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Real Estate

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  • Bankruptcy & Restructuring

  • Forensic Accounting & Litigation Support

  • Corporate Finance & Valuation

  • Real Estate Services

  • Representative Matters


    • Acted as the Chief Restructuring Officer and Financial Advisor to a southeast regional multi-family company with approximately 50 assets and an estimated value in excess of $1 billion.
    • Advised one of the leading condominium developers in the U.S. in an out-of-court restructuring with over 30 lenders and $2 billion in outstanding debt.
    • Advised several private equity investors relating to the restructure of more than $400 million in debt associated with specific foreign projects in their portfolio.
    • Served as Financial Advisor to the Joint Committee of Unsecured Creditors of James Gianulias and Cameo Homes. Gianulias and Cameo have been active in the development of multifamily, single family homes and retail in Southern California and around the country.   GlassRatner preformed financial analysis and forensic accounting services, analyzing in detail the activities of more than 80 entities and advising the Committee in this complex Chapter 11 case.
    • Served as Financial Advisor to a Steering/Unsecured Creditors Committee for a national multi-family company with over 200 properties and $5 billion in debt.
    • Served as Financial Advisor to the Official Committee of Unsecured Creditors for Empire Land, LLC, a California-based land developer and homebuilder of master-planned communities. Converted to Chapter 7 and GlassRatner was hired as Financial Advisor to the Chapter 7 Trustee. GlassRatner assisted the Trustee with substantive consolidation and investigating potential insider preference transactions.
    • Appointed as Chapter 11 Trustee for Nations Development Corporation, a diversified real estate company. Oversaw the completion of various townhome projects, liquidated a residential subdivision and investigated the use of funds by the debtor prior to bankruptcy.
    • Appointed as Chapter 11 Trustee for Steinberg & Associates, Inc., an owner operator of multi-family rental properties and a developer. Successfully operated and liquidated the company within eight months of being appointed as Trustee. Orchestrated a courtroom auction on all assets resulting in additional proceeds for creditors and ultimately sold the key asset for 135% of the appraised value.
    • Appointed as Chapter 11 Trustee for ELC, LLC, a single asset condo conversion project. Filed a Plan of Arrangement and Disclosure Statement within 120 days of appointment. Successfully obtained financing commitment to allow the implementation and completion of the plan and ultimately liquidated the company within nine months, providing the secured creditors substantial recovery.
    • Appointed Chief Restructuring Officer for PUIG Development Group. PUIG was a South Florida real estate company primarily involved in condominium conversion projects. GlassRatner was retained as Chief Restructuring Officer prior to a Chapter 11 filing and essentially assumed all decision making for the company. Ron Glass remained the Chief Restructuring Officer after a Chapter 11 filing. This company had over two dozen related LLCs and a significant number of bank and mezzanine lenders. In total, there was in excess of $300 million of debt and some 27 active projects when GlassRatner became involved. GlassRatner’s role included cutting overhead, determining a plan of reorganization, facilitating relations and exchange of information between banks, owners and investors and ultimately implementing a plan of reorganization and liquidation.
    • Appointed Chief Restructuring Officer for Amtrust Mortgage Corporation. Amtrust was a southeast regional mortgage company that closed over $1.3 billion of mortgage loans in 2006. GlassRatner was retained as Chief Restructuring Officer for the business and charged with running the successful wind-down of the business including the funding of over $40 million in committed loans, and orderly liquidation of over $120 million in funded mortgage loans and other company assets. GlassRatner negotiated with Wall Street mortgage investors in an out-of-court wind-down.
    • Retained by the FDIC as Financial Advisor relating to the Receivership of Market Street Mortgage Company, a subsidiary of Net Bank. As part of the liquidation of the financial institution GlassRatner acted as loan sale advisor relating to a $165 million portfolio of residential construction loans in a structured transaction.
    • Served in advisory role to various community banks in assessing distressed debt and providing analysis of various resolution alternatives ranging from restructure to liquidation and loan sales. 
  • Representative Matters


