Bill Green, the former head of debt investments at Starwood Capital Group Global LLC, has formed an advisory company with four bankers he worked with at Wachovia Corp. to counsel clients on distressed real estate.

Tannery Brook is advising real estate investors and banks seeking to work out troubled loans, said Green, Wachovia's former head of global real estate capital markets. The company, based in Charlotte, plans to add staff in New York, Florida and California, he said.

"Real estate values are down by an average of 30% to 50% and most of the debt on commercial real estate will be coming due within the next five years," Green said. "Virtually every asset is going to be sold or be restructured or be foreclosed during that time period."

Green left Wachovia in 2007 for Starwood, the real estate investment firm led by Barry Sternlicht.

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