Deal List

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DEALS BY INDUSTRY

DEALS BY SERVICES

  • AIMCO

    Real Estate Operator Advisory

    REIT engaged in the ownership, acquisition, development, expansion and management of multi-family apartment properties

    Sold to: Archol Group (Irving, TX)

  • AIMCO

    Real Estate Operator Advisory

    REIT engaged in the ownership, acquisition, development, expansion and management of multi-family apartment properties

    Sold to: Brookdale Living Communities (Chicago, IL)

  • Alexandria Real Estate Trust

    Real Estate Operator Advisory

    Public REIT owning office and lab facilities

    $58 million private placement of common stock

  • Alexandria Real Estate Trust

    Real Estate Operator Advisory

    Public REIT owning office and lab facilities

    $18 million direct placement of common stock to Lazard Asset Management

  • Banyan Strategy Realty Trust

    Real Estate Operator Advisory

    Owner and manager of retail, commercial and residential properties

    Sold to: TYBA (Vancouver, Canada)

  • Bluegreen Corporation

    Real Estate Operator Advisory

    Land developer & timeshare company

    $110 million lead managed issuance of subordinated debt

  • Borror Homes

    Real Estate Operator Advisory

    Developer and builder of residential homes

    $30 million initial public offering of common stock

  • Bridgestreet Accomodations

    Real Estate Operator Advisory

    Provider of corporate full service accomodations

    $27 million initial public offering of common stock

  • Corporate Office Properties

    Real Estate Operator Advisory

    NYSE office REIT owning property in and near Washington, D.C.

    $132 million stock offering

  • Corporate Office Properties

    Real Estate Operator Advisory

    NYSE office REIT owning property in and near D.C.

    $81 million stock offering

  • Crossman Communities Inc.

    Real Estate Operator Advisory

    Developer and builder of residential homes

    Sold to: Beazer Homes USA, Inc. (Atlanta, GA); provided fairness opinion

  • Crossmann Communities Inc.

    Real Estate Operator Advisory

    Developer and builder of residential homes

    $21 million initial public offering of common stock

  • Dana Corp.

    Real Estate Operator Advisory

    Owner of Diamond Savings and Loan

    $85 million securitization of beach condominium mortgages

  • Equity One Inc.

    Real Estate Operator Advisory

    REIT that acquires, renovates, develops and manages neighborhood and community shopping centers

    $46 million stock offering

  • Equity One Inc.

    Real Estate Operator Advisory

    REIT that acquires, renovates, develops and manages neighborhood and community shopping centers

    $52 million stock offering

  • Ferchill Group

    Real Estate Operator Advisory

    Real estate developer and manager

    Sale of a $32 million research and development office property to the Inland Group (Chicago, IL)

    Ferchill Group

    Western Reserve acted as exclusive financial advisor to The Ferchill Group in its sale of its Bridgeside Point property to The Inland Group.

    Headquartered in Cleveland, Ohio, The Ferchill Group is a real estate development and management firm, acquiring, developing or redeveloping real estate assets, including office buildings, full-service and limited-service hotels and residential projects, in Cleveland, Akron, Buffalo, Detroit, New York and Pittsburgh.

    At the time of the transaction, Bridgeside Point, valued at $31.5 million, contained the premier wet lab space in the Midwest.  It was anchored by Cellomics, who occupied the facility on a 15-year, triple net lease basis, but enlisted the University of Pittsburgh Medical Center and the Pittsburgh Lifesciences Greenhouse as interim subtenants for its unutilized space.  Bridgeside Point is located in close proximity to Carnegie-Mellon University and the University of Pittsburgh and represented one of the shining examples of the emergence of Pittsburgh in the medical and technology fields.

    Bridgeside Point was acquired by The Inland Group in November 2005.  Inland, headquartered in Oak Brook, Illinois, is one of the nation’s largest commercial real estate and finance groups, specializing in creating, developing and operating companies that provide real estate services, as well as developing and operating real estate-related investment funds to support those efforts.  The transaction provided The Ferchill Group with valuable capital for deployment in its numerous other development projects.

  • Forest City Enterprises Inc.

    Real Estate Operator Advisory

    Diversified real estate owner and developer

    $200 million debt offering

  • Forest City Enterprises Inc.

    Real Estate Operator Advisory

    Diversified real estate owner and developer

    $126 million follow-on offering of common stock

  • Forest City Enterprises Inc.

    Real Estate Operator Advisory

    Diversified real estate owner and developer

    $82 million follow-on offering of common stock

  • Forest City Enterprises Inc.

    Real Estate Operator Advisory

    Diversified real estate owner and developer

    $56 million common stock offering, sole placement agent

  • Franz Klammer Lodge

    Real Estate Operator Advisory

    First private residence club in Telluride, Colorado

    $28 million of private equity and sub-debt to construct the club and market the intervals

  • Giltz & Associates

    Real Estate Operator Advisory

    Real estate developer and manager

    Represented Giltz in the exchange of a $130 million retail portfolio for Operating Partnership Units in Cedar Shopping Centers Inc. (Port Washington, NY)

    Giltz & Associates

    Western Reserve acted as exclusive financial advisor to Giltz & Associates Inc. in an Operating Partner (“O.P.”) Unit Exchange with Cedar Shopping Centers, Inc. (NYSE:CDR).

