| For the last decade, Carmen Caringella has been working to make and restructure loans. As the new director of Magellan project services, he'll be helping banks and receivers develop distressed properties. Magellan project services is a new division for the residential and mixed-use developer, which will offer consulting services to holders of distressed assets to get properties back into the marketplace rather than sitting vacant or partially finished waiting on the market's return. In some cases, this will mean finishing the construction of a stalled building on a smaller-than-planned scale or as apartments instead of condos. | |
| Many banks and receivers have opted to hold distressed properties for three to five years, bringing down the value of other properties in the community, says Carmen, a former mortgage lender and sales officer for Prime Lending, Wachovia, and Countrywide. While he's based in Chicago, Carmen plans to relocate development pros to other locales (like Florida and Las Vegas) as needed. |
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