Situs Instrumental Advisor to Winning Bidder of $1.2 Billion in FDIC Loans

HOUSTON, March 15, 2010: The Situs Companies delivered underwriting support, loan servicing and asset management support to the winning bidder of a $1.2 Billion pool of commercial real estate loans. On January 8, 2010, investment vehicles managed by Colony Capital, LLC, a private, international investment firm, including Colony Financial, Inc. (NYSE: CLNY), closed on the first Multibank Structured Transaction of 2010. The loans were purchased from The Federal Deposit Insurance Corporation (FDIC) after a competitive bid process managed  by the FDIC’s Financial Advisor, Deutsche Bank.

The Situs Companies provided due diligence and valuation support to Colony’s transaction  team for the portfolio comprised of 1,200+ individual properties from 22 failed institutions. As noted in Public Records, the failed institutions were primarily closed by the FDIC between January 1 and March 31 of 2009, with bank and corresponding loan concentrations in the southeastern and western regions of the United States.  According to Steve Powel, COO and Principal of The Situs Companies, "The opportunity to work on the portfolio allowed us to leverage our office locations and national real estate expertise a , along with our  team of valuation professionals, combining the database and underwriting capabilities of CLOSER, developed by CJC Worldwide Technologies of Franklin, TN, in partnership with the Situs Companies."

Situs Asset Management, the Rated Primary and Special Servicing division of Situs, was retained to manage  day-to-day loan servicing and to support Colony’s internal asset management team with respect to workout strategies and resolutions of sub and r non-performing loans.  “As an approved emergency primary and special servicer for the FDIC, Situs was the obvious choice for us to partner with on this transaction”, said Paul Fuhrman, Principal of Colony Capital, LLC. “Additionally, Situs has a 25-year history, including significant experience during the downturn of the 90s and, therefore, understood our business model and was able to assist us immediately, adding market expertise and the necessary bandwidth.”

Situs is currently leveraging the recovery experience associated with this portfolio with other disposition intelligence  to develop relevant market data on recoveries and associated costs which can be used to more effectively bid future portfolios. “We are very focused on providing  a one stop, end-to-end solution for acquirers of commercial real estate loan pools”, added Steve Powel.

About Situs
The Situs Companies is the leading provider of global commercial real estate advisory services to the financial services industry.  Since 1985, clients have relied on Situs’ experience, insight and best in class processes.  Combining creativity, flexibility, and strategic planning, the company offers life of the loan solutions from due diligence to disposition. The company is recognized throughout the industry for consulting, advisory, servicing, outsourcing and disposition solutions.  More recently, the company added capital markets and platform restructuring expertise through its affiliate Oasis Real Estate Partners.  Situs is privately head, headquartered in Houston and has offices throughout the United States and Europe.  Visit our website at www.situscompanies.com