Recap Advisors

Representative Clients

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Citigroup Global Markets, Inc.; high yield municipal securities division

Monitoring & Optimization

Investment division wanted to increase its offering in municipal bonds by adding multifamily bonds, but lacked affordable housing expertise and could not expand headcount.

Recap
  • Created a system for performing affordable housing due diligence
  • Created reporting system for one-off, portfolio, and company acquisitions
  • Executed new process on a variety of possible acquisitions

The client went from holding single-digit one-off positions to acquiring over $5B in positions and a full service multifamily bond origination platform with over $400 million of annual production.

Recap’s management of the client’s high risk investments continues to grow, with projected assets under management exceeding $300 million.

Boston Housing Partners 1 and 2

Monitoring & Optimization

Two post-mature funds with investments in roughly 15 Boston-area affordable apartment properties with $50 million in total capitalization wanted to plan for fund dissolution in a manner that protected both long-term affordability and economic return to investors.

Recap
  • Analyzed and monitored assets to enable fund-level decisionmaking.
  • Designed an exit strategy that balanced long-term affordability and investor returns.

Negotiations are in process. Recap maintains an ongoing role advising the fund and analyzing assets in support of fund-level decisionmaking.

Prudential Social Investments

Monitoring & Optimization

Community investment arm of a major life insurance company wished to provide a loan facility to a national non-profit for the acquisition of at-risk affordable housing.

Recap
  • Managed and facilitated the design of the loan facility
  • Underwrote candidate properties for compliance with loan agreement
  • Provides ongoing loan monitoring and compliance review

The $7.5 million loan facility supported the acquisition of 11 at-risk properties in Florida and Texas, thereby providing long-term security for 1,416 low-income resident households.