real estate to assist them with financial restructurings, modifications, debt renewals, equity raises, acquisitions, and dispositions. Mr. Russo brings diverse capabilities and an extensive background in real estate and finance to the newly created company. Recently he was Managing Director and Regional Executive for all commercial and multi-unit residential lending in Florida, the Caribbean, and Latin America for Wachovia Bank. While at Wachovia Bank, Mr. Russo oversaw a multi-billion dollar real estate loan portfolio as well as production of fixed and floating rate CMBS, construction lending, bridge loans, mezzanine loans, preferred equity, and agency debt.
“Previous clients have called asking for help in restructuring securitized and balance sheet/portfolio commercial real estate loans. There is a real need for value-added restructuring services. The problems are not going away anytime soon so we need to find solutions that work for all parties sooner rather than later. Sticking your head in the sand is not a strategy for any party involved,” Mr. Russo said. “I was approached by a number of longtime clients that want to preserve their assets and realize the value that relationships have in this business, even in this part of the cycle. We are having success and finding more flexibility in the restructurings than most people think is available.” The CREF Group has already had success at restructuring a $40,000,000 CMBS loan in Palm Beach County, Florida and has been engaged for several other assignments ranging from multifamily construction loans to repositioning office buildings. Mr. Russo is founding The CREF Group after leaving Wachovia Bank and its predecessor First Union National Bank, where he spent the past 15 years and most recently managed the company’s Florida, Caribbean, and Latin America commercial multi-unit residential real estate lending operation, the largest bank South Florida Commercial real estate lender according to the South Florida Business Journal 2009 Book of Lists. Mr. Russo’s extensive expertise is in recourse and non-recourse construction debt, syndications, participations, portfolio structured finance debt, preferred equity, joint ventures, mezzanine debt, fixed-rate CMBS, floating rate CMBS, loan servicing and GSE agency debt.
Mr. Russo is also a founding principal of Cynergie Group LLC, a company that assists financial institutions maximize their return on their distressed assets.
If you would like more information about this topic, or to schedule an interview with Steve Russo, please call 954-873-3250 or email srusso@crefgroup.com
Website: http://www.crefgroup.com
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