CRE Investment Advisory Transaction Management Asset Management & Risk Monitoring Capital Markets Advisory & Execution Managed Services
Summer Street Advisors Enables its customers to: Quickly execute on market opportunities by knowing they have the backing of an experienced and effective transaction management team Maximize their financial flexibility by providing on-site/off site scalable resources Drive investment returns through insightful analysis and proactive asset management Principal s Insight, Institutional Discipline
WHO WE ARE Founded in 2010, Summer Street is a full-service CRE advisor & asset manager whose clients invest in CRE debt & equity secured by core, valueadd, opportunistic and distressed assets. Summer Street s team consists of institutionally trained and experienced investment professionals providing knowledgeable insight and market analysis on financial and operational opportunities and risks. Summer Street combines prudent risk disciplines with an entrepreneurial perspective to support strategic execution and investment decisions. Summer Street has delivered for 100+ clients on more than 500 assets totaling in excess of $10bn of invested capital.
WHAT WE DO FULL SUITE OF ADVISORY SERVICES DRIVE SOUND INVESTMENT DECISIONS TIMELY EXECUTION CUSTOMIZED CLIENT SERVICES AND REPORTING
WHERE WE OPERATE SSA has extensive experience delivering results with all asset classes throughout the USA RETAIL MULTI-FAMILY OFFICE/MEDICAL APARTMENT INDUSTRIAL HOTEL Experience extends to other assets including Student Housing, Public Storage, Senior Housing, and Data Centers.
REPRESENTATIVE CLIENTS A partial listing of the banks, REITs, CRE fund managers, rating agencies and advisory firms that have engaged Summer Street to advise and provide critical support functions to their debt or equity investments.
REPRESENTATIVE ENGAGEMENTS Loan Portfolio Acq. $100,000,000 Private Equity Firm 10 Performing Loans - 8 States Due Diligence Underwriting Tenant Analysis Debt Analysis Asset Management $70,000,000 Regional Bank 5,232 units, 14 properties Senior Loan Debt Restructuring Valuation Foreclosure/Bankruptcy Mgmt Fee Sale Liquidation Loan Portfolio Acq. $75,000,000 Private Equity Firm 300 Loans - 15 States Due Diligence Underwriting NPL/DPO/Hold Analysis Debt Analysis Acquisition Redevelopment Construction Loan $70,000,000 $65,000,000 $96,000,000 Alternative Investment Firm 50 Tenant Mixed Use Acquisition Due Diligence Underwriting CAM Reconciliations ARGUS Models Hedge Fund Office/Ground Floor Retail Underwriting Market Analysis Construction Review Sponsor Analysis Regional Bank Hotel Due Diligence Underwriting Market Review Valuation
CLIENT TESTIMONIALS Today s commercial real estate opportunities require exceptional senior management executives who possess a unique blend of leadership, vision and the ability to deliver superior results. Summer Street Advisors seasoned professionals have proven they can deliver superior results. Mark D. Lester Landco President One of the most impressive attributes of Summer Street Advisors is their ability to provide an organized and thorough approach to underwriting and reunderwriting. Their well trained, Six Sigma approach to the assignment was exactly what was needed to achieve my goal. R. Herencia BXM Holdings, Inc.- CEO Within the past year, our firm engaged Summer Street Advisors to assist our company with the review and valuation of a large Real Estate Investment Trust. Summer Street Advisors brought hands on knowledge to this risk focused assignment and designed a highly effective plan to underwrite the markets with the largest concentration of assets. Their seasoned real estate professionals provided an extensive and in-depth asset and market analysis, which allowed our firm to make an informed decision. John Jegen - Fortress Investments Vice President
SUMMER STREET ADVISORS Providing investors with customized advisory services supporting timely, insightful and strategic decision making Transaction Management & Reporting Capital Markets Advisory & Execution Asset Management & Risk Monitoring Managed Services
TRANSACTION MANAGEMENT SERVICES SSA has completed more than $10Bn of customized debt and equity advisory & due diligence assignments for more than 100 clients Underwriting Valuation & Market Analysis Loan Structure, Borrower Business Plan Review UW Template Prepared & Analyzed Market Analysis Proforma with DCF and Return Analysis Sale & Rent Comp Analysis Credit & Risk Analysis Preparation of Credit Memo Sponsor and Tenant Credit Review Sensitivity Analysis Sources & Uses Validation Management of Third Parties Asset/Document Due Diligence Due Diligence & Document Checklist Lease Review and Abstracts CAM Reconciliations AUP/NOI Audit Sponsor Budget, Expense & Proforma Review
