https://www.spring11.com/services daily 0.75 2025-11-17 https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/03cef1b6-dfcc-45b2-a0f5-751339b80fdd/Lease+Administration+and+Property+Accounting.jpg Services - Lease Administration and Property Accounting With our experienced team dedicated to commercial real estate, we utilize a powerful onshore/offshore model to deliver quality products. Lease Administration Lease abstraction Lease set-up Set-up of options, clauses and recoveries Monthly and special billings Cash application Collections support Lease and database audits Annual CAM audits Estoppel and SNDA preparation Property Accounting Accounts receivable Accounts payable General ledger account reconciliations Monthly closing packages and workbooks Review of third party statements Budgeting and forecasting Accounting and finance projects Accounting system setup and implementation Roll-up and consolidations https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/7742f0f6-99ce-4690-85bf-49290931be29/Asset+Management+and+Servicing.jpg Services - Asset Management and Servicing Seasoned real estate professionals with experience at every level of the cap stack from senior debt to managing equity and across all property types. While other third-party service providers focus on volume, we are committed to customized solutions for each client. Full-Service Asset Management (Equity and Debt): Fully outsourced asset management via dedicated personnel working on-site or based in a Spring11 office Primary Loan Servicing and Treasury: Provided in conjunction with AM offerings “under one umbrella” by our in-house team that all have asset management experience Quarterly Asset Reviews and Reporting: We provide comprehensive solutions to asset reporting from collection of financial reporting packages, financial spreading and qualitative analysis in Client’s form or in a customized form we develop based on Client’s specific needs Asset Reviews and Re-Underwriting: These services are performed annually or as-needed using a client’s form or a custom form developed by Spring11 Warehouse Line Administration: A suite of services for warehouse lending clients including, debt service billing, waterfall administration, margin call calculations, surveillance, and reporting at the asset, counterparty and portfolio levels Asset and Portfolio Management Strategies: Asset and portfolio level business plan development, implementation and surveillance Technology and Systems Implementations: Evaluation of technology and system selections, implementation, and ongoing data management Operating Statement Analysis: Input, analysis and normalization of property level operating statements, rent rolls and budgets Financial and Debt Covenant Compliance: Determine covenants, monitor on an on-going basis and provide quarterly covenant report Construction Lending and Capital/Leasing Reserve Management: Determine funding requirements and review each draw request (lien waivers, invoices, lender engineer report, etc.) to determine compliance and summarize in a recommendation memo to Client Loan Modifications and Lender Approvals: Analysis and recommendation of modifications to existing loan documents, lease approvals, and loan assumption underwriting Property and Market Inspection: Physical inspections of the property, market and comparable analysis, property management company assessment Equity Asset Management: Asset Surveillance Lease Review, Negotiation, and Tenant Coordination Capital Project Oversight and Management Lender Management Establish Business Plan and monitor relative performance Asset Disposition Asset and Portfolio level Investor reporting Monthly leasing reporting Workout Services: Development and implementation of resolution strategies and management through workout, receivership, foreclosure and disposition REO Services: Operation of REO properties including execution of liquidation strategies https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/77b77d1a-458f-4d00-8e00-5bdbffccbd02/Insurance+Reviews.jpg Services - Insurance Reviews Provide detailed insurance risk analysis on GSE (Government Sponsored Enterprise Loans), HUD, Construction, Bridge, CMBS and Balance Sheet Loans. Provide detailed insurance risk analysis on GSE (Government Sponsored Enterprise Loans), HUD, Construction, Bridge, CMBS and Balance Sheet Loans Draft waivers and provide alternative recommendations on coverage deficiencies Recognize the deadline-driven nature of transactions and help make the complexities of insurance more understandable while keeping pace with