    Giltz, based in North Canton, Ohio, develops, acquires, leases and manages retail and residential real estate throughout the Eastern U.S.  Giltz sought to exchange 28 properties for cash and O.P. units and consummated a transaction with Cedar Shopping Centers in April 2005.  Cedar is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers located predominantly in the Northeast U.S.

    The transaction was valued at approximately $130 million. In addition to the property exchange, Cedar agreed to purchase future Giltz developments based on a Future Property Purchase Agreement, and Giltz continued to manage the exchanged properties for Cedar.  The transaction provided Giltz with liquidity, tenant and geographic diversification, price appreciation and an income stream from management fees and quarterly REIT dividends. Western Reserve also helped close a loan collateralized by the O.P. units, providing a line of credit for future development.  By accepting O.P. units, Giltz was able to defer tax liabilities and capital gains associated with the sale.

    Harry Giltz, Chairman of Giltz, said, “The Western Reserve team was very creative in their approach, identifying and utilizing all the appropriate deal elements to address our needs. We appreciate their hard work on our behalf.”

    In June 2007, Western Reserve acted as exclusive financial advisor to Giltz in its formation of a commercial real estate joint venture with Harbert Management Corporation.

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Giltz & Associates

    Real Estate Operator Advisory

    Real estate developer and manager

    Provided capital raising services

  • Giltz & Associates

    Real Estate Operator Advisory

    Real estate developer and manager

    Raised $26 million of joint venture equity from Harbert Management Company (Birmingham, AL) for the development of shadow anchor retail centers

    Giltz & Associates

    Western Reserve acted as exclusive financial advisor to Giltz & Associates Inc. in the formation of a commercial real estate joint venture with Harbert Management Corporation.  This transaction represented the firm’s second engagement by Giltz, as Western Reserve advised the company in its 2005 operating partnership unit exchange with Cedar Shopping Centers, a public REIT.

    Giltz, based in North Canton, Ohio, develops, acquires, leases and manages retail and residential real estate throughout the Eastern U.S.  At the time of the transaction, Giltz had developed 3 million square feet of real estate over the previous ten years, the majority of which had been in the form of Discount Drug Mart anchored retail centers throughout Ohio.

    Western Reserve was engaged by Giltz to advise in their formation of a joint venture, and Giltz partnered with Harbert in June 2007.  Harbert, based in Birmingham, Alabama, manages funds for itself, institutions and high-net-worth individuals in a variety of platforms, including commercial real estate.  The joint venture developed approximately 20 shadow-anchored retail shopping centers – centers that draw upon retail traffic from a nearby anchored center – primarily in the Southeastern U.S.  The transaction provided Giltz with outsized returns generated from the negotiated joint venture promote structure, as well as an equity partner to build Giltz’s retail business.

    Harry Giltz, Chairman of Giltz, said, “The Western Reserve team delivered on everything we had hoped for in this transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

  • Glimcher Realty Trust

    Real Estate Operator Advisory

    NYSE real estate company owning regional shopping malls

    $89 million lead managed common stock offering

  • Glimcher Realty Trust

    Real Estate Operator Advisory

    NYSE real estate company owning regional shopping malls

    $62 million lead managed preferred stock offering

  • Hartman Commercial Properties REIT

    Real Estate Operator Advisory

    Real estate development

    Provided advisory services

  • Holdco Mortgage Acceptance Corporation

    Real Estate Operator Advisory

    GNMA collateralized mortgages

    $94 million debt offering

  • Holdco Mortgage Acceptance Corporation

    Real Estate Operator Advisory

    GNMA collateralized mortgages

    $81 million debt offering

  • Island One, Inc.

    Real Estate Operator Advisory

    Timeshare developer

    Represented the company in its reorganization by Timeshare Acquisitions LLC (New York, NY)

    Island One, Inc.

    Western Reserve acted as financial advisor to Island One, Inc. in its reorganization by Timeshare Acquisitions LLC.

    Island One, based in Orlando, Florida, is one of the largest privately-held timeshare developers in the U.S.  At the time of the transaction, the company had grown from a single site to an organization that had acquired, developed and re-developed nine properties in Florida and the U.S. Virgin Islands.  Island One’s affiliate, Club Navigo, allowed customers to gain access to a larger network of 29 affiliate resorts.

    Initially engaged in 2009, Western Reserve represented Island One in a pre-bankruptcy recapitalization process and eventually a Chapter 11 bankruptcy case.  During bankruptcy, Western Reserve executed both a bankruptcy recapitalization process and a fee for service sale process, producing the chosen reorganization partner, Timeshare Acquisitions LLC.  Timeshare Acquisitions LLC is a holding company owned and formed by a hedge fund to acquire the reorganized equity interest in Island One.  Western Reserve collaborated with the existing creditors and the reorganization partner to develop an innovative solution that was satisfactory to the bankruptcy court.  Island One retained operation of its eight resorts in Florida and divested of certain other inventory and assets, and the company’s executive team remained intact.

