Notable Accomplishments

Finance, Investment & Other

Previously responsible for management of Citigroup’s $1.2 billion, seventy-two facility relationship with the Trammell Crow Company. This was the largest non-sovereign nation credit risk of the bank worldwide at the time.
Conceived and successfully executed a four-year apartment development equity investment program at Amstar. This consisted of 3,786 units across 12 transactions located in Dallas; Phoenix; Las Vegas; Ft. Lauderdale; Atlanta; Nashville; Clearwater, FL; Jacksonville, FL; Portland; and Rancho Santa Margarita, CA. Strategic relationships were formed with reputable developers (including Fairfield Residential, Westwood Residential, and JPI), yielding multiple transactions under standardized deal structure and legal documentation.
Closed a $400 million loan from Citigroup to Trammell Crow Equity Partners II, an international opportunity fund.
Produced a record $242 million of new investments on behalf of Amstar in one year prompted by heavy asset sales and a desire to defer capital gains taxes through 1031 exchanges. Acquisitions included three premium office properties totaling 600,000 square feet representing over $100 million in new investment in Costa Mesa, CA, the San Francisco CBD and the Baltimore CBD; and a number of multifamily properties located in the west and northwest.
Conceived and executed the Amstar multifamily acquisition & rehabilitation program, acquiring thirteen properties over two years representing $215 million in new investment and consisting of 3,250 units located in southern California, Seattle and Portland.
Acting on behalf of Citigroup arranged a $250 million mortgage warehouse line of credit for Commonwealth Mortgage.
While responsible for finance at Amstar, conceived and provided senior direction for the negotiation and closing of:
- a five-year, $105 million revolving credit & term loan facility provided by Bank One, which had better pricing and more lenient covenant terms than many comparable REIT credit facilities;
- $76 million in bridge financing from G.E. Capital to Amstar affiliates to refinance certain assets; and
- a creative $35 million floating rate loan from G.E. Capital to Amstar secured by a mature office property, complemented by interest rate corridor and ceiling rate hedges from Citibank, N.A., essentially providing life insurance company financing rates while allowing for critically important prepayment flexibility.
Successful oversight of the negotiation, pricing, and closing of an $82.55 million REMIC commercial loan securitization done by an Amstar affiliate through CS First Boston. This was the first mixed-property, cross-collateralized REMIC done by a single owner/borrower in the real estate industry.
On behalf of Interfirst Bank Dallas, handled: (i.) a $40 million construction loan for the D/FW Airport Hilton Hotel & Conference Center; (ii.) a $20 million participation in a loan funding the site acquisition for the Morton H. Meyerson Symphony Center; and (iii.) the relationship with two large Canadian developers: Cadillac-Fairview and Bramalea.
Led a Citigroup team that secured a $42.5 million participation in the financing for the leveraged buy-out of Ryan Homes by NV Homes.
Led a five-person consulting team at troubled HealthSouth Corporation that helped establish policies, procedures, systems and controls necessary for Sarbanes-Oxley compliance in the Partnerships Control and Reporting Department.
Provided a summary of all regulatory requirements and cash management process controls governing the vacation rental business in North Carolina for ResortQuest, a subsidiary of Gaylord Entertainment.

Workouts & Restructurings

Led a $350 million, forty-two credit facility restructure and refinancing of a portion of Citigroup’s loans to Trammell Crow affiliated partnerships, which was integral to its subsequent transition to a services company. Closed the innovative master limited partnership roll-up restructure within one year.
Completed a two-year out-of-court restructuring of a $260 million multi-bank revolving credit & term loan facility to General Homes Corporation led by Citigroup, while deterring greenmail attempts by subordinated debt holders.
Managed the Paragon Group workout team at Citigroup, which successfully restructured $250 million in debt against thirty-one projects in ten states over a fifteen month period.
Representing an eighteen-bank syndicate led by Citigroup, successfully renewed and restructured a $165 million revolving credit and term loan facility to U.S. Home Corporation, avoiding the risk of a Chapter 11 bankruptcy filing.
On behalf of Amstar, after removal of a development partner in default, achieved a workout settlement within ninety days for the underperforming $65 million Franz Klammer Lodge time-share ski resort project, hired new staff and implemented a business plan to redirect efforts and improve profitability.
Directed the repositioning and sale by Citigroup of a $75MM foreclosed office building in downtown San Antonio.
On behalf of Citigroup, devised and implemented litigation strategies leading to full collection of a $29MM loan to two national developers secured by an office site in suburban Atlanta.

Expert Witness & Litigation Consulting

Provided consulting services as a commercial real estate expert for plaintiff's counsel in a high-profile case against a large real estate investment trust and other parties concerning unauthorized transfer of partial ownership interests, interference with development activities and tenant relationships and other causes of action. This case related to a large portfolio of commercial and multifamily properties located in the Washington, D.C. area.
Provided expert witness services for defense counsel in connection with a lender liability case concerning a 210,000 square foot commercial office building located in suburban Dallas.
Served as a real estate and commercial lending expert for defense counsel in connection with a lender liability case involving a $65 million failed mixed-use high-rise condominium project located in downtown Boise.
Served as litigation consultant for plaintiff’s counsel on a 160,000 square foot failed office condominium park development in Colorado Springs.
Served as expert witness for defense counsel concerning a lawsuit brought for failure to fund under an alleged partnership to purchase a $126 million high-rise condominium tower in the Chicago CBD.
Provided expert services in connection with a dispute involving mortgage warehousing of sub-prime residential loans.