Parties-in-Interest Transactions
Institutional Investor
The investor sought to transfer a debt position on a large property portfolio to a related party. REFS was engaged to a) value a portfolio of 7 assets (17 properties, wholly owned and joint ventures), b) value the owner’s position, c) review and opine on the owner’s property level business plans, and d) conclude with respect to the adequacy of the loan collateral.
Public Pension Fund
The client sought to sell an industrial portfolio from a separate account to an open-end commingled fund, and required an independent fiduciary to manage the transaction. Our work included: a) valuing the portfolio, b) directing the disposition activities, c) negotiating the terms of the sale, d) closing the transaction, and e) confirming that the sale met ERISA requirements.
Open-end Fund
The fund required an independent fiduciary to assist in obtaining a line of credit from its parent company. REFS a) reviewed all relevant fund and property documents; b) investigated sources of debt and confirmed market terms, c) supported negotiation of terms and documentation.
Closed-end Funds (2)
The value-add funds were nearing the end of their life cycle and required an independent fiduciary to oversee the sale of partial interests in a joint venture that owned an office building. Interests were acquired by separate account investors advised by the fund sponsor. REFS work included a) valuing the asset and the related partial interests, b) directing the disposition activities, c) negotiating the terms of the sale, d) closing the transaction, and e) confirming that the sale met ERISA requirements.
Closed-end Fund
The value-add fund sought to sell an office building to a related open-end commingled fund, and required an independent fiduciary to manage the transaction. REFS work included a) valuing the asset and the related partial interests, b) directing the disposition activities, c) negotiating the terms of the sale, d) closing the transaction, and e) confirming that the sale met ERISA requirements.
Taft-Hartley Pension Fund
The Fund sought to transfer six of its separate account assets that were managed by an institutional investment advisory firm, in exchange for units in a co-mingled fund managed by the same entity. REFS was engaged to analyze the existing debt (approx. $61 million) secured by the assets. More specifically, REFS work included a) review of the manager’s debt valuation policies, b) determination if the policies were in conformance with industry standards, c) determination if the policies were used in the manager’s pricing of the debt, d) opining on the debt valuations, and e) determining how the valuations and other debt terms would impact the proposed transaction.
Timber Investment Fund Manager
An institutional timeberland investment fund manager engaged REFS as independent fiduciary to represent a fund investor in the possible sale of fund units to a related party. REFS work included a) Review of investment documents, b) valuation of the underlying assets and the investor’s position, and c) oversight of the liquidation of the investor’s position.
