GRAPEVINE, TX-1st Service Solutions has formed an alliance with Reznick Restructuring Solutions (RRS) to provide full-service loan restructuring, recapitalization and tax advisory solutions. Founded in 2005, 1st Service Solutions was the first firm dedicated to serving as a borrower advocate in loan restructuring and assumptions. Since then, the company has resolved more than $3 billion in loans for its clients.
RRS is an affiliate of Reznick Group, a top 20 national CPA firm. It works primarily with commercial real estate companies to help the restructure corporate debt and offers services including valuation and tax advisory.
Together, the two companies can provide their clients a broader array of services, says Todd Moore, senior managing director at 1st Service Solutions. In particular, 1st Service Solutions' clients will have access to RRS' tax advisory and valuation team, while RRS client will benefit from 1st Service Solutions' expertise in CMBS workouts.
For example, a CMBS borrower might work with 1st Service Solutions to help restructure his loan, but would work with RRS to determine the tax implications of the restructuring. Likewise, a commercial real estate firm might work with RRS to recapitalize its corporate coffers, but would need help from 1st Service Solutions if it had any special purpose entities or LLCs that owned real estate with conduit notes on it.
"In the past, we would refer our clients to other people if they need these services, and now we can provide these services in a more comprehensive way," Moore tells GlobeSt.
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