Recap Advisors

"Recap provides top notch service and exemplary work product. Their extensive knowledge of real estate and current trends in the industry allow them to present a detailed and thorough report that helps facilitate the closing of a transaction."

Andrew J. Weil
Executive Managing Director
Centerline Capital Group

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Representative Clients

We've worked with non-profits, partnerships, and government agencies across the country. Here are a few representative clients.

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Team

Ethan Handelman
Philip B. Silva
Thacher Tiffany

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Contact

Ethan Handelman
T: 617.338.9484 x218

Valuation and opinions

Get an accurate understanding of a complex regulated asset

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Regulated affordable housing assets have measurable value, but that value can only be determined in the context of government regulation, ownership structures, and capital markets. Determining the real value, and the fairness of any proposed transaction, is both essential and complex.

When negotiating or transferring affordable housing assets, an accurate valuation is essential—and difficult to get

The value of an affordable housing asset is dependent on a complex set of restrictions, ownership agreements, property conditions, and debt structures. Affordable properties transact seldom, so secondary market reporting mechanisms are unavailable or inaccurate. But without an agreed-upon value, it is impossible to negotiate, or determine whether a given transfer of assets is fair and equitable.

Knowing fair value requires a deep understanding of all factors

There are numerous impairments and enhancements to value, and these differ depending on the level at which you are calculating the value: the ownership interest, the property, the partnership, or the upper-tier fund. An agreed-upon valuation can enable mutually beneficial transactions that would otherwise be too risky to pursue.

Recap Advisors has the first-hand understanding that allows for accurate and trusted valuation and fairness opinions.

Recap has enabled numerous transactions that would not have occurred without a trusted valuation or fairness opinion and can provide clients with

  • Fairness opinions of proposed transactions
  • Valuations for use in intra-partner negotiations, estate transfers, and other contexts
  • Internal assessments for decision-making and accounting purposes

For example, we have

  • Provided a fairness opinion that allowed the successful buyout of limited partners in a post-mature upper-tier fund
  • Provided a fairness opinion that allowed investors and sponsors to resolve an apparent conflict of interest to realize value from a property sale
  • Provided valuations of fractional interests in affordable housing that take into account the impairments and value opportunities of the assets, for accurate estate-tax filings
  • Enabled recapitalization of post-mature partnerships, resulting in equity distributions to partners

Service elements

  • Data assembly
  • Methodology establishment
  • Financial analysis and scenario building
  • Initial conclusions for feedback and clarification
  • Final report delivery
  • Post-delivery support