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ACRE and WSP Form Distressed Advisory Firm

NEW YORK CITY-The new joint venture says it offers services providing a second chance for profitability at troubled properties.

By Cody Lyon | Updated on November 02, 2009

NEW YORK CITY-Real estate development and advisory firm Acre Properties and WSP Group, a multi-national engineering firm, have formed a new affiliation called ACRE+WSP Advisors. Based in Manhattan, the new venture specializes in revitalizing troubled assets for owners, lenders, developers and institutional investors. Steven Rosefsky and Erik Horvat of Acre Properties and Jeff Smilow and David Cooper at WSP Group will direct the firm.

Acre Properties principal Steven Rosefsky tells GlobeSt.com the new firm has the ability to be a one-stop provider of “a whole universe of advisory services that’s very unique to the general marketplace. The firm extends the offer, no matter what the client’s real estate collateral is, be it residential, a partially completed project, a busted hotel project, or a piece of vacant land.”

Rosefsky says current market assumptions have shifted and that a number of recent land and construction deals in permanent and refinanced debt facilities were underwritten with a very different economic construct in mind. Add to that, uncertainty about lending standards in the CMBS market.

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