TRANSACTION MANAGEMENT Sample Engagement Transaction Summary $60 million Senior Note (Acquisition and Renovation) Engaged by a Private Lender Two contiguous office-retail buildings over 133,000 SF Complex Transaction Transitional Asset Scope of Services Provided by SSA Review of Borrower Operating and Redevelopment Strategy Review Tenant Leases and Rent Roll Sensitivity Analysis Review JV Equity Waterfall Prepare and Review Argus Files Preparation of Credit Memo Outcome and SSA Value Add Client successfully closed acquisition financing on an expeditated timeline SSA completed deep dive underwriting on a complex transaction
ASSET MANAGEMENT & RISK MONITORING Full Suite of Asset Management services customized to the needs of owners and CRE lenders. Value Creation & Maximizing ROI Customized Strategic Business Plans Debt Restructuring & Execution Revenue Enhancement & Expense Control CAP-X Implementation & Management Asset Repositioning/Liquidation Management Risk Monitoring & Mitigation Annual Reviews/Covenant Compliance 3rd Party Selection, Hiring, Oversight Benchmarking & Market Analysis Tenant Management/Lease Negotiations Hold/Sell Analysis Scalable Back Office Solutions Policy, Procedures and System Reviews Data Management Loan Onboarding Funding Reviews Site Visits/Inspections
ASSET MANAGEMENT Sample Engagement Transaction Summary $65 million defaulted loan Secured by 5,232 Class B/C multi-family units Borrower declared bankruptcy Borrower diverted lender funds Asset improperly maintained Assets in need of critical repairs, shortfall funds Lender wished to avoid looming foreclosure Scope of Services Provided by SSA In-depth analysis of asset condition & cost to repair & stabilize Pro forma cash flow analysis and as-is/stabilized property values Strategic plan to restructure debt with mezz lender Oversight of Receiver, selection of new property manager and bankruptcy Negotiation of DIP loan to cover operating shortfalls Outcome and SSA Value Add FULL PAR RECOVERY of Lender s debt via a fee sale of assets. Lender avoided write off and eliminated a non performing loan
CAPITAL MARKETS ADVISORY & EXECUTION SSA Industry relations drive capital placement of Debt and Equity with Commercial Banks, Insurance Cos, Pension Funds, Alternative Lenders, PE Fund Mgrs, Hedge Funds and High NW Investment Advisory Strategy & Marketing Market Studies in support of Strategy Compile additional 3 rd Party Reports Advise/Prepare on Marketing Materials Advise/Prepare Budgets, Pro-forma Advise on PPM, Due Diligence, Closing Docs Structured Debt Capital Markets Execution Senior A Note & Warehouse-Line Mezzanine Debt & Preferred Equity Identify Target Debt Capital Providers Execute/Manage Marketing Plan Advise on Terms, Notes and Closing Docs Equity Capital Execution Co-GP & LP Equity Preferred Equity & Structured Equity Identify Target Equity Providers Execute/Manage Marketing Plan Advise on Terms, Partnership & Closing Docs
MANAGED SERVICES Meeting client s needs for timely, focused & flexible support AUP/NOI Audit Appraisal Review Site Inspection Services Revenue & Expense Reconciliation Bank Statement Reconciliation Cash/Non Cash Item Identification Lease Review OpEx Validation Competitive Bidding Expedited Execution Process Management MAI Review Standard Deliverable All Collateral Types, Nationwide Coverage Customized Deliverable Market Analysis Asset Condition Validation Risk Ratings Recent Assignment: SSA assisted a family office in the acquisition of a hotel property by providing a detailed financial analysis of the hotel s operations Recent Assignment: Regional bank engaged SSA to complete over 100 reviews across multiple asset classes and markets Recent Assignment: SSA has completed over 1,400 site inspections for its rating agency client across the US & Puerto Rico
MANAGEMENT TEAM - BIOs Jack Mullen - As the Founder and Managing Director of Summer Street Advisors, LLC (SSA), Jack Mullen draws on his expertise and extensive knowledge of the CRE industry to lead the firm s transactional management initiatives for multi-million and multi-billion dollar projects in the United States and beyond. Prior to the formation of SSA in 2010, Mr. Mullen was an executive member of GE Capital Real Estate s Global Valuation Team and was responsible for managing transaction teams in the due diligence, valuation and underwriting sectors, supporting the acquisition of $10 billion in CRE investments. Previously, he served as Vice President with Turing Capital where he was responsible for risk and transaction management for corporate and commercial real estate lending opportunities. Mr. Mullen has also held key positions with Chase Manhattan Bank, Chemical Bank and Finova Capital. Mr. Mullen s by-lined articles, which assess critical topics facing the commercial real estate industry, have been exclusively featured in GlobeSt.com and CREFC Finance World. He is also a preferred contributor of articles in leading business publications, including Commercial Mortgage Alert and PERE. A seasoned speaker, Mr. Mullen is invited to speak at numerous industry events and is a preferred guest lecturer for business classes and seminars at several prestigious educational institutions, including NYU, Fordham University and Baruch College. He continues to be positioned at the forefront of the evolving and complex CRE industry through hosted thought-leader roundtable networking events which assemble experts and executives who are actively shaping and influencing the marketplace. Mr. Mullen is the former President of the Real Estate Finance Association of Connecticut (REFA CT). Additionally, Mr. Mullen is a member of CREFC (CRE Finance Council), and is Six Sigma Green Belt Certified. Mr. Mullen earned his MBA from Fordham University and a BA degree in Economics and Political Science from Salve Regina University.
