About Us
About Us
Financial services for affordable housing owners and investors
Recap Advisors is a group of financial analysts, real-estate dealmakers, asset managers, and policy wonks who also have a commitment to the social benefits of affordable housing. We are known throughout the affordable housing industry for innovation, integrity, and focus on practical results.
Our clients are the nation's leaders in affordable apartments, including
- Owners, acquirers, and sellers
- Lenders and investors
- Policymakers
As of April 2007, we are the financial services arm of Consolidated American Services (CAS), which provides residential property management, maintenance, financial services and insurance services nationwide.
History
David A. Smith founded Recap in 1989, and is now its CEO. With clearly articulated ideas and innovative transactions, Recap has provided leadership through all the financial and regulatory changes since then.
Recap Milestones
| 2007 | Acquired by Consolidated American Services |
|---|---|
| 2006 | Commences special-service debt asset management for major financial institutions. |
| 2005 | Passes $2 billion in completed transactions (today $2.5 billion) |
| 2002-2006 | Diversifies into all types of renewed-affordability preservation transactions, including acquisition and co-development with non-profits |
| 2001-2002 | Designs affordable housing program for Millennial Housing Commission |
| 1997-2000 | As principal on behalf of HUD, partners with national non-profit to underwrite and restructure nearly 100 properties in the mark-to-market Demonstration |
| 1995-1997 | Pro-bono, participates in the hand-picked Senate Housing Subcommittee working group that designs what eventually becomes the Federal mark-to-market legislation |
| 1996 | With suspension of LIHPRHA, helps invent and names the Section 8 “enhanced voucher,” which protects current residents while delivering market rents to owners in properties exiting from HUD regulation |
| 1994-1997 | With Energy Capital Capital, designs and pioneers a $200 million pilot energy conservation loan program for affordable housing properties |
| 1992-1996 | As transaction advisor to owners, processes over 125 successful recapitalizations (20 percent of national volume) under ELIHPA and LIHPRHA programs |
| 1990-1991 | Provides financial restructuring workouts and recapitalizations resulting from an economic downturn and credit crunch |
| 1989-1991 | Advocates for and designs a national affordable housing preservation program |
Where Recap is now
Recap is the nation's acknowledged expert in structured finance of complex affordable residential real estate assets. We help investors protect or enhance their position, lenders manage and mitigate risk, sponsors grow and improve their portfolios, and policy makers design and fund better programs.
With our affiliates via Consolidated American Services, we deliver solutions that enhance apartments' financial performance, economic value, physical condition, affordability, and resident quality of life.
Recap’s commitment to affordable housing
In affordable housing, economics and affordability cannot be traded off: both good financial outcomes and good social policy outcomes are essential. Done correctly, affordable housing strengthens families and communities, even as it costs government and taxpayers less than any other defensible approach.
$2.5 billion in transactions, nationwide
Since its founding, Recap has successfully completed recapitalization, underwriting, asset-management, and sales transactions totaling nearly $2.5 billion, on more than 736 properties in 44 states, Washington DC, and Puerto Rico. Our track record includes:
| Properties | Units | Value | |
|---|---|---|---|
| LIHPRHA/ELIHPA preservation | 121 | 16,687 | $492,682,000 |
| Refinancing including 236 decoupling | 77 | 13,259 | $613,032,844 |
| Acquisition | 62 | 4,046 | $164,473,328 |
| Disposition | 64 | 6,153 | $141,169,580 |
| Mark-to-Market restructurings | 83 | 7,491 | $150,632,977 |
| Multifamily underwriting | 51 | 7299 | $273,539,305 |
| Other preservation including Section 8 | 89 | 13,443 | $162,132,996 |
| Assets under management | 34 | 5,456 | $203,292,946 |
| Advisory Services | 169 | 24,623 | $285,733,569 |
| Total | 750 | 98,457 | $2,486,689,545 |
and we have completed transactions in over 400 US cities and towns:
