Prism Capital Partners, LLC, in Englewood, New Jersey, has launched a third-party consultation and property management services (CPMS) program for commercial lenders holding distressed assets and REOs.

The company explained that the new service enables loan underwriters, servicers, and officers to leverage the in-house resources of Prism, a regional commercial real estate operator and manager, to quickly turn around troubled properties and maximize market participants' recovery from these assets.

"Our CPMS program responds to the continued erosion in market conditions for commercial real estate assets," said G. William Roesch, a Prism principal and the firm's CFO. "This program is intended to provide lenders and/or servicers with a strategic alternative to continuing with the incumbent sponsors/ managers of a troubled asset and as a viable supplement to their own internal staff resources."

Under the program, Prism will provide clients with asset management and strategic business plan formation and execution, best practices implementation for preventative maintenance and operations, and financial accounting and reporting. The CPMS program also offers capital improvement planning and implementation, a hands-on team of professionals, and resource allocation for properties with limited staffing requirements, as well as in-house leasing and marketing services, the company said.

Formed in 2002, with roots as an investment firm, Prism has grown into a vertically integrated real estate company, specializing in asset management, property management, financial reporting, construction management, leasing, and marketing. Its portfolio of properties under management exceeds 2 million square feet within a number of asset classes, including office, retail, industrial, mixed-use, and land holdings.