MANAGEMENT TEAM - BIOs Andrew Murray - joins Summer Street Advisors as a Managing Director with more than 30 years experience across CRE principal investment in debt and equity, CRE capital markets & structured finance, as well equity capital raising with institutional and private investors. Most recently, Andy served as a Managing Director with TIAA Global Asset Management supporting the $15bn CRE Managed Accounts business overseeing client investments in private CRE debt and equity. Andy also served as the Portfolio Manager & Investment Officer for TIAA Bank s CRE lending business. Prior to joining the CRE Managed Accounts business, Andy served as the Managing Director & Product Specialist overseeing institutional equity capital raising efforts for TIAA managed funds for private investments in U.S. CRE debt and equity, Ag/Farmland, Timber and Infrastructure. Andy also served as a investment advisor and principal in Land South Group and T-REX Capital where he led investment and capital raising efforts for strategies in CRE high yield debt, value-add and opportunistic equity. Andy also served as a Managing Director with Ackman Ziff Real Estate Group s representing market leading investors and development sponsors throughout the eastern US markets and Chicago. Prior to joining Ackman-Ziff, Andy led business development and originations with O Connor Capital Partners with a focus on CRE opportunistic equity investment in the United States and Mexico. Andy also spent 12 years with Lehman Brothers between 1994 and 2006 where he focused on CRE structured finance deal originations of more than $4 billion with some of the firm s most important clients. While at Lehman, Andy originated investments in CRE loan portfolios, structured CRE debt, CMBS loans, mezzanine loans and joint venture equity. Andy holds a MBA from NYU-Stern Graduate School of Business and a B.S.B.A. from Georgetown University. Andy holds a Series 7 FINRA license, and has been an active member of CREFC, ICSC and ULI, as well as a guest lecturer for students at NYU, Georgetown, Cornell and Notre Dame.
MANAGEMENT TEAM BIOs John Mahoney - joins Summer Street Advisors as a Managing Director focused on driving the execution of client assignments. John brings broad real estate capabilities developed over a 28 year career with GE Capital Commercial Real Estate. He has experience with a wide range of property types and investing strategies and is skilled in investment origination, risk and asset management and capital allocation. Most recently, John was a leader of portfolio risk monitoring, reporting and supporting data, processes and operations for GE s $90B real estate portfolio, a role that impacted portfolio analytic and reporting needs including, CCAR, Basel III, SEC reporting, stress testing, loss reserves, and adhoc analytics. Additionally, John co-led GE Real Estate s, multi year, multimillion-dollar initial regulatory and capital allocation build out including the design, testing and implementation of GE s initial PD/LGD models as well as the design and implementation of its Regulatory Risk Classification methodology. Prior moving into a global portfolio role, John was a senior leader at Storage USA (a GE Capital Company) the nation s 2nd largest self storage company at the time. As the head of Asset and Risk Management he was responsible for the underwriting, approval and closing of all new transactions in addition to monitoring overall portfolio performance, executing on strategic portfolio actions and managing the construction of new facilities, existing facility renovations and major maintenance John started his GE Career leading the origination office for Northern California and the Pacific Northwest. In this capacity he originated and underwrote single and portfolio transactions from $2 to $350MM. He is experienced with structured transactions involving, pay/accrue features, earnouts, and equity participations. Additionally, he was responsible for troubled account management. John graduated from the University of California, Berkeley with a bachelor's degree in Urban Development and Metropolitan Studies. He is a member of the Urban Land Institute, the Global Association of Risk Professionals, the Risk Management Association and the New Canaan Zoning Board of Appeals.
