UrbanAmerica Advisors and Green River Capital Form New REO Joint Venture
UrbanAmerica Advisors and Green River Capital (GRC) have announced 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 real estate-owned (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 chief executive officer 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, visit www.uaresservices.com.