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Real Estate and Mortgage Loan Portfolio Acquisitions
Standard Trust Mortgage Portfolio
Due diligence services for twelve performing and non-performing real estate and mortgage loan portfolios ranging from $15 million to over $300 million in the United States and Canada, on behalf of ING Capital, the potential purchaser. Property types included residential (rental, Co-operatives, condominiums), office, retail (shopping centers, neighborhood centers, freestanding), light industrial/warehouse, hotels/motels, nursing homes, and land. Work included property inspections, market research, valuation of assets, and evaluation of disposition options.
Privatized Military Housing Bonds
Bangor Submarine Base
Marine Corps Base Kaneohe Bay
Residential market studies and evaluation of development plans for nineteen privatized military housing bond transactions ranging from $300 million to $1.5 billion involving over 56,000 residential units in nineteen states, on behalf of the bankers—Merrill Lynch and Goldman Sachs—or bond insurer—MBIA Insurance Corporation. Analyses were relied upon by the rating agencies, bond insurers, and investors.
Army Lodging Privatization Financing
Fort Sam Houston
San Antonio, Texas
Hotel market studies and evaluation of development plans for privatization of Army lodging at eleven locations in eight states encompassing renovation or construction of over 4,500 hotel rooms on behalf of the financial advisor, Banc of America Securities.
Loan Due Diligence
Due diligence services including property inspections and market research for limited-service hotels, retail, and office property in New Mexico, Arkansas, and Oklahoma, on behalf of the lender, Prime Capital, a mortgage REIT.
Review and analysis of loan files representing $709 million of assets in a pool of commercial mortgage-backed securities and estimates of potential losses, on behalf of the potential purchaser of these securities, ING Capital.
Subsidized Housing Evaluation
Due diligence services including property inspections and market studies for fifteen subsidized housing projects to form part of the credit enhancement for a new REIT, on behalf of American Property Financing, Inc.
Development Potential of Excess Military Property
Excess Military Property
Evaluation of development potential for and value of excess Navy property and military housing in Goose Creek, South Carolina, and Meridian, Mississippi, for Forest City (potential developer).
Co-op Sellout Analysis and Valuation
Queens, New York
Sellout analysis, property valuation, and valuation of lender’s interest, consisting of $26 million non-performing first mortgage and a $10 million secured note on unsold units, in a 963-unit Co-operative apartment complex in Queens, on behalf of Fleet Associates.
Affordable Housing Bond Valuation
Market studies and valuation of subordinate bonds on two affordable housing projects in Nashville, Tennessee, on behalf of Piper Jaffray (bondholder), and on two affordable housing projects in Florida, on behalf of The Reliant Group (bondholder).
Affordable Housing Market Study
Market study for new affordable housing project in Manhattan as part of the funding application on behalf of non-profit developer.
Jamaica Transportation Center and Area Master Plan – evaluated feasibility of retail, office, and hotel development in this area of Jamaica, Queens, including market demand analysis.
Newark Penn Station Area Master Plan – developed real estate portion of station area master plan including projections of the magnitude and timing of future development to assist in development of transportation plan and completion of office, retail, hotel and residential market studies.
Non-profit Excess Land Disposition
Valuation, creation of a marketing plan, and owner representation for sale of 575 acres of land in New Jersey, on behalf of Holy Name Province, O.F.M. (Franciscans).
Rating Agency Advisory Services
Real estate advisor to Moody’s Investors Service for evaluation and rating of affordable housing bonds including creation of rating guidelines.
Bond Pricing Advisory Services
Advisory consulting on pricing of distressed affordable housing bonds for Financial Times Interactive Data, a bond evaluation service.
FTA Project Management Oversight
Seattle Link Light Rail
Project Management Oversight consultant in the right-of-way area for the Federal Transit Administration for transit projects in Seattle, Portland, Denver, and San Francisco. Oversight includes evaluation of the Real Estate Acquisition and Management Plan and Relocation Plan, the project timetable, right-of-way budget, compliance with FTA procedures and the Uniform Relocation Act, and agency capacity. Work also includes participation in project risk assessments with responsibility for the right-of-way area and evaluation of proposed transit-oriented development proposals.
East Side Access
Queens, New York
Right-of-way planning on East Side Access project for Metropolitan Transportation Authority. Developed real estate acquisition plan for East Side Access rail project including approximately 125 easements and property acquisitions and completed all property research required to support project design and engineering.
ROW Planning and Relocation
Right-of-way planning and relocation consulting on Fulton Street Transit Center for Metropolitan Transportation Authority / New York City Transit. Developed real estate acquisition plan and served as part of relocation consultant team for this subway station project involving six major property acquisitions and relocation of over 125 tenants.