Consistent with our interdisciplinary approach, Rockwood also provides a breadth of advisory services to our clients. Currently, we are retained on restructuring and workout assignments for over $3 billion of debt. The diversity in the sampling of assignments shown below speaks to the problems facing many of our clients today, which often require more nuanced, structured solutions informed by a holistic mind set, big-picture thinking, and unorthodox strategies:
Restructuring and Recapitalization of a $200 Million Construction Loan
Restructuring and Recapitalization: On behalf of a global investment manager and their regional developer partner, Rockwood is providing restructuring and advisory services for a $200 million loan secured by a large-scaled, master-planned development project; the plans included a luxury retail center, hotel and high-rise apartment towers. Rockwood was retained to resolve the debt payment and conflict of interest issues behind this stalled construction project, identify a new capital partner and restructure the terms of the existing loan.
Workout of a $100+ Million Securitized Loan
Loan Modification and Workout: On behalf of a national investment manager, Rockwood has been retained on the workout of a $100+ million securitized loan backed by a five-building office complex located in the Southeast market. Due to the declining occupancy of the properties and the stagnant leasing market, the value of the portfolio has been significantly impacted, representing 60% of its acquisition value only two years prior. Additionally, the borrower was faced with upcoming debt maturity issues. Rockwood devised a proposal that meets our client's objectives, yet encompasses a reasonable and defensible strategy for the Special Servicer.
Asset Management for a Distressed Multifamily Property
Distressed Asset Management: Rockwood is representing a European bank client on their equity position in a luxury high-rise condominium property in a major Southwestern CBD. Their interest in the property was a result of a foreclosure on a repo loan. The property will be undergoing a complete repositioning program prior to resuming marketing efforts for the remaining inventory.
Portfolio Review & Strategy Development for $20B+ of Fund Investments
Portfolio Review and Strategy Development: For an international commercial bank client, Rockwood is conducting a comprehensive portfolio review, analysis and assessment of approximately $20+ billion of investments in third-party real estate funds. The funds have stakes in various debt and equity positions, and are invested in assets in all major U.S. markets and property types.
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