Full-service real estate development and design-build construction company with 56+ year history. $600 million sales. $450 million debt. Diverse portfolio: 17 projects across industrial, office, retail, condominium and multi-family developments.
- Company was in default given cross-collateralized nature of its project loans and line of credit.
- The Company was in discussions with banks regarding forbearance agreements.
- The Company required solid, new ownership to recapitalize the firm.
- MorrisAnderson was initially engaged to create an Offering Memorandum and sell the business and real estate portfolio.
- The client increased the scope by asking MorrisAndersonto advise and participate in project loan renegotiations with the banks and advise regarding Board changes and relationship with Parent.
- MorrisAnderson analyzed and consolidated the company’s long-term cash flow projections to help understand the value and liability of each asset and advise the company on the appropriate negotiating stance with its related lenders.
- MorrisAnderson worked with the highest bidder to sell the construction business.
- MorrisAnderson was awarded the mandate to also sell the real estate portfolio and ran a successful process surfacing over a dozen bidding parties.
- Sale process results convinced bank group to accept a longer term debt restructuring acceptable to the Company on the real estate portfolio.