Waveland Financial / Badger Real Estate Advisors

Transcription

1 Waveland Financial / Badger Real Estate Advisors Real Estate t Advisory Services SOLVING PROBLEMS CREATING VALUE

2 Contents I. Waveland Financial II. Badger Real Estate Advisors, LLC III. The Waveland / Badger Partnership Overview and Objectives IV. Recent Relevant Experience V. Key Personnel and Qualifications Badger Real Estate Advisors, LLC 1

3 Waveland Financial I. Firm Overview Started in 2009, Waveland Financial was formed by three principals who collectively have senior executive experience in loan origination, underwriting, credit, loan sales, loan pricing, asset management, structured finance, securitization, investment management, and investment banking The firm advises lenders, property owners, financial institutions and debt investors on commercial real estate debt and equity matters Specifically, services include: Creditor Advisory (including whole loans, participations and structured finance) Asset Management Turnaround & Restructuring Valuation Services Operational Oversight Transaction & Disposition Advisory The Principals have also purchased and managed real estate, both individually and as sponsors of investment funds. Past and current clients include: Regional and National Real Estate Lenders Real Estate Owners and Operators Developers Private Equity Firms 2

4 Badger Real Estate Advisors, LLC II. Firm Overview Badger Real Estate Advisors, LLC was formed in 2009 with a focus on restructuring, including real estate investments and deal making involving, disposition, lease renegotiation and acquisitions The Badger team has unparalleled experience in the restructuring of real estate assets Specializing in real estate assets, both leased and owned, Badger helps businesses improve leverage and cash flow by repositioning and restructuring their real estate commitments. Our focus is on optimizing value in the shortest time frame possible Principal services include: Strategic consulting and advisory and services Strategic portfolio advisory Portfolio management Portfolio strategy and restructuring Portfolio disposition Receivership services Lease restructuring The Principals of Badger have also owned and operated in excess of $100,000,000 of real estate as principals Badger is currently advising one the largest multi-focused development, design-build and construction companies in the US Badger is currently the Chief Restructuring Officer and Receiver for Wextrust, which was one of the largest Ponzi schemes in the real estate world 3

5 Waveland / Badger Partnership III. Partnership Overview Waveland Financial and Badger Real Estate Advisors have formed a cooperative partnership in October 2009 in an effort to work with financial institutions to preserve value and mitigate losses associated with commercial real estate equity and debt exposure To effectively do so, commercial real estate investors and lenders need experienced advisors with a combination of: Transactional experience in commercial real estate lending, development and securitization Accounting, valuation and restructuring capabilities to assess what s at stake Property management experience necessary to stabilize assets and mitigate unnecessary cash flow seepage and loss Familiarity with receivership, its process and related litigation issues Disposition services and rifle shot marketing to potential investors that can efficiently and quickly execute a sale The Partnership between Waveland Financial / Badger Real Estate Advisors offers all of the above Waveland Financial The Partnership Badger Real Estate Real Estate Underwriting Assessment of Key Risks Property Valuation Property Management Marketing Disposition Execution Real Estate Solutions Risk Assessment Preservation of Value Process Efficiency Exit Execution Foreclosure Solutions Receivership Property Management Disposition Execution 4

6 Waveland / Badger Partnership III. Our Objective Real Estate Advisory Services To provide valuable insight and advisory in terms of three critical phases of a troubled real estate credit: Evaluation and Strategy Determination Asset Management / Owner s Representation Disposition / Recovery Strategy and Execution Evaluate subject assets. Develop and implement asset strategy. Prepare and compile due diligence information. Perform market analysis. Assess asset s physical condition and prepare capital expense budget. Conduct strategic discussions with client, counsel and others. Develop strategic options based upon client objectives and situational analysis. Determine optimal strategy and proceed to execution. Monitor contract compliance. Hire and supervise third party professionals. Supervise leasing, sales, purchasing and refinance activity (as required). Manage risks and liabilities. Prepare monthly, quarterly and/or annual reports for ownership. Ensure meaningful and timely communication for ownership. Determine criteria which constitute a qualified bid/proposal (e.g. contract terms, financial capacity, etc.). Set bid/proposal. Develop marketing material for interested parties. Select qualified bidders based on response to marketing material. Provide qualified bidders with access to due diligence information. Accept all qualified bids. Select best bid executive contract and close sale. Badger Real Estate Advisors, LLC 5

7 Recent Relevant Experience IV. Experience Rubicon America Trust Initiated disposition program for US$1.5 billion of commercial real estate debt and equity assets Valued entire portfolio and formulated optimal disposition strategy to maximize value recovery The program was 50% complete at the time Mr. Blessing and Mr. Charboneau left to form Waveland Financial in early 2009 WexTrust Capital LLC and Wextrust Equity Partners Re-underwriting the entire real estate portfolio Determining an optimal strategy for every individual asset Performing market analysis Creating a business plan for each asset Acting as liaison to court appointed receiver, SEC and secured and unsecured creditors Determining strategic alternatives to provide value maximization in the management of existing assets and their subsequent liquidation Managing the entire portfolio including leasing and day to management activities Providing oversight of the restructuring, funding and other activities performed by legacy Lehman real estate professionals. Manage the disposition of the portfolio Manage all negotiations with all lenders on all projects 6

