TCAM’s deep understanding of affordable housing helps clients unlock value in existing investments, and understand the value in prospective new investments.
- Due Diligence
- Transfers of General Partnership and Limited Partnership Interests
- Recapitalization Strategies
- Portfolio Restructurings
TCAM helps clients identify and complete transactions at both the portfolio and property level. Transactions include acquisitions, refinancings, dispositions and workouts as well as restructurings, transfers of interests, mergers and other changes that require innovation and expertise. Depending on the needs of the client, TCAM can lead the transaction and identify solutions and sources of capital, and/or provide in-depth, hands-on analytical support.
- Example: TCAM directs the disposition of limited partnership interests on behalf of a large institutional tax credit investor, identifying and valuing interests that are ready for disposition, and negotiating and managing the closing of the transactions to maximize value and limit administrative costs for the client.
- Example: TCAM provides underwriting services for a real estate investment trust acquiring affordable properties to generate cash flow and residual value for its investors. TCAM works closely with the buyer partnerships to evaluate markets, rents, expenses and capital improvement plans, providing the in-depth analytical support to allow the client to make well-considered investment decisions.
- Example: TCAM works with affordable housing developers with properties approaching the end of their 15-year tax credit compliance period. TCAM analyzes the complex array of partnership, financial, operational and tax issues involved in these investments to identify options for the owner in addressing the future needs of the properties and in approaching the many others stakeholders whose cooperation will be needed for the next stage of the cycle. .
- Example: A state housing allocating agency engaged TCAM to analyze the operations and evaluate the property management of a large, troubled HOPE VI property. TCAM’s independence and expertise produced a balanced diagnosis of a complex and contentious situation, helping to reconcile opposing perspectives so that the parties can work together on a resolution of the property’s problems.