Illustrative Fiduciary Assignments
Wealth Management Firm: A wealth manager was considering investing $45 million in a 900-bed to-be-built student housing facility near a tier-1 university located in an Opportunity Zone. REFS was engaged to perform due diligence and underwriting, including (a) the asset, financial analysis, development plan and proposed development team; (b) the planned property manager; and (c) the national and local student housing investment market. REFS worked with the client throughout the process providing recommendations and negotiation support. The property opened in the summer of 2023. REFS serves as ongoing Investor Representative to the venture.
Public Pension Fund: A public pension fund was considering investing in a joint venture to acquire a 55% interest in a 290,000 sf lab/R&D building, subject to a ground lease. REFS was engaged to visit the property and tour the market, providing input on the life sciences market and building fit into that market, (b) ground lease terms and ground lessor, (c) planned asset management team, and (d) underwriting and due diligence. REFS prepared a report with recommendations and considerations to the client. The transaction was completed.
Public Pension Fund: A public pension fund was considering co-investing in a $600 million, 900,000 sf medical office campus development. REFS was engaged to (a) visit the site and tour the market, and (b) provide input on the development team personnel. REFS prepared a report for the client, which ultimately made the investment.
Public Pension Fund: REFS was engaged to assist in the underwriting of a proposed acquisition of four office buildings valued at approximately $108 million. REFS work included (a) analysis of the properties, (b) analysis of the market, (c) analysis and opinion of the investment strategy, (d) analysis of the existing debt on the portfolio, (e) review of the underwriting, and 6) rendering an opinion as to the appropriateness of the potential investment with respect to its pricing and the property-level debt strategies.
Public Pension Fund: REFS was engaged to assist in the underwriting of a land acquisition as part of a proposed multibillion-dollar mixed-use development opportunity. REFS work included (a) site inspection, (b) market analysis, (c) review of underwriting, (d) review of development plans, and (e) opining on the appropriateness of the investment. REFS was subsequently engaged twice to provide updated due diligence as part of the client’s anticipated additional contributions to the asset.
Public Pension Fund: REFS was engaged to assist in the preliminary underwriting of several development parcels located within a large multibillion-dollar mixed-use development project. REFS work included (a) site inspection, (b) market analysis, (c) review of financial underwriting, (d) review and assessment of the developer experience and capabilities, and (e) opining on the appropriateness of the commitment to the development of the parcels.
Public Pension Fund:
REFS was engaged to perform agreed upon due diligence procedures in connection with the purchase of a joint venture interest in a class A CBD office building. The work included 1) site inspection, 2) selected tenant interviews, 3) market analysis, 4) development of financial underwriting assumptions and 5) reconciliation of capital improvement plans with the PCA report and financial underwriting.
Global Investment Manager: REFS was engaged to support investment underwriting and due diligence for the US start-up of a global investment manager. Assignments vary and relate to both portfolios and individual properties.