Lighthouse Advisory Services   Commercial Real Estate Advisors
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Lighthouse Advisory Services Commercial Real Estate Advisors

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Lighthouse Advisory Services   Commercial Real Estate Advisors Lighthouse Advisory Services Commercial Real Estate Advisors Presentation Transcript

  • www.LighthouseAS.com
  • Lighthouse Advisory Services Company Overview Lighthouse Advisory Services (“LAS”) is a commercial real estate valuation, advisory and due diligence services firm dedicated to bringing expertise, efficiency and reliability to its clients and the investment community. The members of LAS combine more than 50 years of commercial real estate finance and capital markets experience with the principles of loyalty, honesty and professionalism. LAS adopts a practical approach to its business platform, creating a first class level of service for financial institutions and individuals across the globe. LAS’ Commercial Real Estate Finance Platform:  Loan Portfolio Sales and Advisory  Portfolio Valuation and Consulting  Due Diligence and Underwriting Services  Allowance for Loan and Lease Loss (ALLL) Analysis  Defeasance Consulting Commercial Real Estate Advisors 1
  • Lighthouse Advisory Services Loan Portfolio Sales and Advisory Lighthouse Advisory Services works with clients who are looking to buy and sell all types of commercial real estate products by taking a hands-on, client oriented approach to the process. Building upon our strong business relationships within the investment community, we match buyers and sellers who are honest, experienced real estate professionals focused on executing trades in an efficient and timely manner.  LAS is currently working with banks, credit unions and other financial institutions selling commercial real estate loans and portfolios of loans including performing, sub-performing, and non-performing loans, B-notes, development and construction loans. Over the past 12 months, LAS has advised on over $2.5 billion of commercial real estate transactions.  Simplifying the disposition process, reducing transaction closing time and providing confidence that a sale will close at the expected price allows our clients to focus on conducting other business activities.  Our team is dedicated to understanding clients' transaction goals in executing a sale and delivers solutions that meet those goals.  Our investor base includes over 1,500 financial institutions, opportunity funds, private investment groups, individual property owners and developers and various other commercial real estate investors. Commercial Real Estate Advisors 2
  • Lighthouse Advisory Services Loan Portfolio Sales and Advisory – Sample Transactions Non-Performing Regional Mall – Rochester, NY Non-Performing Multifamily – Houston, TX  $135,000,000 floating rate construction loan  $11,000,000 fixed rate loan on a 323 unit garden made on a regional mall in upstate New York. style apartment complex situated on a 13.4 acre $44,000,000 was funded. site in Houston, TX.  The loan was originated in March 2007 and went  The loan was originated in June 2006. into maturity default in February 2009.  The occupancy dropped from 96.3% in April  The subject property is a two-level enclosed 2006 to 55.4% in December of 2009. regional mall containing a gross leasable area of approximately 800,000 square feet. The collateral  The expiration of FEMA Housing Vouchers for for this loan is approximately 450,000 square hurricane displaced households in December of feet. 2006 caused a high tenant rollover at the property.  The property is currently 100% vacant. This was a fully built regional mall that was in operation a  The drop in occupancy level caused the few years ago. borrower to become delinquent on loan payments.  The owner had a major redevelopment and repositioning plan in place which they were not able to execute on. Commercial Real Estate Advisors 3
  • Lighthouse Advisory Services Loan Portfolio Sales and Advisory – Sample Transactions (Con’t) Performing Office Complex – San Antonio, TX Performing B-Note – Milford, CT  $8,600,000 fixed rate loan on a 58,222 square foot  $1,000,000 fixed rate B-Note on a 176,240 square suburban office complex situated on 2.97 acres of foot office building in Milford, CT. land in San Antonio, TX.  The loan was originated in October 2007.  The loan was originated in March 2008.  There is a $19,000,000 A-Note ahead of this loan.  As of December 2009, the subject property was The A-Note is held in a CMBS securitization 100% occupied to 11 tenants. trust.  The loan proceeds were used for acquisition  As of November 2009, the subject property was financing for the property. The borrower has 97.3% occupied to 7 tenants. over 20 years of experience as an owner and operator of commercial real estate.  The A and B notes were performing with DSCR coverage above 1.10x and LTV below 75%.  The note is performing with DSCR above 1.20x and LTV below 75%. Commercial Real Estate Advisors 4
  • Lighthouse Advisory Services Portfolio Valuation and Consulting Lighthouse Advisory Services performs asset specific and portfolio level analysis for financial institutions who are looking for an in-depth assessment of the underlying loans and securities within their portfolio. Our valuation platform provides an objective view of the portfolio while providing our clients with the necessary tools to make better-informed risk management and investment decisions. The LAS team blends creative thinking with real estate finance knowledge to assist clients in achieving its strategic and financial goals.  Portfolio level analysis, stratifying a wide array of loan and property attributes to categorize the portfolio for further evaluation.  Assessment of portfolio default probability and loss severity over specified holding periods, applying financial modeling tools, industry trends and portfolio-specific credit metrics.  Providing clients with market intelligence and pricing guidance specific to product types using our market knowledge and deep-rooted resources in the commercial real estate investment community.  Consult clients on implementing the optimal plan to meet portfolio objectives by considering regulatory and capital requirements in conjunction with portfolio positioning, disposition and timing strategies. Commercial Real Estate Advisors 5
  • Lighthouse Advisory Services Due Diligence and Underwriting Services Lighthouse Advisory Services offers comprehensive due diligence and underwriting services to the commercial real estate community.  We have an experienced team of due diligence specialists with extensive backgrounds in loan documentation review to create databases of relevant loan and property information and reports on an asset-specific basis. Our services provide clients with detailed data for internal credit and regulatory functions, presentation to prospective investors or managing their portfolios more efficiently.  Understanding our clients’ strategic objectives and applying our superior knowledge in loan documentation review gives our team the ability to perform extensive due diligence in a timely and cost efficient manner. Our “Around The Clock” approach allows us to complete projects under any time constraints.  Our loan due diligence involves a review of all legal documents, third party reports and current property level information along with performing financial calculations.  Underwriting analysis includes modeling of historical and proforma cash flows, reviewing rent rolls, property leases and other related real estate and credit documentation and performing site inspections upon request.  LAS’ due diligence and underwriting services platform covers all asset performance types and major property types within the commercial real estate marketplace. Commercial Real Estate Advisors 6
  • Lighthouse Advisory Services Allowance for Loan and Lease Loss Analysis Lighthouse Advisory Services performs independent Allowance for Loan and Lease Loss (ALLL) analysis in accordance with FAS 114 and FAS 5 for financial institutions who are evaluating the adequacy of loan loss reserves for their commercial real estate loan portfolio. LAS combines extensive capital markets, real estate finance and accounting knowledge to assist clients in understanding the risk and impairment issues associated with their commercial real estate portfolio. Our process involves several phases in obtaining an in-depth understanding of the portfolio.  Develop a detailed database that contains various attributes of each asset by reviewing related loan and property documentation, ongoing surveillance reports and client correspondence to determine potential impairment based on established criteria.  Determine appropriate valuation methodology for FAS 114 analysis: Fair Value of Collateral, Present Value of Future Cash Flows or Observable Market Price.  Fair Value of Collateral: Compile and review market data, analyze rent rolls and re-underwrite cash flows to determine fair value of the underlying asset.  Present Value of Future Cash Flows: Project future cash flows of loan using restructured terms and discounting them at the loan’s original effective interest rate.  Observable Market Price: We estimate a loan’s observable market price using our loan sale advisory experience.  Portfolio level analysis for loans not deemed to be impaired under FAS 114, stratifying a wide array of loan and property attributes to categorize these loans for further evaluation under FAS 5. We analyze the financial institution’s loss history and environmental and other qualitative factors to estimate potential losses on those loans identified for FAS 5 review. Commercial Real Estate Advisors 7
  • Lighthouse Advisory Services Defeasance Consulting Lighthouse Advisory Services is the preferred defeasance consultant for one of the largest commercial mortgage servicers in the country and provides the full spectrum of defeasance services. Our team can help clients who require defeasance of a commercial mortgage loan in the following ways:  Making the complex defeasance process hassle-free for our clients, coordinating the entire process with surety of execution.  Complete transparency that helps clients understand all aspects of the process and returning the entire back-end float less expenses. No other defeasance consultant offers this to borrowers.  Using our relationships with all major servicers, securities brokers, accountants and securities intermediaries to achieve the best execution.  Working with our clients to custom tailor the securities portfolio to minimize transaction costs. Commercial Real Estate Advisors 8
  • Lighthouse Advisory Services Management Team Mario Cerasuolo Mario Cerasuolo focuses on the loan portfolio sales and advisory (212) 398-8312 and underwriting services platforms for Lighthouse Advisory Mario.Cerasuolo@LighthouseAS.com Services. Mario previously worked in Merrill Lynch’s Global Commercial Real Estate group where he was involved in managing, underwriting, originating and selling commercial real estate loans totaling over $15 billion. From 1998 to 2004, Mario worked for JP Morgan in the Real Estate & Lodging Investment Banking division and Global Commercial Real Estate group. Mario was involved in merger and acquisition transactions, initial public offerings, distressed debt sales and commercial mortgage-backed securities transactions totaling $30 billion. Mario holds a Bachelor of Science degree in finance and public accounting from Fordham University. Commercial Real Estate Advisors 9
  • Lighthouse Advisory Services Management Team Joseph A. Cuomo Joseph Cuomo brings more than 10 years of capital markets and (212) 398-8310 commercial real estate finance experience to Lighthouse Advisory Joseph.Cuomo@LighthouseAS.com Services and focuses on portfolio valuation, loan portfolio sales and advisory and due diligence services. Joseph previously worked at Merrill Lynch in the Global Commercial Real Estate group where he served as a transaction manager in the CMBS securitization practice. Joseph was involved in the placement of over $30 billion of first mortgage commercial real estate loans and subordinate debt. Most recently, Joseph worked with financial institution clients providing valuation and advisory services on portfolios in excess of $10 billion in real estate related debt. Prior to joining Merrill Lynch in 2005, Joseph was a member of the commercial real estate group at Deutsche Bank Securities concentrating on debt placement through CMBS and managing a $500 million warehouse facility. Joseph began his career in Ernst & Young’s Structured Finance Advisory Services practice where he spent time in the commercial real estate due diligence and cashflow modeling divisions. Joseph graduated Cum Laude with Honors from the University of Miami and holds a Bachelor of Business Administration degree. Joseph is a Series 7 and Series 63 securities license holder. Commercial Real Estate Advisors 10
  • Lighthouse Advisory Services Management Team Rohit Narayanan Rohit Narayanan focuses on portfolio valuation, loan portfolio sales (212) 398-8311 and advisory and defeasance consulting at Lighthouse Advisory Rohit.Narayanan@LighthouseAS.com Services. Rohit joins Lighthouse from his previous position in Merrill Lynch’s Global Commercial Real Estate group where he spent his time in the New York and Toronto offices. Rohit was involved in over $20 billion of commercial real estate transactions, involving securitization, portfolio sales, valuation, underwriting and defeasance assignments. Rohit developed and managed Merrill Lynch’s commercial mortgage defeasance program since January 2008. From 1998 to 2004, Rohit worked as an Account Director for Draft Worldwide’s India operations, where he provided consulting services to clients in Technology, Finance and Real Estate. Rohit holds a Bachelor of Arts degree in Sociology from Kerala University in India and a Masters in Business Administration from Rutgers Business School. Rohit is a Series 7 and Series 63 securities license holder. Commercial Real Estate Advisors 11
  • Lighthouse Advisory Services Management Team Walden W. Wong Walden W. Wong brings more than 15 years of capital markets and (212) 398-8316 commercial real estate experience to Lighthouse Advisory Services Walden.Wong@LighthouseAS.com and focuses on ALLL analysis, portfolio valuation and due diligence services. Walden previously worked at Credit Suisse in the Real Estate Structured Finance Group and served as a transaction manager in the CMBS securitization practice. Walden was involved in securitizing over $5 billion in commercial real estate loans. In addition, Walden managed a $1.8 billion warehouse line comprised of commercial mortgages, mezzanine debt and equity positions. Prior to joining Credit Suisse, Walden spent over thirteen years working for two of the Big 4 public accounting firms holding senior positions. Notably, Walden worked at PricewaterhouseCoopers where he managed a successful real estate advisory practice. Throughout his career, Walden has worked on over $30 billion in real estate transactions. Walden graduated Magna Cum Laude from San Francisco State University and holds a Bachelor of Science degree in business administration with emphasis on accounting. Walden is a Series 7 and Series 63 securities license holder and formerly held a New York and California CPA license. Commercial Real Estate Advisors 12