BLT Getting Into Special Servicing Biz
Building and Land Technology (BLT) announced that Building and Land Technology Capital Real Estate Advisors, LLC (BLTCREA), a venture initially formed in 2017 to support commercial real estate investments of its parent BLT Capital Partners and its affiliates, is now fully operational as a rated special servicer and restructuring advisor.
BLTCREA has been assigned the Special Servicer Rating ‘CLLSS3’ by Fitch Ratings, and has commenced providing commercial real estate workout and restructuring services to real estate owners in need of rescue capital or facing issues with maturing or defaulted debt, foreclosure, and bankruptcy.
Comprised primarily of the management team and employees of another former Fitch-rated special servicer, Five Mile Capital, BLTCREA is a special servicer expected to invest in individual commercial real estate debt and equity positions and potentially CMBS B-pieces.
The senior management team and asset managers of BLTCREA have specialized in real estate investing and distressed credit for over 25 years. Together they have originated approximately $10 billion of commercial real estate investments.
“BLTCREA is another key component of our strategy to create a fully diversified real estate company, adding to the comprehensive suite of services BLT offers, including development, construction, property management, leasing, and asset management,” said Jim Glasgow, President of BLT.