The Terranova Group Adds Seasoned Real Estate Developer, Richard Parvey, To Executive Team

Parvey’s A&D Expertise Rounds Out Comprehensive REO Services

GREENVILLE, S.C.--(BUSINESS WIRE)--The Terranova Group, a leading service provider of specialized asset management and disposition services, expanded its executive team with the addition of Richard Parvey as director of land development. Parvey brings more than twenty years of land acquisition and development experience to the company.

“The addition of Richard brings an increased level of focus to the acquisition side of the Terranova disposition strategy”

CEO of The Terranova Group, Rob Haney, said, “We are pleased to add Richard to our executive team. We realize that residential foreclosures aren’t the only distressed assets facing banks. Banks are also challenged with disposing of vacant developments in one of the most challenging real estate markets we’ve faced. The longer these properties sit on their books, the higher the loss for the bank. It takes a certain skill set to stabilize, maintain and ultimately dispose of these developments in an efficient manner that also brings value to the bank. Richard has years of success in this area and we are looking forward to the value he’ll bring to our clients.”

For nearly two decades, Richard Parvey has cultivated his skill set as a developer, beginning with the acclaimed new urbanist development, Seaside, and eventually founding his own development company, The Parvey Companies. With this breadth of experience, Parvey will contribute an intimate sense of brokerage, development and construction navigation to Terranova’s service offerings.

Parvey states, “I am looking forward to joining the Terranova team. This is a great opportunity to fill a void in the REO space by helping financial institutions move bank-owned developments off their books. We are offering banks much more than just routine maintenance, but rather a surrogate developer of sorts, providing a hands-on, high-touch approach.”

As director of land acquisition for The Terranova Group, Parvey will be responsible for cultivating relationships with prospective clients, not only in surrogate developer activities, but also client portfolio analysis and direct acquisition.

Parvey continues, “Terranova’s business model is distinctly different from traditional asset management companies. The entire Terranova process is geared to sell properties in an expedient manner, while maximizing value for the lending institution. Because of this, I feel that The Terranova Group is well-positioned and could be of tremendous value to financial institutions that currently have land developments sitting on their books. With any given portfolio, Terranova has the ability to implement a builder program, as well as manage the project, turning a potentially viable property in the future into a fruitful asset in the present.”

As a third-party service provider to financial institutions, The Terranova Group provides a specialized, yet cost effective approach to selling distressed assets. In response to the traditionally slow and arduous disposition process, Terranova gives financial institutions a targeted outsourced solution for REO preservation, administration and settlement services.

“The addition of Richard brings an increased level of focus to the acquisition side of the Terranova disposition strategy,” said Haney. “His position will address a very specific and timely need industry-wide in solving the growing number of distressed assets, further enabling our services to extend from non-performing loans through foreclosure and into REO.”

The Terranova Group focuses primarily on residential building lots, residential improved properties, residential partially completed properties and partially completed acquisition, development, and construction loans. The company provides services designed to facilitate professional management and timely disposition of REO and non-performing assets.

About The Terranova Group

The Terranova Group is a full service third-party provider of outsourced asset management, stabilization, construction completion and disposition services designed to help lenders quickly dispose of distressed assets, while leveraging a ground-engaged team of real estate professionals to garner the highest possible value for the property. Additionally, Terranova has the capacity to leverage substantial access to private equity to the acquisition of surplus assets. The Terranova Group executive team brings more than 100 years of combined construction, development and real estate experience to its endeavors.