UNIVERSITY OF ILLINOIS AT CHICAGO (UIC)
Assistance in Acquisition of a Multi-Use Building

Stephen Friedman provided extensive assistance to the University of Illinois at Chicago ( UIC ) in the acquisition of the Circle Court Shopping Center , a building whose availability was viewed as an opportunity for growth because it was situated adjacent to the UIC campus.

He first helped UIC in determining which functions could be grouped together in the space, identified financing options, and then managed the due diligence process related to the acquisition and renovation plan. This included: analysis of the existing leases and the resulting cash flow; analysis of expenses; coordination with UIC ’s architectural and academic personnel; coordination with internal and outside counsel; and preparation of a project briefing book for presentation to the UIC Board of Trustees.

In the project briefing book, private and public financing options were evaluated including bond financing and certificates of participation. To determine the private sector contribution, we prepared multi-year financial analyses of operation of the building by UIC.

We continued to assist in the process of determining the price to be offered and consulted in determining negotiating strategy and financing issues. Also, we prepared financial analyses related to the future operation of the property. In this regard, we worked closely with UIC personnel in ascertaining the optimal situation for keeping each of the existing tenant occupants, keeping in mind their need for space and their required lease conditions.

S. B. Friedman & Company assisted UIC in price negotiations with the seller. We reviewed outside appraisals and prepared independent analyses to establish an appropriate price range. Ongoing support was provided while UIC negotiated with the RTC and the bankrupt partnership which held interests in the property respectively. Assistance also was provided regarding a negotiating strategy for each remaining tenant. We represented UIC in dealing with the tenants and in completing the transaction.