Carl Marks Expands Focus on Real Estate Advisory

NEW YORK, May 19 /PRNewswire/ -- Carl Marks Advisory Group LLC has expanded its focus on real estate advisory in an effort to help owners, lenders and investors improve operations, minimize risk and maximize the value of their real estate assets.  Carl Marks' real estate experts will concentrate on strategic planning, implementation and management for a broad range of traditional and multifaceted real estate matters.  

"Despite small signs of recovery in an uncertain economy, the real estate market's landscape continues to remain unsteady and faces challenging situations in both the near future and the long term," said Mark L. Claster, president of Carl Marks & Co. and partner of Carl Marks Advisory Group. "Such challenges call for expert guidance in navigating the obstacles the industry faces. Carl Marks real estate advisors are prepared to help owners, lenders and investors tackle economic hurdles and identify solutions for resolving even the most complex issues."

With significant experience as advisors, principal investors and developers of both commercial and residential properties, Carl Marks professionals are well-positioned to assume the roles of developers and operators in almost every aspect of the real estate business. This includes greenfield developments, renovations and repositioning of aging properties, and lease-up and exit strategies, to name just a few of the services Carl Marks offers.

As part of this increased focus on the real estate market, Carl Marks has added three industry experts to the advisory team. To lend his extensive knowledge of real estate finance and banking and assist in further developing the real estate advisory service, Timothy J. Hallock joins Carl Marks as managing director. Hallock brings more than 25 years of experience to the firm, with expertise in such areas as real estate debt and investment origination, underwriting and credit approval, as well as investment structures, loan tranches, portfolio management and loan workout.

As managing director, Hallock will assist real estate clients with portfolio due diligence, asset evaluation, loan restructuring recommendations and critical path decision processes, as well as bankruptcy and exit strategies.

Before joining Carl Marks, Hallock spent the majority of his career with Wachovia Bank as managing director.  There, he led a team of originators, underwriters and analysts specializing in real estate loans originated for securitization purposes, balance sheet retention and structured finance. He also was a principal at Cronus Partners, a New York commercial real estate firm, where he advised clients on portfolio transitions, asset strategies and loan restructuring, and has held managing director positions at Centerline Capital Group and Bear Stearns & Company.

In addition to Hallock, Ira Marcus, formerly of the Carl Marks Real Estate Group LLC, and Jonathan P. Bushnell, from the firm's Charlotte office, will serve as vice presidents and concentrate their efforts on real estate advisory.  

Marcus, who has more than 25 years of experience in the commercial real estate industry, will oversee the implementation and management of turnaround strategies designed to maximize the value of distressed and underperforming commercial real estate. Strategies include rehabilitation and development, stabilizing and repositioning properties, loan workouts and restructurings, acquisition and dispositions, and leasing and operations management.

As former director of asset management for Carl Marks' Real Estate Group, Marcus managed the turnaround of distressed and opportunistic principal real estate transactions.  Before joining Carl Marks, he served as assistant vice president and regional underwriter for a commercial mortgage company, where he oversaw loan origination, underwriting and closings.  He also was with Prudential-Bache Securities as an assistant vice president, serving as an asset manager for partnerships investing in commercial real estate.

Bushnell brings more than 10 years of experience in preparing financial projections, construction budgets and cash-flow analysis for numerous real estate projects. In his position with Carl Marks, he will provide analytical advisory services in a variety of engagements, including workouts, loan restructurings, bankruptcies, due diligence, evaluation and exit strategies.

Prior to joining Carl Marks, Bushnell served as project manager for a South Carolina development company, overseeing all aspects of development for commercial and residential projects.

"This new team's extensive experience in the commercial real estate industry brings a great deal of benefit to Carl Marks and fortifies our commitment to providing enhanced advisory services," noted Claster. "These professionals bring a wealth of knowledge and expertise to our clients in all aspects of real estate revitalization, sharing valuable real-world solutions."

About Carl Marks Advisory Group LLC and Carl Marks Securities LLC

Carl Marks Advisory Group LLC, with offices in New York, Vienna, Va., Bedminster, N.J., and Charlotte, N.C., provides a wide array of investment banking and financial, operational and real estate advisory services to the middle market, including mergers and acquisitions advice, sourcing of capital, financial restructuring plans, strategic business assessments, improvement plans and interim management.

Carl Marks Securities LLC, based in New York, assists its clients in executing private placements of debt and equity. The firm is a member of FINRA and SIPC. Additional information about Carl Marks Advisory Group LLC and Carl Marks Securities LLC is available at www.carlmarks.com.

SOURCE Carl Marks Advisory Group LLC