Workouts: Non-Performing Loan Sales & REO (continued)
In addition to the financial sector, Newmark Knight Frank Capital Group has also focused on assisting groups that have been increasingly constrained by budgeting restrictions and diminished capital flow. The Capital Group works extensively with members of the public sector, offering to local, state and federal agencies strategic advice and services including, but not limited to, the sale of underutilized assets, public-private partnerships, project management and construction management.
Newmark Knight Frank Capital Group also has vast experience working with other sectors affected by recent economic events, including hospitals and the healthcare industry. The Capital Group has advised and assisted with the monetization of non-core assets in order to bridge an increasingly widened funding gap.
By leveraging the company’s vast resources and relationships, we implement a swift, comprehensive and effective process. Our national and global platforms not only give us access to local market experts and decision makers, but also enhance our ability to market properties effectively. Our residential construction company has been involved in the conversion and development of over 4,000 high-rise units. With assistance from our retail, office, consulting and logistics teams, who have advised corporate clients on the reutilization of obsolete assets, sale-leasebacks and corporate acquisitions, Newmark Knight Frank Capital Group has a comprehensive understanding of the impact of real estate on the balance sheet.
Relevant Experience: Hospital Advisory
The Brooklyn Hospital Center 123 Parkside Avenue, Brooklyn, NY
As part of a bankruptcy restructuring, the Brooklyn Hospital Center (TBHC) retained Newmark Knight Frank Capital Group to sell the former Caledonian Hospital, located at 123 ParksideAvenue in Brooklyn, facing Prospect Park. To accomplish this endeavor, Newmark Knight Frank launched a marketing campaign for the hospital, a 180,000-square-foot facility with up to 309,000 square feet of FAR.
As the Brooklyn Hospital Center was closing operations and moving other groups out of the facility, Newmark Knight Frank marketed the space to users and residential developers, offering a redevelopment option or an opportunity to create new construction.
As part of the sale process, bids were taken to provide a stalking horse contract which was approved by the bankruptcy court. Additional bids were taken thereafter, creating an auction to provide the highest price for TBHC. The deal closed with the successful sale of the former hospital in September of 2007.
Newmark Knight Frank also assisted in strategic planning for overall real estate decisions.