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RECAP ADVISORS TOPS $2.0 BILLION IN ASSETS UNDER MANAGEMENT
Recap Advisors, respected provider of financial services on multifamily assets, expands its work in the condo market
BOSTON – (May 1, 2008) – Recap Advisors, LLC, a Boston-based multifamily firm that is the financial services division of Consolidated American Services, announced today that with its most recent expansion of activity, the company's loan assets under management have topped $2.0 billion. The newest assets are condominium loans located throughout the country.
Recap's proven expertise in recapitalizing existing properties via its Recap Workout Group and its affiliation with Riverstone Residential, the nation's largest independent multifamily apartment manager, make the company a natural choice for capital providers seeking to protect their positions in this complex asset class.
“Asset management of condo loans mixes reporting and tracking expertise with real estate knowledge,” said Cameron Booth, Vice President, Director-Special Assets at Recap Advisors, and the designated executive on this contract. “You have all types of condo loans – some with affordability, some with income mixing, some with special targeting like medical, retail and special purpose housing. It's both detailed and tricky work, and to do it right you have to have financial, real estate, and operational experience on one platform. Not many asset managers do."
The institutional client also sought to use Recap’s proprietary asset modeling and reporting system, which includes market assessment, property positioning, loan performance, and asset viability.
"Condo loans are an unusually complex financial asset," said David Smith, Recap's founder and CEO. "You have to know when is the moment to act, and act quickly and correctly when the time comes. Properties that are planned as condos can revert to rental, or can be partially rental along the way – and you can make money in either scenario, if you have the right strategy, execute it properly, and have the time horizon to recover the intrinsic asset value. Asset management is what we do, and we bring or build all the capacities and tools we need to handle any type of multifamily asset."
In the coming weeks and months, Recap expects to take on other large complex asset portfolios based on discussions now in process with several national financial institutions.
About Recap and CAS
Consolidated American Services ("CAS", www.casfirst.com), is the American property services company of UK based Regis Capital Ltd. Since 2006 the company has provided the real estate industry unparalleled services in property management, construction, maintenance, asset management, financial services and insurance services.
CAS today manages its business though three divisions:
Recap Advisors, LLC (www.recapadvisors.com) is the nation's acknowledged expert in asset management and asset value enhancement of complex multifamily real estate assets. Recap provides financial services to all types of properties within this asset class, with a particular emphasis on affordable housing, to leading financial institutions throughout the country. Recap has successfully completed recapitalization, underwriting, and sales transactions totaling over $2.5 billion, on more than 800 properties in 44 states, and currently asset-manages a portfolio in excess of $2 billion.
Riverstone (www.riverstoneres.com) is largest independently owned pure third-party property services firm in the United States. Riverstone manages more than 890 properties, with more than 188,000 multifamily units and over 185 million square feet. Riverstone’s national network of more than 5,200 associates deliver market knowledge, a culture of client service, and innovative value propositions across the broadest geographic footprint. According to National Multi Housing Council’s April 2008 report, “NMHC 50, The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers”, “once again, Riverstone was in a class by itself.”
CAS Insurance, Inc. (“CASI”) is the insurance division of CAS. CASI provides unique solutions for its clients by providing complex insurance instruments that delivers unparalleled protection and value to its clients. CASI provides General Liability, Property and Casualty, and Resident protection services.
Contact
Alex Jablokow
T: 617.338.9484 x233
RECAP ADVISORS ACQUIRED BY
CONSOLIDATED AMERICAN SERVICES
Move Strengthens Recap’s Leadership Position in the Affordable Housing Industry and Provides Clients With Greater Access to Capital and Best-in-Class Property Management
BOSTON – (April 20, 2007) - Recap Advisors, LLC (Recap), a Boston-based affordable housing consultancy providing advisory and transactional services, today announced that it has been acquired by Consolidated American Services (CAS), a provider of innovative services and solutions to residential property owners in both the private and institutional sectors.
Recap is known industry-wide for its transactional skills in affordable housing finance and its authoritative and independent voice on affordable housing policy issues. As part of CAS, Recap’s business objective to create positive economic and social outcomes will remain unchanged.
"Recap will continue to do what it does best: seek, structure, and execute the most complex and challenging transactions in affordable housing,” said David A. Smith, chief executive officer for Recap. “But with CAS’s coast-to-coast property management, access to capital, and growth capacity, we can now offer our clients a more comprehensive range of services. This is a positive step for our customers and for Recap."
Formed in 2006, CAS is a rapidly growing organization made up of affiliated companies that provide a broad range of services involving the management, maintenance and insurance of residential property. CAS owns property management firms (Riverstone Residential, Banyan Realty and Stratus Real Estate) that collectively manage more than 125,000 apartments. Recap is the first financial services company CAS has acquired.
"Acquiring Recap is key to our long-term business goal of providing a comprehensive suite of services for residential real estate and affordable housing owners and capital providers,” said Keith Miles, chairman of CAS. “Recap’s lengthy track record, reputation and entrepreneurial spirit are unmatched and will enable us to offer transactional services and financial advice to affordable housing owners, lenders and investors."
Under the acquisition, David Smith assumes the role of chief executive officer for Recap. Todd Trehubenko, formerly senior vice president, replaces Smith as president.
The deal closed on April 19, 2007. Terms of the transaction were not disclosed.
About Recap
Since its founding in 1989, Recap has provided exceptional leadership and innovation through transactions creating positive economic and social outcomes in the complex world of affordable housing. Since its founding, the company has successfully completed over $2 billion in transactions, including recapitalization, underwriting, asset-management, and sales on hundreds of properties. For more information, visit www.recapadvisors.com.
About CAS
Consolidated American Services is the American property services company of UK-based Regis Capital Ltd. Since 2006, the company has provided residential property management, maintenance, financial services and insurance services. CAS manages more than $13 billion in client assets and 14 million square feet of multi-family business, and has more than 3,300 associates. For more information, visit www.casfirst.com.