With the correct application of these principles, we can help thousands of families, effect serious, positive change in the housing markets, and find opportunities on both sides of the cycle.
Short Hills, NJ; Tampa, FL; and Scottsdale, AZ (PRWEB) August 18, 2009
Richard B. Stewart, Jr., Chairman and CEO of Heritage Capital Resources (HERITAGE) heritagecapitalres.com and Peter Monroe, CEO and founder of National Real Estate Ventures (NREV) nrev.com announced today the formation of a $1.5 billion Joint Venture and a strategic alliance with Partners in Actions (PIA) partnersinaction.org, founded by Curtis M. Cluff, to purchase and sell distressed residential real estate assets on a nationwide basis.
Stewart previously served as Vice Chairman of Lehman Brothers, as well as Vice Chairman of Shearson Lehman Brothers and in various other Senior Executive roles at Merrill Lynch and Kidder Peabody. Monroe previously served as the former President of the RTC Oversight Board under Presidents Bush and Clinton and as Chief Operating Officer of the FHA under Jack Kemp, after a long career in residential and commercial real estate. Cluff founded Partners in Action over 25 years ago and has provided thousands of families with affordable housing since the RTC.
Richard Stewart said yesterday, "In the depressed real estate market that we see today, the greatest asset we have is experience and the trust of those who will continue to join our efforts. The group's combined experience includes working within the inevitable booms and busts of real estate and capital markets, and within the framework of public and private partnerships. We intend to apply the principles of best real estate business practices in all markets--including the "bust" markets that exist today," he continued. "With the correct application of these principles, we can help thousands of families, effect serious, positive change in the housing markets, and find opportunities on both sides of the cycle."
"Peter Monroe has a proven track record in finding creative solutions to real estate market imperfections, including a significant role together with Treasury and RTC in the invention of the Commercial Mortgage Backed Securities (CMBS) market, which at the time was estimated to save over $50 billion for the American taxpayer. During the Savings and loan Crisis of the late '80's and early 90's, as RTC Oversight President, Peter helped pilot the RTC to a successful conclusion with taxpayer expenses well below budget, and the RTC was able to shutter its doors--an almost unprecedented feat in American Government," Stewart concluded.
Of the joint venture, Peter Monroe said, "I could not be more pleased to be working closely with Richard Stewart, who has repeatedly demonstrated his deep knowledge and experience in capital markets. Our experiences complement one another perfectly-- allowing us to set new high standards in the acquisition of distressed property assets, while seeking to maximize returns for our investors. Our mission is not just to be profitable, but also to help find solutions to the largest financial crisis in our lifetimes by working cooperatively with the Treasury, FDIC, Fannie Mae, Freddie Mac and the FHA."
The Joint venture will have a close strategic alliance with Partners in Action (PIA), a Not for Profit, which has a long history of assisting first time homebuyers through its HUD-approved Affordable Housing Program. In addition, PIA is now assisting distressed homeowners with loan modifications and lease/purchase options which allow families to remain in their homes rather than face foreclosure.
Since 1985, PIA has provided housing to over 6,000 families nationwide, financing many of these transactions through its various public bond offerings.
Dr. Mark Williams, PIA's Chief Operating Officer, said of the venture, "Our collaboration with Heritage and NREV will allow PIA to greatly expand its efforts to provide affordable housing nationwide to those families in need, while continuing to help those homeowners threatened with foreclosure, to remain in their homes." (In addition to the housing market, PIA supports over 80 orphanages and schools for vulnerable children around the world.)
Monroe, Stewart, and Cluff jointly stated: "We believe that our relationships, management skills and interest in preserving sustainable homeownership can help return foreclosed homes to productive use, prevent many foreclosures and also allow us to work with banks, servicers and federal agencies to reduce evictions. These goals, as stated by the Administration, are central to our nation's economic recovery."
Heritage Capital Resources, (heritagecapitalres.com) the mission of Heritage Capital Resources is to link private capital with profitable enterprises which simultaneously benefits investors and the public sector.
National Real Estate Ventures, (nrev.com) announced its goal to become the nation's leader in the profitable acquisition, management and sale of distressed residential and commercial real estate by employing best real estate business practices and the highest ethical standards.
Partners in Action, (partnersinaction.org) is dedicated through this venture (and otherwise) to improving the quality of life for families that have been displaced, are losing their home, or find themselves without adequate affordable housing.
For further information about the Joint Venture:
Richard Stewart, 973-534-9143
Peter Monroe, 727-643-6303
For further information about Partners in Action:
Curtis Cluff, 480-882-0800
Mark Williams, PhD, 480-882-0800