Unconflicted Advice…Unparalleled Experience
Crosswater provides independent, unconflicted strategy and manager evaluation, asset workout and commingled fund/partnership restructuring assistance to institutional owners of underperforming real estate investments.
Crosswater’s Senior Advisor team consists of seasoned executives with an unmatched depth and breadth of skills learned by successfully navigating through several dramatic real estate cycles. Their areas of expertise – honed in prominent private and public sector roles – cover all major property types, fiduciary counseling, organizational/relationship restructuring, the sale of non-performing loans, and transportation infrastructure. In many ways, the more complex the problem the greater Crosswater’s “value add” to its clients.
With successful assignments in the U.S., China, Brazil, Britain, France, Italy and Spain, Crosswater is able to operate in most major global property markets.
When added to the Crosswater team’s long experience, its recent assignments have enabled it to develop a keen understanding of why some managers failed while others performed relatively well. With many of its team members having managed important private and public organizations, Crosswater is able to “get behind the numbers” and focus on issues such as alignment of interests, fiduciary behavior, risk management controls and governance structures which have proven to be the keys to investment success. Our Senior Advisors describe it as “underwriting the soul of an organization”. Crosswater’s ability to do a “deep dive” into these important issues makes it uniquely capable of analyzing new investment strategies, vetting manager staffing and structures as well as resolving problem investments and manager relationships.
Importantly, because it is not a traditional real estate consultant, manager or investment banker, Crosswater has found that the managers/GPs it interacts with have been more willing to resolve nettlesome problems…to its clients’ great benefit.
In recent months Crosswater has:
- Assisted a large institutional client in its substantial investment in a prestigious multi-national real estate investment manager
- Assisted a large opportunity fund manager in developing a new organizational structure that would bring focus and clarity to their business model
- Led the workout of a large, complex and troubled vineyard investment
- Prepared a comprehensive study of possible strategies for investing in non-performing loan pools in the US and Europe
- Assisted a large institutional client in its contract negotiations with four major investment managers
- Reviewed the investment record, business strategies and staffing of an international real estate investment advisor and initiated important changes to that relationship
- Negotiated a significant reduction of a client’s commitment to an underperforming commingled fund with a concomitant fee reduction
- Designed improved investor governance rights which will better protect the investor’s interests, yet not unduly constrain the manager’s ability to perform
- Helped design and participated in a manager review process and implemented a number of client decisions to retain, modify or terminate several relationships
- Settled a serious relationship dispute between a client and a manager and put it back on a positive course
- Represented clients on LP Advisory Committees and instigated reforms to the partnerships
- Assisted a large investor in developing new real estate strategies and in reconfiguring its management team
- Negotiated the sale of a client’s controlling interest in a West Coast urban developer
- Negotiated the release of a client’s very onerous loan guarantee on a failed real estate investment
- Led the restructuring and recapitalization of a major apartment developer
- Researched the use and structure of emerging real estate manager programs and designed an EM program for an institutional client