Work-out and Portfolio Transaction Capabilities

The firm has extensive experience in real estate finance, public-private partnerships, market and financial feasibility and development.  Among the capabilities applicable to work-outs and portfolio transactions are:

Portfolio Analysis and Review Market and Financial Due Diligence Deal Structuring and Restructuring, including Public-Private Partnership Solutions Development Management to Complete Distressed Projects Asset Management/Owner's Representative Property Disposition

Portfolio Analysis and Review

The firm has the expertise and data management skills to inventory, track, and evaluate multiple property or asset portfolios.  This includes tracking and organizing information on location, property characteristics, financial performance, market characteristics, etc.  These data can be analyzed to evaluate properties most threatened and identify solutions and strategies to work out problems, identify opportunities, and unlock value.  Experience:  Chicago Department of Housing, Expiring Tax Credit Projects; Port of Oakland Evaluation of Commercial Real Estate for Bond Issue.

Market and Financial Due Diligence

The firm has extensive experience evaluating current and longer term market conditions that impact the potential for recovery in work-outs and the value of portfolio assets.  These skills include GIS capabilities, retail gravity modeling, in-depth demographic and cohort forecasting, and financial feasibility modeling, as well as more typical market profiles.  Experience:  More than 200 project-specific and sub-area market analyses for residential, retail, office, and industrial projects; more than 100 financial feasibility reviews for public-private financing transactions.

Deal Structuring including Public-Private Partnership Solutions

Our team has provided analysis and negotiation support for over 100 transactions totaling well in excess of $2 billion in real estate projects in the past five years.  These projects include complex, multi-layered transactions including equity, private debt, tax credits, tax increment financing, and revenue bonds.  Experience:  Lead consultant for City of Chicago New Markets Tax Credit program; 100 plus deals in tax increment financing districts; individual work-outs such as The Blatz historic rehabilitation apartments, Milwaukee; buy vs. lease analysis and incentive programs for corporate clients such as Pampered Chef, Reyes Holdings, and Tempel Steel.

Development Management to Complete Stalled Projects

The value and recovery from stalled development projects is often most enhanced by completing the project prior to disposition.  The firm has broad expertise in development, including practice leaders with over 20 years of combined development experience in residential, commercial, and industrial projects such as infill, redevelopment, and multi-layered financial structure deals.  Development Experience:  Homan Square Development of former Sears Headquarters, Brainerd Senior Center, Manheim Business Center, Curtiss Block Redevelopment, Lakehurst Mall Redevelopment, the Atwater at Gaslight Pointe.

Asset Management/Owner’s Representative

In appropriate situations, the firm or its affiliates may assume asset management responsibility for overseeing the operations of properties.  This could include assuming the responsibility of general partner.  In this role, we would prepare work-out strategies including property repositioning, capital improvements, re-financing, supervision of property managers and contractors, reporting and compliance, etc.  Experience:  Brainerd Senior Center, Homan Square Rental Apartments, Lawndale Christian Development Corporation-King Legacy Apartments.

Property Disposition

The firm has extensive experience in “value-added” marketing of properties.  This process includes determining the best future use and market position of the property; obtaining public approvals and entitlements that may be necessary to maximize value; negotiating public financial assistance; and marketing the property through techniques ranging from targeted solicitations of a pre-qualified pool of buyers to direct negotiations with most likely buyers to competitive developer solicitations.  Experience:  Felician Sister Property Disposition, City of Des Plaines Six-Acre Site (Library Plaza), Village of Bartlett Nine-Acre Site (Town Center); City of Park Ridge Bredemann-Reservoir Site (Uptown Residences and Shops); Village of Libertyville and School District 70 School Street Properties (Brownstone District).