    • Served as interim Chief Financial Officer for a substantial Southern California real estate company and as a forensic accounting expert in litigation concerning several Southern California homebuilders.
    • Preformed an internal investigation on behalf of a foreign insurance company where substantial funds were invested in U.S. real estate outside of typical investment activity.
    • Advised a major multifamily lender concerning four non-performing properties placed into bankruptcy by the borrower. Responsibilities include forensic investigation of cash flows and assessment of operating trends and management issues.
    • Retained as a court-appointed expert in the United States District Court for the District of Columbia to assist in preparing a valuation analysis and investigation of five partnership interests. The partnership interests had been transferred by an individual convicted of financial wrongdoing to satisfy a restitution order. The primary assets of the partnerships in question were various commercial real estate holdings, including a major self-storage facility. Due to a large number of contradictory appraisals and evidence, the judge required an independent investigation and valuation beyond the typical real estate appraisal issues.
    • Retained by the FDIC to assist in the investigation, analysis and litigation of alleged false statements made by various real estate companies and executives relating to certain real estate transactions and assets as part of a prior settlement with the RTC.
    • Retained by special counsel to a publicly traded regional mortgage banking company to perform an internal investigation surrounding allegations of senior management fraud. The investigation revealed various questionable transactions and financial statement practices which overstated the value of the company and allowed it to meet capital requirements imposed by federal regulators.
    • Completed a forensic accounting review and financial analysis on behalf of a bank group considering a global restructure for a superregional home builder related to a multi-billion-dollar bank facility. In this case, GlassRatner’s role was to validate the information prepared by the borrower’s financial advisors, asses the appropriate inclusion of assets that were held in 400 separate LLCs in the restructuring plan and ensure that any assets left out of the restructuring were appropriately disclosed to the lender group.
    • Retained by a major multifamily lender to conduct forensic accounting and financial analysis of a multi-family housing portfolio to identify potential errors or misrepresentations in initial underwriting assumptions and downward trends in performance.
    • Advised a major developer/operator of resort properties and conducting a comprehensive construction review and audit of a $900 million construction project. 
  • Representative Matters


    • Served as the Financial Advisor to a shopping center owner/developer with approximately 3.5 million square feet of retail space and associated debt of approximately $750 million.
    • Advised a leading institutional real estate fund on various workout alternatives for assets within one of their active funds. The fund had $3 billion invested in approximately 35 assets around the U.S.
    • Retained as consultant to the Chapter 11 Trustee for Concept Energy Homes, Inc., a residential home developer. Assisted with the evaluation of the company’s assets and successfully marketed the company’s largest asset within four weeks of retention. Orchestrated a courtroom auction which ultimately resulted in significant additional proceeds.
    • Appointed by the U.S. Bankruptcy Court as an accounting and valuation expert to assist the Chapter 7 Trustee with the recreation of financial statements and the valuation of an independent mortgage banker. This assignment included considering the value of various balance sheet items such as investments in related companies, purchased goodwill and capitalized expenses.
    • Retained by the FDIC as Financial Advisor relating to the failed banking institution, ANB Financial headquartered in Arkansas, at the time the second largest financial institution to be closed since 2001. GlassRatner acted as loan sale advisor relating to a $1.2 billion construction and A & D portfolio which culminated in a sale to a third party in a structured transaction in January 2009.
    • Retained by a $370 million bank located in South Georgia as financial advisor to develop and implement a plan to identify and monitor criticized assets. GlassRatner worked with the bank to establish procedures to promote early detection of problem loans and create a tracking mechanism to monitor criticized assets as they are either rehabilitated or disposed.
    • Retained as financial advisor by a $2 billion bank located in the Southeast to develop innovative solutions for problem assets and implement a criticized asset migration plan to monitor troubled assets.
    • Developed educational module on multifamily mortgage fraud that has been incorporated into the online training program for a major lender.
    • Provided investigative accounting and valuation consulting services in numerous cases where the value of real estate, real estate holding companies and fractional interests in family owned real estate were important elements of the case.
    • Retained by a major lender to conduct a financial and operational review of a $1 billion+ portfolio of multifamily properties following assumption of property management duties by the borrower, and to advise on alternatives in light of impending loan maturity and anticipated default by borrower.
    • Performed post-acquisition investigation on behalf of a publicly traded company relating to a $120 million transaction involving the simultaneous acquisition of several healthcare assets including a number of skilled nursing facilities. The matter required an understanding of both the healthcare reimbursement environment as well as the typical cash flow and real estate finance issues common to most real estate projects.  
  • Representative Matters


    • Advised a major developer/operator of resort properties and conducting a comprehensive construction review and audit of a $900 million construction project. 

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