Broad Street Development LLC (BSD), a New York City-headquartered vertically integrated owner-operator, has launched Paradigm Advisory Group as the company’s consulting arm.
Founded by BSD principals Raymond Chalme and Daniel Blanco, Paradigm defined its mission as being a force that “protects and enhances the value of distressed real estate assets on behalf of lenders, borrowers and special servicers.” The company added the new entity seeks to “stabilize and preserve the value of New York City assets caught up in the challenging interest rate environment coupled with increased capital costs and declining operating fundamentals.”
The company added that Chalme and Blanco launched Paradigm after coordinating one-off asset management and advisory assignments for lenders while tapping into a growing demand for services aimed at challenged New York City commercial property assets.
“This year alone we expect to see $30 billion of loans maturing on office property in New York,” said Chalme. “Lenders in particular are realizing they quickly need a plan, especially in an era when values may be in doubt, rates are rising, and capital structures have grown more complex and involve multiple parties. Our role will be to guide our clients through the rapidly evolving market, advising on all aspects from financial restructuring to property operations to development execution.”
“In this market, it is more important than ever for owners to lean on those with experience,” noted Blanco. “Our expertise with New York office and residential properties has been honed over 30 years and four real estate capital market cycles as owners and developers. We may not have seen it all – and nobody has seen anything quite like the current set of challenges – but we have seen a lot. The maturity we bring to every situation will distinguish Paradigm from others active in this space.”
Photo: Daniel Blanco and Raymond Chalme
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