Black Cap Halcyon Services


Amplify Your Team, Amplify Your Results

The Black Cap Halcyon management team and its network of investment professionals offer the following suite of services in house and via strategic leveraging of our relationships with appropriate partners. Each opportunity presents possibilities for expansion as circumstances arise.

ASSET MANAGEMENT:

  • Identification of potential value creation opportunities
  • Development, review and analysis of alternate strategies
  • Strategy implementation and execution
  • Oversight, review, hiring and termination/replacement of property management firms or individual staff

ASSET ACQUISITION:

  • Execution of independent mandates
  • Identification of acquisition candidates
  • Economic analysis
  • Full due diligence services
  • Preparation of acquisition offer, negotiation and closing

INVESTMENT SALES:

  • Off market or widely-bid auction sales. (Includes discussion of sale objectives and identification of relevant issues impacting sale price or process and tax issues)
  • Identification of likely buyers
  • Presentation of the asset. (Includes preparation of offering memoranda, cash flow projections, solicitation of offers, offer review and recommendation analysis, negotiation and closing of the sale transaction)

DEBT STRUCTURING AND PLACEMENT:

  • Review of investment profile (Includes operating leverage, tax basis, holding period analysis, cash flow volatility, ownership structure)
  • Present and discuss capital stack alternatives
  • Recommend strategic direction for capital stack alternatives
  • Identify capital sources befitting of desired structure
  • Source, negotiate and close capital transaction in accordance with agreed-upon parameters

INVESTMENT DUE DILIGENCE:

  • Qualitative analysis of investment objectives and alternative strategies, including holding periods
  • Review of market conditions (present, historical, trends), demand drivers, competitive supply, regulatory regimes and tax burden
  • Analysis and audits of rent rolls, occupancy and delinquency
  • Financial statement analysis
  • Identification of potential tenant candidates
  • Cash flow analysis
  • Property condition analysis
  • Deferred capital items, and creation of capital improvement plan
  • Environmental assessment
  • Tax assessment evaluation
  • Title/survey review
  • Document review and analysis

INVESTMENT STRUCTURING CONSULTATION:

  • Qualitative analysis of investment objectives and alternative strategies, including holding periods 
  • Review of market conditions (present, historical, trends), demand drivers, competitive supply, regulatory regimes and tax burden
  • Analysis of the entire bundle of property rights.
  • Review and analysis of rent rolls, occupancy and delinquency
  • Review of investment profile including operating leverage, tax basis, holding period analysis, cash flow volatility, ownership structure, etc.
  • Present and discuss capital stack alternatives
  • Recommend strategic direction for capital stack alternatives
  • Review of ownership structure, members and objectives

INVESTMENT DOCUMENT REVIEW, ANALYSIS AND NEGOTIATION:

  • Review of all investment documents, including ownership and financing documentation, with particular attention to:
    • Business concerns and potential risks
    • Untapped value creation opportunities
    • Potential legal concerns
    • Public-private partnership opportunities
    • Tax or other inherent structural issues, and
    • “Paths to ownership” in distressed situations

PORTFOLIO ANALYTICS:

  • Assessment of insurable risks and non-insurable risks
  • Detailed review of commercial real estate portfolio beginning with qualitative assessment of property type mix, market mix, tenant concentration exposure, industry exposure, tax or regulatory risks
  • Examination of exit strategies, capital improvement plans, tax concerns or regulatory issues
  • Assessment of cash flow volatility, financing risks
  • Review of capital structures, capital markets and interest rate risks

LEASING ANALYSIS AND REPRESENTATION:

  • Review and analysis of existing lease documentation, with particular emphasis on:
    • Business and legal risks
    • Tenant credit analysis
    • Value recapture in existing or potential lease structure
    • Retention likelihood and strategy development
    • Landlord representation, negotiation and closing of lease transactions

SITE ANALYSIS:

  • Review of site limitations and opportunities, taking into account the entire bundle of rights
  • Review and analysis (Includes legal issues, e.g. zoning, regulatory, tax, environmental and geological conditions, ingress/egress, visibility, surrounding uses, demographics and transportation with patterns and trends)
  • Feasibility assessment of alternative uses (includes detailed review and analysis of specifically contemplated projects)

TENANT PROCUREMENT:

  • Review of asset and existing rent roll, surrounding demographics, patterns and trends, tenant saturation and unmet needs in market
  • Identification of tenant opportunity set, development of recruitment strategy, implementation and execution
  • Lease preparation, negotiation and closing