2013 marked not only the 25th anniversary of the Besen Group but also the first full year for Besen Special Assets. Jonathan Horn, managing partner of The Besen Group NJ and Besen Special Assets, revealed a banner year for the firm, distinguished by increased transactional volume, an expansion into new geographical markets and the introduction of two new service platforms. The combined efforts of Horn with managing directors Samuel Boyd and Daniel Kole, senior analyst Cristian Oancea, advisor Zachary Tuckman and team led to a 100% increase in trade volume from the previous year.
The Besen Special Assets group saw 2013 full of several transactional achievements. With a total of $200 million in trade volume spread across more than fifty individual loan, portfolio, and REO asset sales, the team averaged one transaction per week ranging in size from $55,000 to $21 million. The traded assets were collateralized by a total of 261,888 s/f of retail, 195,400 s/f of office, 41,729 s/f of industrial, 239 multifamily units, 173 residential assets and 190 hotel keys located throughout New Jersey, New York, and Florida. The sellers of these assets included twenty-three community, regional and national banks, as well as eight private equity and hedge funds.
The most notable achievement of 2013 was Besen's expansion into two new geographical markets, Florida and Europe. In Florida, Horn appointed financial services expert Jonathan Field as managing director and opened an office in Tampa in order to address the increasing investor demand for commercial and residential assets in the state. Currently, the team is marketing $200 million UPB in performing and non-performing commercial and residential loans and has successfully completed numerous trades.
The Special Assets team then stamped its passport and opened its first European office in Athens, Greece. Longtime international bond trader Mark Mamakos was appointed managing director and tasked with addressing the demand for advisory services to European lenders while capitalizing on the increased ability and willingness of banks to trade performing and non-performing loans and REO assets in the secondary market. Thanks to this strategic expansion into the European real estate finance and debt markets, the Special Assets group is now exclusively representing international banks in the disposition of over €250 million UPB in performing commercial loans and commercial and residential REO assets.
Entering two new arenas closer to home, the Special Assets team expanded its residential whole loan trading platform and grew its debt and equity placement desk. The former, headed by financial industry veteran, Daniel Kole, was created, in his words, "to offer a solution to banks and private residential mortgage lenders in an environment of heightened regulations and prolonged foreclosure timelines." Kole is currently exclusively representing over $70 million UPB in sub-performing and non-performing residential loans. The latter, the debt and equity financing platform, was expanded as a response to the increase in demand for acquisition and development preferred equity and debt financing.
Managing Director Samuel P. Boyd considers this platform a natural progression of Besen's longstanding relationships with several hundred debt and equity sources in the Tri-State area.
With over $600 million in current exclusive assignments in the Tri-State area, Florida and Europe, its three core markets, Besen Special Assets looks forward to an even greater 2014. Tags: