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Credential Details

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Resume Detail

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  • 1. M i ch a e l J. W h i t e Senior Executive Resume Detail
  • 2. Michael J. White Completed Transactions National Transaction Credentials by State Professional credentials in Law, Securities, Real Estate Finance High-level executive relationships with Life Companies, Private Equity, and Real Estate Developer/Operators . 25 years career experience with over $1.5B of transaction credentials as key lead executive. National Practice encompassing a broad bandwidth of asset classifications.
  • 3. MICHAEL J. WHITE CAPITAL MARKETS EXECUTIVE BANDWIDTH JOINT VENTURE - STRUCTURED FINANCE - SENIOR DEBT - PRIVATE EQUITY •Unique professional expertise in combined disciplines of: (1) real estate equity and debt capital markets (2) real estate operations management (3) institutional investment practices (4) SEC regulated environments (5) law •Access equity capital for real estate clients to establish project-specific and programmatic joint ventures or investment programs. These transactions typically involve the acquisition, development, recapitalization or restructuring of multi-asset, multi-regional real estate portfolios using multiple equity, structured finance, debt or mezzanine capitalization techniques based on extensive computer modeling. •Multi-region executive management responsibility over operational profit centers and strategies: delivered highest per capita profitability benchmarks during tenure: defined, implemented and staffed a new strategic capability that more than tripled margins on executable business already engaged by the company. •Structure and negotiate joint venture transactions involving incentive compensation upon achieving specified returns for the investors. The levels and forms of incentive compensation vary according to the sponsor’s co-investment, the strategy and risk profile. The sponsor may also receive market-based fees for services such as property management, development and leasing. •Lead executive role in private equity fundraising and institutional marketing presentations for public and private real estate companies, with a primary focus on opportunity and value-added real estate funds. Distinguished by soliciting and successfully completing the most challenging assignments – first-time discretionary funds, follow-on discretionary funds and/or funds seeded with partially-specified portfolios, and entity-level venture capital funds. •Longstanding capital relationships with public and corporate pension funds, endowments and foundations providing a working knowledge of institutional investors’ decision-making processes, legal concerns and structuring preferences. •Contacts and reputation in the industry have allowed Mr. White to repeatedly execute capital raising programs and establish long-term institutional relationships at key executive levels over a 25 year career. He has been a guest speaker for NMHC, MFHW and REIC.
  • 4. Michael J. White ASSET-SPECIFIC INVESTMENT CAPITALIZATIONS OFFICE MEDICAL OFFICE MULTI-TENANT, R&D AND WAREHOUSE- DISTRIBUTION INDUSTRIAL APARTMENTS STUDENT HOUSING RETAIL BIO-TECH WET LAB RESEARCH SPACE ASSISTED LIVING & CONGREGATE CARE RETIREMENT COMMUNITIES MASTER-PLANNED DEVELOPMENTS GROUND LEASES PORTFOLIO ACQUISITION & RECAPITALIZATION
  • 5. INTEGRATED EXECUTIVE DISCIPLINES THE CAPITAL RAISING PROCESS Lead Executive Pre-Oering Oering Closing •Contact investors and their advisors; •Advise the sponsor on the •Provide advice in connection schedule meetings optimal terms and conditions with preparing the partnership agreement •Manage and coordinate investor/ •Assess potential for contribution •Assist in the negotiation of advisor meeting logistics of assets to program partnership documents •Follow up with potential investors on •Develop/draft oering •Coordinate closing and assist a regular basis memorandum in post-closing activities •Provide continuous feedback to the •Create and prepare presentation sponsor on investors' level of interest to investors and issues •Develop overall marketing •Coordinate dialogue between strategy and investor list investors and the sponsor •Assist sponsor in approaching •Manage and coordinate investors' existing investors and due diligence requests relationships •Approach a focused group of investors and industry consultants •Prioritize specific investor contacts
  • 6. Michael J. White Notable Transactions
  • 7. Michael J. White NOTABLE TRANSACTIONS $5,337,000 $25,000,000 Timberstone Apartments $200,000,000 Pierce Education Properties, LP Olympic Investors / PERSI Entity Level Equity Joint venture acquisition of a 240 unit, Class A apartment complex in a challenging Start-up entity level venture capitalization for Investment program to acquire value-added Houston market. an education-related real estate development multifamily properties nationally on behalf of and student housing acquisition campaign. a public pension fund. $142,000,000 $43,058,000 $130,000,000 Southgate Land Loan Pratt Portfolio Michigan Student Housing Circle Capital Partners Portfolio 92% LTV, non-recourse structured acquisition financing of a 30-acre un-entitled land parcel Joint venture to acquire a 2 million square Joint venture acquisition of a 4-property, in Southgate, CA (infill L.A.) to be developed foot industrial/flex portfolio in Logmont, Class A student housing portfolio into a 600,000+ SF retail center. Colorado. totaling 1,080 units (3,516 beds) $50,000,000 Master Development Corp. Discretionary venture to acquire and develop industrial properties in Southern California.
  • 8. MICHAEL J. WHITE NOTABLE TRANSACTIONS - DETAIL Michigan Student Housing Portfolio Deal: Joint Venture Equity and Debt Profile: Acquisition of a 4-property, Class A student housing portfolio in East Lansing and Mt. Pleasant, Michigan totaling   1,080 units (3,516 beds)   Size: $130,000,000 Date Closed: January 2007 Challenges: Multiple assets, geographically dispersed in an economically depressed area. First deal for a start-up entity who had no financial co-invest capacity and no prior institutional investment experience or relationships. Short time period: deal was under contract with hard money deadline of 60 days. Solution: Arranged JV equity and debt commitment providing acquisition and asset management fees to the Sponsor with zero co-invest and a promoted participation.
  • 9. MICHAEL J. WHITE NOTABLE TRANSACTIONS – DETAIL Pierce Education Properties Entity Level Venture Capital Deal: Profile: Start-up entity level capitalization for an education-related real estate development and student housing acquisition campaign.    Size: $25,000,000 equity operating capital commitment Date Closed: September 2007 Challenge: An unusual, complicated business plan focused on an esoteric specialization spanning two business platforms: master planned university campus development and student housing acquisition. Sponsor had a 5 year business plan based entirely on one prior transaction with no future capitalization capability. Solution: Provided a 5 year equity venture capitalization of both business platforms. This funded the full operational, overhead, and investment expenses of the Client going forward. The Client maintains majority control subject to performance guidelines. The capital was provided through the investment management entity of one of the wealthiest private individuals in the US.
  • 10. MICHAEL J. WHITE NOTABLE TRANSACTIONS – DETAIL Southgate Land Loan Deal: Land Acquisition for Retail Development Profile: 92% leverage non-recourse acquisition of a 30-acre land parcel in Southgate, CA (infill L.A.) to be developed into a 600,000+ SF retail center   Size: $43,058,000 Date Closed: November 2006 Challenge: No entitlements; no comparables. City had gone B/K, and Sponsor needed a non- recourse land loan that would include 18 months to entitle the project. Solution: Arranged a 92% loan-to-cost, non-recourse land loan and secured the additional leverage through assignment of a unique put-option contract structure negotiated with the City. This allowed the City to avoid credit impacts on their balance sheet and eliminated the Client’s risk of design and entitlement approvals prior to close. Execution: Sponsor had unsuccessfully marketed the opportunity for 5 months before retaining Mr. White – who completed the deal within 10 days of engagement. Comments: This urban-infill, media-enriched design will be one of the largest shopping centers to be completed in the LA Metro area in 2009-2010.
  • 11. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS Master Development Corporation Deal: Discretionary Joint Venture Equity Profile: First targeted “Boutique” Discretionary raise defined by targeting a specific regional market and asset class for a single investor.   Size: $50,000,000 Date Closed: October 2006 Challenge: Small size for a first fund execution. The Client required non-crossed execution within the fund (every investment stands alone) and conforming debt facility. Solution: Structured a three-pronged investment strategy (land acquisition, vertical development, and existing acquisitions) within a single fund. Sourced debt financing from a single capital source to complement this unique structure. Execution: The fund was capitalized by a single Pension Trust investor; the debt was sourced through a correspondent Life Company – which had never previously engaged this type of debt structure. Comments: One fund integrated three objectives that the Client had previously allocated among 4-5 dierent equity partners.
