Strategic partnership to offer CMBS assistance

Los Angeles Commercial real estate investment banking firm George Smith Partners and law firm Manatt, Phelps & Phillips, LLP announced Thursday that they have joined forces to offer an integrated legal and financial advisory platform to advise and assist borrowers with securitized commercial real estate loans in restructuring their debt.

For George Smith Partners, the new initiative will be led by Gary M. Tenzer, co-founding principal and senior director and David Rifkind, principal and managing director. 

“This new collaboration with Manatt is a proactive effort on behalf of both firms to meet a fundamental need in the commercial real estate industry,” said Tenzer. “In 2009 alone, the wall of maturity on more than $15 billion in securitized loans with major international investment banks is rapidly approaching with no apparent refinancing opportunities; in 2010 and 2011 the maturities grow to $45 billion and $65 billion, respectively.”

The partnership will combine real estate finance knowledge with securitization and workout expertise toward providing complete workout solutions for borrowers facing CMBS defaults, he added.