CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that its
subsidiary, CBRE Loan Services, Inc. (“CBRE Loan Services”), has been
added to Standard & Poor’s Ratings Services’ Select Servicer List as a
commercial special servicer. CBRE Loan Services will provide special
servicing and distressed loan management services to institutional
commercial mortgage lenders and other special servicers in the United
States.
Standard & Poor's designates commercial special servicers based on a
comprehensive assessment of a firm's operational capabilities for
servicing commercial mortgage portfolios as well as its management and
organization, servicing administration and financial position.
“Our commercial special service initiative offers lenders, other special
servicers and bondholders the benefit of the comprehensive CBRE Capital
Markets platform and our professionals’ deep experience with servicing
loans and managing under-performing real estate assets at a level of
quality assurance that Standard & Poor’s requires,” said Brian Stoffers,
President, CBRE Capital Markets.
CBRE Loan Services will offer its services directly to institutional
lenders, such as insurance companies and banks, who find the Standard &
Poor’s ranking a key testament to a firm’s capabilities, and on a
sub-contractor basis, to other special servicers, who are challenged by
the increasing volume of loans needing to be worked out.
CBRE Loan Services is staffed by professionals from the CBRE Capital
Markets Group as well as GEMSA Loan Services, the joint venture between
CBRE and GE Real Estate that services approximately $119 billion of
commercial mortgages nationally. GEMSA is already ranked by Standard &
Poor’s as a master and primary loan servicer.
CBRE’s U.S. special loan servicing effort complements a similar
initiative in Europe, where its subsidiary, CB Richard Ellis Loan
Servicing Limited, was assigned a Standard & Poor’s servicer ranking for
special servicing in May 2006. Standard & Poor's most recently affirmed
its ranking on the European subsidiary in November 2008. The U.S. and
European designations position CBRE Loan Services to assist with
multi-country special servicing requirements and to provide other
services, as needed, resulting from regulatory activity in the banking
and financial industry.
The special servicer initiative will be led by Bill R. Frazer, Senior
Managing Director and CFO of CBRE Capital Markets, and Jeffrey T.
Majewski, Senior Managing Director and COO, CBRE Capital Markets. Robert
P. Vestewig, Managing Director of GEMSA Loan Services, will head up the
coordination of special servicer activities between CBRE and GEMSA. Mr.
Frazer, Mr. Majewski and Mr. Vestewig together bring over 70 years of
experience in commercial mortgage banking and loan servicing.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500
company headquartered in Los Angeles, is the world’s largest commercial
real estate services firm (in terms of 2008 revenue). The Company has
approximately 30,000 employees (excluding affiliates), and serves real
estate owners, investors and occupiers through more than 300 offices
(excluding affiliates) worldwide. CB Richard Ellis offers strategic
advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal
and valuation; development services; investment management; and research
and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best
in class” company three years in a row and a Fortune 100 fastest growing
company two years in a row. Please visit our Web site at www.cbre.com.
CB Richard Ellis Group, Inc.
Steve Iaco
Corporate
Communications
212.984.6535
or
Robert McGrath
212.984.8267
or
Nick
Kormeluk
Investor Relations
949.809.4308
