Steven Bandolik Joins Deloitte's Distressed Debt & Asset Practice

Oct 06, 2010, 09:36 ET from Deloitte

NEW YORK, Oct. 6 /PRNewswire/ -- Deloitte announced today that Steven Bandolik has joined its distressed debt and asset practice. Bandolik's hire marks the latest in a series of strategic growth initiatives executed over the last 18 months to expand Deloitte's distressed debt and asset practice.

"Challenges need to become opportunities in order for borrowers, lenders and investors to move forward, and get back to their core business of making positive returns on investments. Despite lower interest rates, obtaining new financing regardless of loan performance continues to be an issue unless properties and financial positions are extremely strong," said Bandolik.  "In this environment, clients require intellectual capital to re-structure transactions, and design sensible underwriting, due diligence and risk management procedures. Their debt may need to be structured more conservatively, requiring higher equity levels that could withstand future stress, with a focus on deleveraging over the holding period."

Bandolik added, "The industry had forgotten that real estate is about people. The real estate industry is returning to the basics – managing hard assets and maintaining relationships.  Deloitte offers clients a truly multi-disciplined approach built upon integrity, alignment of interests and creative solutions that serve this traditional approach to real estate. We have a strong, qualified national team that brings a global perspective."

Based in Chicago and New York, Bandolik will develop audit, tax, financial advisory and consulting services for clients nationally.  He will deliver services in real estate restructuring, workout and asset recovery, and capital markets, and will provide due diligence/valuation services and asset management advice to help clients as they work to maximize the value of their assets in a difficult and challenging environment.

"Although there are indications the economy is improving, it could take three to four years before the commercial real estate market stabilizes. The opportunity to invest at these levels is unique.  Investors ready to move in this market and maximize asset value need the kind of sophisticated counsel Steven brings to bear," said Guy Langford, principal, Deloitte & Touche LLP and leader of the distressed debt and asset practice.  "With more than three decades of successful hands-on real estate investment, finance, development, asset management and property management experience, he understands that one of the most fundamental aspects of commercial real estate is people – a view we share.  I am excited to welcome Steven to the team and look forward to a long and successful collaboration."

Deloitte's distressed debt and asset practice has more than 60 partners, principals and directors with competencies and prior experience relating to debt advisory services, rating agencies, debt origination and underwriting, workout and restructuring, capital markets and investment banking.

Deloitte offers lenders, borrowers and investors support with a range of issues including merger, acquisition and divestiture transactions; reorganization and bankruptcy; preserving and enhancing asset value; litigation and dispute support; valuation; portfolio reviews, foreclosure analysis, tax structuring; accounting and audit; and strategy, operations and technology.

Bandolik has a proven track record of significant accomplishments in a variety of disciplines, both as a leader of several well-known real estate organizations and as a strategic advisor.  He has vast experience in private equity, investment banking, commercial real estate, equity capital fundraising, debt placing and divestment.

Bandolik joins Deloitte as a director with Deloitte Financial Advisory Services LLP. Previously, he led Real Asset Recovery Group, a national real estate advisory firm he founded in 2008 that offers restructuring, workout and asset recovery services.  Bandolik was a managing director with Nomura Securities International, Inc. focusing on commercial mortgage-backed securities, from 2004 to 2005. Prior to that, he was with Transwestern, one of the largest privately-held national full-service commercial real estate companies in the U.S., where he acted as chief operating officer and managing director of its Investment Company and president and chief executive officer of its Commercial Services Company. Bandolik was president and chief executive officer of Colliers B & K Management Company from 1992 to 1996.  Bandolik began his career with Deloitte as an accountant and consultant in 1975.

Bandolik holds a bachelor's degree in accountancy from the University of Illinois-Champaign.  He is a member of The Real Estate Roundtable, Urban Land Institute, Industrial and Office Park Development Council, the American Institute of Certified Public Accountants, the Illinois CPA Society and the University of Illinois Presidents Council. Bandolik also serves on the Associate Board of the Rehabilitation Institute of Chicago and is a senior advisor to the U.S. Chamber of Commerce for disaster recovery.

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