    Deborah Linden, Board Co-Chair of Island One, said, “Western Reserve was instrumental in finding and maintaining the interest of a capital partner that understands the industry and can integrate and implement our growth strategy.  For the past 20 months, the team has provided great service and advice, helping our company to arrive at the best possible outcome for all vested parties.  We are now financially and structurally well-positioned to capitalize upon a very deliberate strategy for growth.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

     

     

  • Mariner Group

    Real Estate Operator Advisory

    Resort owner

    $45 million lead placement agent of convertible subordinated debt

  • Mills

    Real Estate Operator Advisory

    Retail shopping center operator

    $100 million preferred stock offering

  • Pepper Tree Resorts

    Real Estate Operator Advisory

    Timeshare developer

    Sold to: Equivest Corporation

  • Ramco Gershenson Property Trust

    Real Estate Operator Advisory

    Public REIT owning community shopping centers in the Midwest

    $26 million lead managed preferred stock offering

  • Ramco Gershenson Property Trust

    Real Estate Operator Advisory

    Public REIT owning community shopping centers in the Midwest

    $58 million lead managed common stock offering

  • Ramco Gershenson Property Trust

    Real Estate Operator Advisory

    Public REIT owning community shopping centers in the Midwest

    $85 million stock offering

  • Regency Commercial Associates LLC

    Real Estate Operator Advisory

    Real estate developer and manager

    Provided real estate consulting

  • Signature Inns Inc.

    Real Estate Operator Advisory

    Owner and operator of hotels

    $40 million preferred stock offering

  • Signature Inns Inc.

    Real Estate Operator Advisory

    Owner and operator of hotels

    Sold to: Jameson Inns, Inc. (Nashville, TN)

  • Silverleaf Resorts, Inc.

    Real Estate Operator Advisory

    Timeshare resort operator

    $26 million stock offering

  • Sovran Self Storage Inc.

    Real Estate Operator Advisory

    Manages self storage facilities under the Uncle Bob's brand

    $30 million preferred stock offering

  • Westgate Resorts LLC

    Real Estate Operator Advisory

    Largest private timeshare developer in the U.S.

    $50 million securitization of timeshare notes

  • Westgate Resorts LLC

    Real Estate Operator Advisory

    Largest private timeshare developer in the U.S.

    $33 million securitization of timeshare notes

  • Westgate Resorts LLC

    Real Estate Operator Advisory

    Largest private timeshare developer in the U.S.

    $27 million securitization of timeshare notes

  • Westgate Resorts LLC

    Real Estate Operator Advisory

    Largest private timeshare developer in the U.S.

    $32 million securitization of timeshare notes

  • Westgate Resorts LLC

    Real Estate Operator Advisory

    Largest private timeshare developer in the U.S.

    $20 million bridge facility

  • Westgate Resorts LLC

    Real Estate Operator Advisory

    Largest private timeshare developer in the U.S.

    $160 million securitization of timeshare notes

  • Weston, Inc.

    Real Estate Operator Advisory

    Developer of industrial real estate

    Provided financial advisory services in the formation of a joint venture with Blue Vista Capital Management

    Weston, Inc.

    Western Reserve acted as exclusive financial advisor to Weston, Inc. in its formation of a real estate joint venture with Blue Vista Capital Management.

    Weston is a Solon, Ohio based commercial real estate company established by Tony Asher in 1972 that offers acquisition, leasing and management services. At the time of the transaction, Weston’s portfolio had grown to more than 10 million square feet of industrial, office and retail space in more than 75 properties in nine states. The company managed each of its industrial properties and maintained relationships with 450 tenants primarily in the Midwest and Southeast.  Weston was growing quickly and was poised for geographical expansion and diversification.

    Western Reserve was engaged by Weston to advise in their formation of a joint venture, and in May 2008, Weston established the joint venture with Blue Vista.  Founded in 2002 and based in Chicago, Illinois, Blue Vista co-invests with acquirers and developers of all real property types across the U.S. and in select international markets. The joint venture acquired value-added industrial real estate in Spartanburg and Greenville, South Carolina, as well as other parts of the U.S. These properties were well-positioned to capitalize on the dynamics surrounding the transportation, distribution and logistics markets.  The transaction provided Weston with outsized returns generated from the negotiated joint venture promote structure, as well as an equity partner to execute its “value-add” strategy in Upstate South Carolina.

    Edward Asher, Principal at Weston, said, “The Western Reserve team was with us every step of the way and did a terrific job in working through the many details of the transaction.”

    . . .

    The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others.  The testimonials are not paid and are not indicative of future performance or success.

     

  • Whitestone REIT

    Real Estate Operator Advisory

    Commercial real estate investment trust ("REIT")

    Provided strategic advisory services

  • Zaring Homes Inc.

    Real Estate Operator Advisory

    Developer and builder of residential homes

    $27 million initial public offering of common stock

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