Our Featured Work

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 insurance.  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.

 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 interests 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.

This 1,900-acre residential development, with two Jack Nicklaus golf courses, is 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.

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.

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.

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.

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.