"Some things can only be learned
by going through 'the fire of the deal' — Joe has been through
that fire in this industry and the resulting wisdom borne
from his experience is a ready resource for clients facing
complex transactions in an ever-changing business environment."
Provided consulting services as a commerical 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.
Provided expert witness services for defense counsel
in connection with a lender liability case concerning
a 210,000 square foot commercial office building.
Responsible
for management of Citicorp’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.
Subsequently led a $350 million, forty-two credit facility
refinancing of a portion of Citicorp’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.
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 Citicorp to Trammell Crow Equity
Partners II, an international opportunity fund.
Completed
the two-year restructure of a $260 million multi-bank
revolving credit & term
loan facility to General Homes Corporation led by Citicorp.
Managed the Paragon Group workout team at Citicorp,
which successfully restructured $250 million in debt
against thirty-one projects in ten states over a fifteen month period.
Acting on behalf of Citicorp arranged a $250 million
mortgage warehouse line of credit for Commonwealth Mortgage.
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.
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.
Representing an eighteen-bank
syndicate led by Citicorp successfully renewed and restructured
a $165 million loan to U.S. Home Corporation.
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 Amstar, after removal of a development
partner in default, achieved a workout settlement within
ninety days for the troubled $65 million Franz Klammer
Lodge time-share ski resort project, hired new staff
and implemented a business plan to redirect efforts and
improve profitability.
On behalf
of Interfirst Bank Dallas, handled: (i.) a $40 million
construction loan for the D/FW 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 Citicorp 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.
Served
as a real estate and commercial lending expert in connection
with a lender liability case involving a $65 million failed mixed-use
high-rise condominium project.
