UrbanAmerica Advisors and Green River Capital Form Joint Venture
Partnership creates MBE with national network of 7,000 qualified agents
DALLAS and SALT LAKE CITY, OCT 18, 2010 – UrbanAmerica Advisors and Green River Capital (GRC) announced today that they have created a joint venture minority business enterprise (MBE) called UrbanAmerica Res Services.
The new company combines UrbanAmerica Advisors’ national infrastructure and extensive local community development relationships with GRC’s industry-leading services for management of REO properties and short sales nationwide.
UrbanAmerica Res Services, headquartered in Dallas with offices in Salt Lake City, Atlanta and New York City, brings together a network of 7,000 deal sourcing, loss mitigation, asset management and valuation professionals. It also takes advantage of GRC’s existing scalable technology platform. Through the company’s affiliates, UrbanAmerica Res Services has offices in 22 locations throughout the U.S.
“We’ve observed that there is insufficient participation throughout this services sector by minority owned companies and real estate brokers. These are the very people who can most effectively impart solutions in the communities disproportionately affected by the crisis,” said Richmond S. McCoy, co-founder and chairman of UrbanAmerica Res Services.
“We expect our partnership with UrbanAmerica to enhance and extend the value that both companies offer to the financial industry,” said Christopher West, president and CEO of GRC. “UrbanAmerica Res Services is ideally positioned to maximize value for investors while providing a solution in situations where connecting with borrowers can be difficult, and to create outcomes that will aggregate the efforts towards neighborhood stabilization.”
McCoy is an industry veteran with 30 years of real estate experience. Seeing an opportunity for investors to provide services in the under-served urban core, McCoy, co-founded UrbanAmerica in 1998. Through McCoy’s deep and broad relationships in industry, government, local community development organizations, faith-based organizations and the institutional investment community, he has led equity-raising efforts totaling $520 million as well as the deployment of that capital into more than $2 billion of assets over the last 12 years.
West has more than 22 years of experience in the REO and mortgage servicing industries and is a founding partner of UrbanAmerica Res Services. West provided the leadership that enabled the growth of GRC into a company of more than 200 employees.
For more information on UrbanAmerica Res Services, please visit: www.uaresservices.com
About UrbanAmerica Advisors
Based in Dallas with offices in New York City and Atlanta, UrbanAmerica Advisors and its sister company, UrbanAmerica Principals III (a Minority Business Enterprise), are registered investment advisors, both specializing in urban center real estate investment, development and asset management. Founded in 1998 as UrbanAmerica LP, the firm is now a part of an enterprise with 450 employees that manages $10 billion in commercial real estate assets and also has offices in 22 major metropolitan markets across the U. S. Over the last 12 years, UrbanAmerica has built high-level relationships in strategic markets with key local organizations including community development corporations (CDCs) and faith-based entities, in addition to local residential real estate brokerages. UrbanAmerica has a proven track record nationally of the asset management of real estate valued in excess of $2 billion, and it is a nationally recognized leader in urban real estate. Operating as a Community Development Entity (CDE), UrbanAmerica participates in the U.S. Treasury’s New Markets Tax Credit Program, which provides tax incentives for companies investing in businesses in under-served areas. Since its inception, UrbanAmerica has been a fiduciary for numerous Government Services Entities, some of the nation’s largest public and private pension funds and leading banks and insurance companies. For more information, call Richmond McCoy or Jon Dooley at 972.385.6600 or visit www.UrbanAmericaAdvisors.com.
About Green River Capital
Based in West Valley City, Utah, Green River Capital is an REO asset management and loss mitigation provider for mortgage servicers, investment firms and banking institutions. Founded in 2003, the company leverages its proprietary technology and a nationwide network of 7,000 attorneys, brokers, appraisers, contractors and title professionals to offer scalable and customized solutions. Through three business units employing more than 200 professionals, Green River Capital is licensed in all 50 states to offer short sale and deed-in-lieu services on assets prior to the completion of the foreclosure process as well as end-to-end REO asset management services. Working with the loan servicer, Green River Capital manages the entire process including borrower intervention, property valuation, marketing of the property, title services and closing of sales. Green River Capital has managed more than 98,000 REO assets, including both residential and commercial properties, for clients including the GSEs, investment banks, and financial institutions of all sizes. Affiliated entities of Green River Capital include Green River Financial, a short sale program provider, and Infinity Valuation Services, a broker price opinion (BPO) company. For more information, visit www.greenrivercap.com.
Media Contacts:
For UrbanAmerica Advisors
Christina Arethas
UrbanAmerica Advisors
carethas@urbanamericaadvisors.com
212.612.9097
For Green River Capital
Charlyne H. McWilliams/Catherine Laws
Media Contacts for Green River Capital
301.933.5567/678.781.7206