Ranieri’s firm positions to further expand on heels of new regulatory valuation requirements
New York, NY – October 21,2013 – Situs, a leading provider of global commercial real estate advisory and asset management services, today announced the expansion of its valuation management business with the appointment of George Mann, Member of the Appraisal Institute (MAI), Counselor of Real Estate (CRE), Fellow Royal Institute of Chartered Surveyors (FRICS), as Director. Also joining the group is Enio Russe-Garcia, MAI, Member Royal Institute of Chartered Surveyors (MRICS), Senior Residential Appraisal (SRA) as Vice President overseeing Situs’ valuation review business in Puerto Rico.
Valuation Analytics, the cornerstone of Situs’ commercial real estate valuation management business, was founded by Situs veteran and former MAI, Zenobia Tambuvala. The business is focused on risk management and credit migration analytics for banks, private equity and REITs. Valuation Analytics provides appraisal administration, review, methodology and criteria development, as well as general valuation advisory as an independent third party.
“The expansion of Valuation Analytics leverages our existing core competency in bank loan valuation, due diligence, asset management and real property valuation,” said Steve Bean, Senior Managing Director, and former bank examiner. “With continued regulatory pressure on banks, funds and other investment vehicles to demonstrate independence in third-party marks, Situs’ Valuation Analytics offers clients real-world prospective on market conditions and accepted valuation methodology that stands up to regulatory scrutiny.”
The team, under Tambuvala’s leadership, is also developing criteria for a Situs scoring methodology, which will provide lenders, regulators, rating agencies and investors with universal evaluation criteria to grade commercial properties across U.S. and Europe. Scoring criteria for properties does not commercially exist in today’s market on any widely adopted basis. The first release of the criteria is anticipated in the first half of 2014.
“We are developing criteria which lends direct consideration to benchmarking property financial performance, ownership and onsite management experience, property design and condition,” said Tambuvala.
Mann, a seasoned real estate valuation professional, boasts more than 25 years of experience in the real estate appraisal business, with the majority of his career spent as Chief Appraiser for Fifth Third Bank and SunTrust Bank. He is also an Approved National Instructor for the Appraisal Institute and for the Appraisal Standards Board.
Enio Russe-Garcia brings more than 20 years of experience in the real estate appraisal business as both a fee and bank review appraiser. He was the former Chief Appraiser for Banco Santander and his career has focused on valuation work in Florida and Puerto Rico. Enio is directly involved in Situs’ current engagement, which encompasses the valuation management and review of approximately 1,000 annual commercial property appraisals in Puerto Rico.
Mann and Russe-Garcia join Situs’ existing team of valuation professionals including Constantine Korologos and Jennifer Bean. Constantine “Tino” Korologos, MAI, MRICS and Managing Director of Situs, has more than 28 years of experience in valuation, rating agency methodology and capital markets execution. Prior to joining Situs, Tino spent four years with a top 4 accounting firm focused on bank stress-testing criteria development and fund investment-asset valuation assignments and was the former Regional Chief Appraiser at Equitable. Additionally, Jennifer Bean, MAI, CRE, FRICS and Director of Situs, has lead appraisal best practices engagements for large pension funds and leads Situs Insight and appraisal review assignments. Situs Insight is Situs’ industry-leading market information application for aggregating all commercial real estate market information for financial institutions.