MANAGEMENT TEAM - BIOs Chris Peters Director - is an accomplished real estate professional with more than 20 years of direct debt and equity experience managing and maximizing the value of core, value-add and opportunistic commercial real estate investments. Prior to joining Summer Street, Chris led the workout, restructuring and liquidation of more than $2 billion of distressed real estate and managed a $10 billion portfolio of senior, mezz and CMBS loans and equity investments for German investment bank Hypo Real Estate and private equity fund manager H/2 Capital Partners. Chris has broad expertise in credit underwriting, risk mitigation and asset management of both stabilized and development properties throughout the U.S. Previously Chris spent 15 years in leadership roles at GE Capital Real Estate in Texas, Connecticut and New York. Chris holds an MBA from the Cox School at Southern Methodist University with an emphasis on real estate finance and a BA in Economics from the University of Connecticut. He is a licensed real estate agent in Connecticut, has been an elected member of the Darien, CT Board of Assessment Appeals for 12 years and is a former volunteer fireman. Cynthia Plunkett - Director - has over fourteen years of experience in commercial real estate underwriting and due diligence. Cynthia began her career at PricewaterhouseCoopers working as a member of a small team specializing in modeling and cash flow due diligence including lease abstracting and expense testing. At Merrill Lynch Capital, Cynthia was an underwriter for over $500 million in bridge financing transactions for both senior debt and preferred equity. During the recession, Cynthia worked at Mesirow Financial Consulting representing unsecured lenders including a distressed public CDO company which involved the reunderwriting of 80 loans based on current market conditions. Mrs. Plunkett has a Masters of Science in Finance and Bachelor of Business Administration, Accounting with Cum Laude Honors from Texas A&M University. She is a Certified Public Accountant in the State of Texas.
MANAGEMENT TEAM - BIOs Dan Brook Director is responsible for underwriting and analytics. He brings over 20 years of senior asset-risk management experience to the SSA team. Dan has over 15 years of commercial real estate experience, much of which was developed at GE Capital Real Estate where he served in a variety of roles, including Asset Manager, Sr. Relationship Manager, Growth Leader, and Preferred Equity Product Leader. During his tenure at GE, Mr. Brook was charged with the oversight and operations of GE's multifamily development joint venture, where he directed the underwriting and approval of over $1.5 billion of projects. His broad institutional background ranges from financial, relationship and product management to risk assessment and managing underwriting teams. Mr. Brook has expertise in underwriting all major collateral types, restructuring assets, mezzanine financing and negotiation and controllership of equity joint ventures. He also designed and implemented GE Real Estate's Preferred Equity Program which was created to provide borrowers the ability to finance funding gaps caused by lower valuations and lower leverage amounts. Dan is a graduate of the University of North Carolina at Chapel Hill where he earned a BA degree in Economics with Distinction. Jay Murray - Analyst Prior to SSA, Jay worked for The Oak Park Group, LLC, a privately held commercial real estate development and consultancy firm, focused primarily on the hospitality sector. Jay was instrumental to The Oak Park Group team for conducting market research to support hospitality acquisitions and development, as well as, analyzing competitive activity helping identify prospective development and investment properties. Earlier in his career, Jay worked as a Summer Analyst for UBS Financial Services where he efficiently handled client records management, and trade histories. Jay obtained a Bachelor of Science in Business Administration from Lynn University in Boca Raton.
CONTACT Jack Mullen Founder & Managing Director Summer Street Advisors, LLC 15 Ketchum Street, 1st Floor Westport, CT, 06880 O: (203) 293-4844 C: (203) 257-2492 jack.mullen@summerstreetre.com