8 Key Personnel and Qualifications V. Key Personnel and Qualifications James Blessing Principal Waveland Financial Prior to forming Waveland Financial, James worked for over 20 years in Commercial Real Estate Finance, as a Banker, Advisor, and Principal. Most recently, James was Executive Director of Rubicon, an Australian-based fund manager. The US office of Rubicon managed over $1.5 billion of Commercial Real Estate Debt and Real Estate assets. James was Vice President of JMB Financial (an affiliate of JMB Realty), where he arranged approximately US$1.2 billion of debt and equity for real estate clients. Prior to that, he held various debt and equity origination roles with Key Bank, EuroHypo, and LaSalle Bank. James holds a Bachelor of Science in Finance from the University of Iowa, and is a member of the Mortgage Bankers Association. Chris Carboneau Principal Waveland Financial Prior to forming Waveland Financial, Chris was Acquisition Officer at Rubicon, an Australian based fund manager. Chris was in charge of the acquisition/origination and disposition of the assets in Rubicon s $400MM commercial real estate debt portfolio. Prior to Rubicon, Chris was a Vice President at Key Bank in the commercial real estate structured finance group, which specialized in whole loans, mezzanine loans, equity investments, and other subordinate investments in commercial real estate. Prior to that, he held various positions in the commercial real estate finance groups at JP Morgan and CIBC World Markets. Chris holds a Master of Business Administration (Real Estate and Urban Land Economics) from the University of Wisconsin and a Bachelor of Arts from the University of Michigan. 7

9 Key Personnel and Qualifications V. Key Personnel and Qualifications Ryan Huddlestun Principal Waveland Financial Prior to joining Waveland Financial, Ryan was Executive Director at Eurohypo AG, a real estate investment bank and subsidiary of Commerzbank. Ryan was an originator of over $5 billion in commercial real estate loans including construction/mini- perms, bridge loans, CMBS and corporate lines of credit to a wide variety of clients including REITs, fund managers, and privately held real estate owners. Ryan evaluated complex transactions for all commercial real estate types, including retail, office, hotel, multi-family and industrial properties located in various markets throughout the United States. Prior to Eurohypo, Ryan was a Commercial Loan Officer at Corus Bank in Chicago, Illinois. Ryan holds a Master of Business Administration (with a concentration in Analytical Finance, and Management and Strategy) from Northwestern s J.L. Kellogg School of Management and a Bachelor of Arts from the University of Wisconsin-Madison. 8

10 Key Personnel and Qualifications V. Key Personnel and Qualifications Mitchell P. Kahn President Badger Real Estate Advisors, LLC Prior to forming Badger Real Estate Advisors, LLC, Mr. Kahn was the Founder, President and CEO of Hilco Real Estate. Mr. Kahn has been retained by some of the world s largest and well-known companies. is experienced in deal making involving restructuring, disposition, lease renegotiation and acquisitions. Under his leadership, Hilco Real Estate subleased, relocated, and renegotiated hundreds of thousands of square feet of retail, commercial and industrial space, including the disposition and restructuring of the real estate for WorldCom, Jacobson Department Stores, Homelife, Homeland Supermarkets, USOP McWhorter s, Trak Auto, Venator, Bedroom Superstore, Payless Cashways, Wolf Camera, HQ/Hechinger, Heilig-Meyers Furniture, Filene s Basement, Play Co, Camellia Food Centers, Ice Chalet, and Maurice, Mervyns, Bally Total Fitness, Bonus Stores, A&P, Cooker Restaurants, GameStop, Boyd s Bears, Levitz, Kroger, Movie Gallery, Krispy Kreme, Pamida, Pep Boys, Starbucks, Whitehall Jewelers, Levitt Homes, and Neumann Homes. Mr. Kahn is currently the Chief Restructuring Officer of Wextrust, leading their valuation, restructuring and disposition efforts of the entire Wextrust portfolio under an SEC appointed Receivership. Prior to joining Hilco Real Estate, Mr. Kahn was Senior Vice President of Sportmart, directing all real estate activities including site selection, national rollout strategy, deal-making and lease negotiations for all Sportmart t locations. He managed the disposition iti of all Canadian assets for Sportmart, t and eventually negotiated the successful merger between Sportmart and Gart Sports. Mr. Kahn was responsible for all legal and strategic functions at Sportmart, as well as developing, managing and leasing numerous shopping centers built by the company and its principals. Mr. Kahn formerly practiced real estate law and has developed numerous retail shopping centers. Mr. Kahn is a graduate of the University of Wisconsin, School of Business and Northwestern University, School of Law. 9