  • 12. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS Olympic – IDA Funds I and II Deal: Programmatic Joint Venture Profile: Programmatic venture for the acquisition of core plus and value-add multi-family properties nationwide   Size: $100 Million initial commitment; increased to $200 Million Date Closed: June 2006 Challenge: First program for the Client. Client wanted to reduce cost of capital below existing Life Company partners with 5% maximum co-invest. Client also wanted to book profits individually on deals cleared prior to 10 year cross collateralized promote structure. Solution: New program delivered cost of capital that was compelling and additionally created a mechanism by which the Client can realize incentive fees on individual deals. Comments: The program structure subsequently extended to include the Clients’ expansion into LIHTC product and hospitality assets as a result of flexibility created in the structure.
  • 13. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS Pratt Portfolio Deal: Joint Venture Portfolio Acquisition/Reposition Profile: Pension Fund Advisor and new entity “Circle Capital Partners” joint venture acquisition of a 2 MM SF, 41 building flex / industrial portfolio   Size: $142,000,000 Date Closed: April 2005 Challenge: First transaction for a start-up entity. The Client had a 30-day hard money contingency date. Industrial portfolio was only 65% occupied at time of acquisition and a single building occupied by a tenant with deteriorating credit compromised a significant percentage of the total portfolio revenues. Solution: Successfully arranged the equity commitment prior to the hard money date and delivered a significantly more attractive incentive compensation structure to the client. Execution: Went to market in January and closed the deal in April. Comments: Largest single industrial transaction in the state of Colorado (capitalization). Sponsor assumed existing debt.
  • 14. NOTABLE TRANSACTIONS – CREATIVE SOLUTIONS Timberstone Apartments Deal: Multifamily Joint Venture Placement Profile: Acquisition of a 240 unit, Class A apartment complex in a challenging Houston multifamily market   Size: $5,337,000 Date Closed: November 2004 Challenge: Asset was located in Houston: Flat rent growth demographic was shunned by institutional equity. Initial deal for a new apartment investment subsidiary of Starwood. Solution: Capitalized on a due-diligence discovery that the aordable housing revenue component of this complex hadn’t been adjusted in 5 years! A new regional hospital with 4000 jobs just ¼ mile from the project would start construction 3 months after close. The Seller had not discovered either opportunity. Execution Short time period execution; The deal was under contract with hard money due in Horizon: 60 days. Comments: The investment realized a 20% increase in NOI within 3 months of close.
  • 15. PROFESSIONAL BIOGRAPHY Michael J. White Mr. White is a Managing Director of Holliday Fenoglio Fowler, LP in Orange County, CA and is also a general securities representative member of HFF Securities, LP, an afiliate of HFF. His specialization in the negotiation and structure of complex institutional equity joint ventures is augmented by 25 years of nationwide experience in structured finance and senior debt executions with over $1.5 billion of transactions personally executed as lead originator. Mr. White's expertise in both developmental and acquisition capitalizations includes master-planned developments, portfolio financing, bio-tech facilities, senior living, ofice, industrial, student housing and multi-family assets. Securities executions have included both programmatic and discretionary raises and entity-level venture capital assignments. Prior to joining HFF, Mr. White was a founder and principal of The Emmaus Group, responsible for all JV and structured finance executions for the firm prior to expanding that role into a multi-state afiliation with Bonneville Realty Capital. From 1983-1990 Mr. White directed the Orange County/Inland Empire mortgage banking operations of John Burnham & Company's Real Estate Finance Division as Vice President and Regional Manager, achieving top producer status in every year of production. Before joining John Burnham & Co, Mr. White worked for The Irvine Company, administering and negotiating contract compliance of the firm’s residential joint venture and ground lease portfolios. Mr. White graduated cum laude from USC with a Business Administration Degree in Real Estate Finance. He obtained his Juris Doctor Degree from the University of Utah College of Law in 1981 and is admitted to practice before the California State Bar and US Federal District Court Bar. In addition, he is a Registered Securities Representative with Series 7 and Series 63 designations and is a licensed Real Estate Broker in the State of California. He is a member of the Global Exchange Council of the ULI, the NAIOP, the California Mortgage Bankers Association and is a certified High Adventure/Backpacking Adult Leader with the Boy Scouts of America. Mr. White is a founder and current Chairman of SOS Humanity Foundation, a Catholic non- profit 501(c)(3) charitable foundation which funds educational and social solutions in the world’s most desperate areas of poverty.