the deal to close loans efficiently and on time Create a blanket analysis to determine if coverages are sufficient in the event of a catastrophic loss Provide recommendations for environmental coverages based upon the asset’s region Analyze 3rd party reports to determine if special coverages are required (i.e. Flood, Equipment Breakdown, Earthquake, etc.) Analyze flood certificates from FEMA to determine if the appropriate coverage is required prior to loan closure https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1fb00afb-39f5-49b4-aa3a-cfb155420e5d/Debt+and+Equity+Underwriting.jpg Services - Debt and Equity Underwriting Leverage our team of over 600 skilled real estate professionals experienced in real estate finance, including debt, equity, and development. Debt Underwriting including CMBS, Agency/GSE, Bridge, Mezzanine, Construction, LIHTC, Warehouse, and Syndication Loan Underwriting Agreed Upon Procedures (AUP) -detailed CPA financial testing and account reconciliations across all asset classes Debt/Equity Loan/Asset Initial Transaction Sizing Commercial & industrial (C&I) secured and unsecured credit underwriting, credit reviews, risk ratings, and expected loss given default Rent Roll/Lease Auditing Detailed CAM/RET Recovery Calculators Reconciliations for bank statements, utility bills, RET bills and more) Third Party Reviews (ESA/PCA/Appraisal) Credit Committee Presentations (i.e. Lender Credit Memos Asset Summary Reports, Equity Investment Reports, Draft OMs, etc.) Assumption Underwriting (i.e. Loan Purchase, Equity UW, etc.) Transaction and Data Room Management (i.e. Administrative Support, Due Diligence Inventory Tracking, etc.) Equity Cash Flow Modeling (ARGUS, Excel) Development, inclusive of waterfall and return analysis Transaction/Pricing Analysis In Depth Market Analysis (including but not limited to the collection of asset based market performance data, market participant intel, assessment of comparable properties for competitive benchmarking, etc.) Site Inspections and On-site Lease Auditing VBA programming, Statistical Analysis, and Database Management https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/8d5b24b2-14ad-40b3-9a52-f2c56623199e/Credit+and+Litigation+Searches%3AKYC.jpg Services - Credit and Litigation Searches/KYC Our team will perform a comprehensive review of the ownership structure and all necessary credit searches together with a comprehensive database search, bankruptcy, legal and foreclosure research and a detailed financial review. Limited/Pre-Qualifier (24 hrs) OFAC Regulatory Databases Sanction Lists Relevant Media Criminal Records Real Time Incarceration Records Standard Due Diligence (3 to 5 business days) Limited/Pre-Qualifier Plus Credit Report Federal Litigation County Litigation Federal Criminal County Criminal United States Tax Court Bankruptcy Liens and Judgments Foreclosure Records UCC Corporate Filings Enhanced Due Diligence (up to 7 business days) Limited/Pre Qualifier Plus Standard Due Diligence Plus Professional Licenses Business and Corporate Affiliations Additional Docket and Litigation Research/Risk Summary https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/64890e20-f283-45a4-bfd3-eb59c6e742f7/Development+Services+V2.jpg Services - Development Services Our team provides comprehensive real estate solutions across all stages of a project lifecycle for domestic and international institutional investors, lenders, individual property owners, and asset managers. Our focus is on delivering best in class development services to ensure your success throughout full lifecycle of a project. Development Management / Owner Representation Equity Underwriting for Project Sourcing, Acquisitions and Dispositions JV Structuring and Waterfall modeling Contract Negotiations with Third-Party vendors and Property Owners Retail Lease Negotiations Hotel Management Agreements Condominium Plans / Subdivision Construction Project Management through Project Completion Government Incentives and Financing Tax Abatement / Pilot Tax Increment Financing Municipal Bond Financing Low Income Housing Tax Credits Historic Tax Credits New Market Tax Credits Brownfield Tax Credits Government-Sponsored Enterprise (GSE) and HUD Financing Entitlements Zoning Analysis Test-Fit / Concept Design Permitting Strategy Cost Management Leading cost management solution throughout the project lifecycle Comprehensive benchmarks to ensure accuracy throughout the requisition process Providing continuous cost guidance and accrual management Marketing / Project Positioning Competitive analysis & target market identification Marketing plan, budget & schedule Branding & creative development strategies Targeted media strategies and approach Sales presentation strategies and training Marketing audits with third-party vendors Branding and Creative Development Strategies https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/d91382d2-f525-4dd0-85ab-9827896a4ec3/Credit+Risk+Assessment.jpg Services - Credit Risk Assessment Our team of experts use their knowledge and experience to enhance the basis of your business decisions with their perspective on Credit Risk (e.g. default risk of potential tenants), and thereby improving your risk-return metric. Our suite of Corporate Credit Risk Assessments is designed to navigate the complexities of credit risk through a multifaceted approach that includes both qualitative and quantitative analyses. Our services are anchored by the innovative Tearsheet-product (T/S), a standardized rating scorecard model that facilitates comprehensive risk evaluation and management. Corporate Credit Risk Assessments Our Tearsheet product (T/S) enables detailed reviews to manage tenant-related credit risks, addressing needs from potential new acquisitions to rating downgrades and significant corporate events. For an even deeper dive, we offer In-depth Credit Risk Memos, providing a more granular analysis. Ongoing Risk Control Our Market Risk analysis through Bloomberg Launchpad is enhanced by our maintenance of a Watchlist exceeding 500 entities. Automation in T/S reviews is driven by dashboard-implemented trigger functions for efficiency and timeliness. Reporting Our reporting framework is built on the backbone of a custom-built Dashboard that not only summarizes the status of T/S reviews for a comprehensive overview of b/s transactions but also encompasses regular watchlist reporting, special projects, and other key tasks. Regularly scheduled team calls ensure alignment between clients' credit and/or underwriting teams. Furthermore, we provide monthly summarized rating migration reports, uphold public rating validations for top entities identified by ARI, and ensure regular financial performance updates for top tenants. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/ab71414c-7bd3-40aa-b367-392b464ed557/Dedicated+Staffing+Solutions.jpg Services - Dedicated Staffing Solutions We offer our clients innovative, cost-effective, and flexible staffing solutions through on-site and off-site teams. Due Diligence and Loan Underwriting Financial Modeling (ARGUS, Excel) Capital Markets and Securitization Support Closing Administration Asset Management/Loan Workouts/Special Servicing Support Acquisitions and Dispositions Support https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/9d2adbac-a97b-403f-8eb4-09637bcad822/Capital+Markets+and+Securitization.jpg Services - Capital Markets and Securitization Our in-depth experience across multiple transactions including CRE CLOs, Conduit and SASB, Agency, and Small Balance. Our team handles re-underwriting and ASRs, prelim and accounting tapes, term sheets, and clearing exceptions on the back end. Securitization deal management for all transaction issuances, including CMBS Conduit and SASB, CRE CLOs, Agency, and Small Balance Pre Securitization-Set up – Work with clients to help set up securitization platforms Accounting Tape Creation & Tie-Out Large Loan Write-ups & SASB Term Sheets Underwriting & ASR Completion Annex A Creation & Tie-Out, Annex B and Schedule AL CLO/CMBS Offering Documents Completion Article 7 of the EU Securitization Regulation REG ABII Reviews Performing/Non-Performing Loan Analysis and Pricing B-Piece Re-Underwriting Risk Retention Investment Analysis https://www.spring11.com/terms-of-use daily 0.75 2022-05-20 https://www.spring11.com/case-studies daily 0.75 2025-03-19 https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653360756618-1Z593TWH4HK1CRUTRZMV/CMBS.jpg Case Studies - CMBS Underwriting Underwrote a $400 million loan secured by an 864,000 SF Class A office building with ground-floor retail in Manhattan. Built a detailed reimbursement calculator based on CAM recs, leases/abstracts, and manager feedback during the budget review. Reviewed third party reports and provided commentary. Completed a detailed credit committee memo and supported b-buyer questions and securitization team in circulating the ASR. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1654193679805-1F0FTBZCP4LJNHCVYU2S/BalanceSheet.jpg Case Studies - Balance Sheet Underwriting Underwrote a $225 million condo-inventory loan for the unsold portion of a newly redeveloped, 167-unit luxury residential building located in Manhattan. The loan was collateralized by 71-unsold residential units and 20,000 square feet of commercial space as well as a parking and storage component. Managed receipt and tracking of due diligence items and the corresponding checklist. Abstracted purchase contracts and actively tracked sales activity for the purpose of determining pricing trends and the final collateral at closing. Reviewed and abstracted third party reports. Completed a detailed credit committee memo highlighting underwriting and due diligence findings that were supported by unit pricing sensitives, select sellout and breakeven analyses, market research, etc. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653360841992-HTF7F2UE8ZVE0TOCAVAD/AssetManagement.jpg Case Studies - Asset Management, Loan Servicing, and Treasury Services Provide high-touch debt and equity asset management services for a broad range of both institutional and non-institutional clients spanning billions in invested capital across all commercial real estate asset types. Client engagements are customized to meet clients specific needs, including, but not, limited to: Full service asset management and loan servicing on a construction debt portfolio with total capitalization over $2 billion made up of large, syndicated loans on trophy assets. Full service asset management and asset reporting for a portfolio with UPB of $6.7 billion made up primarily of bridge debt. Equity asset management services for a client portfolio made up of predominantly multi-tenant office/retail assets. Services include property management oversight, generate CAM recs and lease abstracts to manage tenant billings, and leasing oversight. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653511831740-N6T37CZCJTVOGHNIX1YO/CLO.jpg Case Studies - CLO Provided re-underwriting of seasoned loans, data tapes, securitization ASRs, and term sheets for a $1.2bn CLO comprised of 25 loans. Compiled inventory of files and setup/managed Intralinks. Aggregated prelim data tape and comforted accounting tape and term sheets with attorneys, clients, and accountants to clear exceptions. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653360818520-LXYLJ8UY15N589SFZJFJ/B-Piece.jpg Case Studies - B-Piece Underwriting Underwrote 110 loans across all asset classes for a $1.5bn securitization in a three-week timeframe. Conducted extensive due diligence, including site visits to each property and local broker interviews for each market represented. Presented each deal to the client's in-house credit committee. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1654199384655-5IFUNRBPQ5WVD6N244HP/ARGUS.jpg Case Studies - ARGUS Audit and Update Reconciled the Rent Roll / Argus Rent Roll / Lease Abstracts for a 16-property portfolio acquisition with over 300 tenants. Performed a comprehensive Review of the Recoveries which will include a full review of the Seller's source documents and billings to tenants. Includes pro rata shares, Base Years and Amounts, Caps, Gross-Ups and exclusions against the Lease Abstracts. Review the Argus model to be certain the future recoveries and pools are working properly. Identified Termination and Contraction Options and below market Renewal Options. 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Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/f07b3a4f-a080-4518-92ed-d45a06d240cb/Adam+Zuckerman.jpg About - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653512119201-PRNY89OE231TWZ3RQ1R4/newyork.jpg About https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653364123033-K2SME9BJXAS9ZFLPD2RU/Atlanta.jpg About https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/1653364145279-H7N9ZG8CR5FP3DGVCXSP/FL.jpg About https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/9971d832-8ab2-41c5-beb9-d3b37e59f201/KC.jpg About https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/4af96e89-f2d1-4620-b236-5a1ff3381330/Houston-new.jpg About https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/374667b5-b83f-4879-9a74-87169d27e92b/Chennai-new.jpg About https://www.spring11.com/leadership-ilya-kostyukovsky daily 0.75 2025-06-30 https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/3711a0fa-6238-4f61-b56b-72383f1c4e07/Ilya+Kostyukovsky.jpg https://www.spring11.com/leadership-andy-golubitsky daily 0.75 2025-11-17 https://images.squarespace-cdn.com/content/v1/6279416ba5ff455b9a6f92dc/0c342eb6-bb2e-4233-bdd6-46e7abd3492a/Andy+Golubitsky+2025+WEB.jpg https://www.spring11.com/careers-2 daily 0.75 2025-12-15