
BOOT
RANCH
- Lehman Brothers
retained Pine Street in September, 2009 to manage its
$150 million investment in Boot Ranch, a 2,000-acre
luxury master planned community located in
Fredericksburg, TX, the epicenter of the Hill Country of
Texas. As Asset Manager, Pine Street was
responsible for the following tasks, among others:
employing some 80 trained staff, along with all HR
responsibilities such as managing benefits and
insurances. Pine Street is especially pleased to
say that during our tenure, there were no HR
claims. Pine Street was responsible for all
financial reporting to Lehman, the creditors committee
and the bankruptcy court, including submitting monthly
income statements, balance sheets and ongoing cash flow
forecasts. Through Pine Street's efforts, funding
for Boot Ranch, involving hundreds of thousands of
dollars monthly, continued unabated. Pine Street
managed all aspects of Boot Ranch entitlements,
including retheming and replatting Phase One with a
revised land plan as well as creating the land plan for
the 1,000-acre Phase Two. We worked closely with
the City and County to obtain the necessary approvals
allowing the development of the property to occur in
accord with the cash flow models being submitted to the
bankruptcy court.
Pine
Street oversaw the remaining 20% completion of the
magnificent, award-winning 55,000 sq.ft. Boot Ranch
Clubhouse and Lodge. Pine Street designed the
Overlook Cabin luxury residential product, which we
refer to as a non-house, a compound with separate
buildings for entertaining and living. We also
oversaw the development of the horizontal infrastructure
serving the enclave. Pine Street designed and
oversaw the construction of the Ranch Club, which has
been called the most innovative swim-tennis amenity in
Texas if not the entire country. We were
consistently told that our job performance was the best
in the entire Lehman real estate portfolio.
OLYMPIA
& YORK COMPANIES (USA) -
Pine Street was retained by the Chief Financial
Restructuring Officer of Olympia & York Companies
(USA) to evaluate and price its real estate holdings in
New York, Florida, Texas and California as part of a
$5.6 billion consensual restructuring of the company.
This effort reorganized 128 entities and addressed the
interest of dozens of creditors and partners. The
assignment took over four years to complete and to our
knowledge is one of the largest debt restructuring of a
real estate organization in history.
CHICAGO
MERCHANDISE MART -
as exclusive agent for a prominent American family, Pine
Street was a key participant in the restructuring of a
$250 million first mortgage loan held by the
Metropolitan Life Insurance Company.
SELVA
MARINA COUNTRY CLUB - the
firm was retained by the Board of Directors of the Selva
Marina Country Club, located in Atlantic Beach, Florida,
to act as their surrogate developer. Pine Street was
responsible for land planning and obtaining the
entitlements for the development of 114 lots. The
proceeds from the sale or joint venture of these lots
will be used to redevelop the 18 hole championship golf
course and construct a new 18,000 sq. ft. clubhouse.
These services offer a case study in what we call
“re-purposing,” the unlocking of previously
unrealized real estate value.
SPRING
VALLEY RANCH - Pine
Street was retained by Lehman Brothers to assist them
with the entitling and orderly disposition of the 6,000
acre Spring Valley Ranch located in the Roaring Fork
Valley of Colorado. As the owner’s surrogate developer
Pine Street put together a team to preserve the
property’s entitlements and prepare an investment
memorandum for the sale of the asset. Once this was
accomplished, the property was brought to the
marketplace and closed at a price of $25.0 million, all
cash. The purchase price was far in excess of the
owner’s expectations.
SPANISH
OAKS - Spanish
Oaks is a 1,200 acre mixed use development located west
of Austin, Texas near Lake Travis. Our assignment here
was to re-capitalize the asset, with our clients
remaining involved as stakeholders post closing. Pine
Street evaluated the development, wrote the investment
memorandum, brought the offering to the marketplace and
closed a transaction valued at over $80 million.
MARSH
LANDING - this is
a very successful residential master planned residential
community located in Ponte Vedra Beach, Florida near
Jacksonville. The assignment was to provide investment
advisory services to an entrepreneurial developer who
sought to convey a 50% interest in the project to a
passive investor in an effort to cash in on a portion of
the dormant equity built up over years of developing the
property. A $17 million equity placement for this half
interest was placed five months after the assignment
commenced.
IBIS-
this is a 1,900
acre residential development, with two Jack Nicklaus
golf courses, located in North Palm Beach, Florida. The
lender had provided $45 million in acquisition and
development funding when due to economic conditions
sales came to a halt. Pine Street was retained by the
first mortgage lender on the property to analyze the
project in detail, determine the development’s
capacity to carry debt and recommend a strategy for
negotiating with the developer/borrower. Based on Pine
Street’s recommendations, the lender was able to
restructure their loans for the construction of a 44,000
sq. ft. clubhouse with minimum disruption to the ongoing
marketing efforts.
ALAQUA
LAKES - Pine
Street
was retained by one of the wealthiest men in the world
to assist him in the development of a strategic business
plan for the rezoning, reengineering and ultimate
disposition of a 1,248 acre parcel of land in the Lake
Mary area, just north of Orlando, Florida. After
successfully completing all of the predevelopment work
Pine Street arranged the sale of the property for $11
million cash, with our client retaining a 50% carried
interest in the property.
MAROON
CREEK CLUB - this
facility, located in
Aspen, Colorado, is one of the most elite,
upscale golf clubs in the world with a “Who’s Who”
membership. It is likely one of the most prestigious
stand-alone golf courses ever to have been conveyed.
Pine Street wrote the investment memorandum, took the
property to the market, arranged and coordinated eleven
tours and generated four offers. A transaction was
closed whereby Pine Street’s client retained an
ownership interest in the club operations as well as
retaining development rights in a fractional share lodge
concept.
THE
PETE DYE GOLF CLUB - this
golf course is the only course in the U.S. that bears
Pete Dye’s name and was ranked by Golfweek as the
second greatest golf course built in the modern era
(since 1960, out of some 15,000 course considered). Our
client wanted to monetize his interest in the course and
yet not lose control over the operation of the property.
Pine Street structured a complex long term
sale-leaseback to a publicly traded REIT.
PASADENA
YACHT AND COUNTRY CLUB -
Pine Street’s client was USX Realty Development, a
wholly owned subsidiary of U.S. Steel. The firm was
retained to price the golf course and marina facilities,
located in St. Petersburg, Florida, and bring these
assets to the marketplace. Pine
Street wrote the investment memorandum, took the
offering to the marketplace, procured nine offers and
ultimately sold the assets for $7.0 million cash.
SATELLITE
PLACE - here we
acted as principal, managing development partner and
one-third owner of Satellite Place, a 375 acre parcel of
land across from Gwinnett Place Mall in northeast
Atlanta. This property was voted Deal of the Year by the
Atlanta Business Chronicle and at the time was
recognized as the largest commercial real estate land
transaction in the State of Georgia. At build out,
Satellite Place will be a billion dollar plus project.
The land portion of the property sold out in sixteen
months.
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