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SUMMIT CAPITAL SERVICES TO FINANCIAL INSTITUTIONS

By Luis Stone,2014-11-22 12:52
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SUMMIT CAPITAL SERVICES TO FINANCIAL INSTITUTIONS

    SUMMIT CAPITAL SERVICES

EXPERIENCE

    Over the past 20 years, the key individuals at Summit have earned a reputation as excellent real estate workout and distressed investment professionals. Our combined experience at the Robert Bass Group, American Savings Bank, Brazos Asset Management, Lone Star Opportunity Fund, Colony Capital, Oaktree Capital Management and Washington Mutual readily verifies that we have some of the most extensive and intensive experience in the industry. Our services to financial institutions bring to bear Summit’s expertise and exclusive focus on trouble or distressed assets, which can be particularly valuable for institutions that historically have not had a large volume of non-performing assets.

CONSULTING

    We know how to resolve non-performing loans and can provide consulting services to efficiently solve any organization’s real

    estate loan issues. Since 1991 we have successfully resolved thousands of assets comprising several billion dollars for some of the largest investors and financial institutions in the world. Stated alternatively, we know how to conduct workouts and turn arounds in the most direct and efficient manner which

    ensures our clients a savings of both time and money.

INVESTING

    We are actively seeking to acquire non-performing or sub-performing assets, including portfolios of defaulted loans as well as REO properties. We are interested in private transactions and public auctions of real estate assets.

DEPTH

Summit’s senior executives have over 100 years of combined

    experience in the loan workout and distressed real estate arena. We have extensive experience in both domestic and international markets. We have the internal resources and established network of professionals to determine and execute the most efficient and cost effective resolution for any real estate asset.

Business Profile of Kevin McTavish

    Kevin McTavish founded Summit Capital, LLC, in 2003. Summit invests in a variety of real estate assets including traditional physical properties,

    distressed debt, and public-to-private opportunities. With over 20 years of experience in investing and managing ‘distressed’ or ‘troubled’ real estate assets, the firm’s primary investment philosophy is to focus on opportunities where a combination of capital, creativity and intense management can produce superior risk adjusted returns for investors.

    From 1995 - 2003 Mr. McTavish was a Principal at Colony Capital, LLC. At Colony he was a member of Investment Committee and Major Asset Review Committee. Colony, based in Los Angeles and with offices throughout the world, has invested and manages nearly $40 billion in real estate assets.

    As Colony Capital grew their fund management operations he spent increasingly more time on investment acquisitions in addition to continuing to manage certain troubled and/or challenging assets. Beginning in 1998 he focused primarily on establishing Colony’s Asia offices in Tokyo & Seoul where he conducted all aspects of acquisition search, analysis, due diligence, capital formation & tax structuring in connection with potential investments. Initially the firm’s focus in Asia was purchasing distressed assets from financial institutions and governmental agencies established to liquidate billions of dollars of defaulted loans.

    From 1996 - 1998 he was Chief Operating Officer of Colony Advisors. As COO he managed over 50 people responsible for the asset management of more than 1,000 real estate assets comprising several billion dollars. Colony Advisors conducted all aspects of workouts and turn-around situations resulting from the purchase of several large real estate loan and property portfolios.

    Additional responsibilities at Colony included holding the title of Chairman of LaHotel Corporation (owner of the L’Ermitage Hotel in Beverly Hills, CA) and an

    active member of the Board of Directors for publicly traded Verado Holdings, Inc. an investment made with Texas Pacific Group. Also, he originated and managed several investments in other publicly traded companies whose primary assets were real estate.

    Prior to Colony Mr. McTavish was one of the five person team led by John Grayken to create Brazos Asset Management for the Robert M. Bass Group out of Fort Worth, Texas. Brazos (since renamed Lone Star Opportunity Fund) was originally formed as a partnership with the FDIC to resolve over 1,200 assets in 32 states, comprising $2.5 billion of distressed real estate loans and properties.

    Prior to a career in real estate, he served in the U. S. Navy as a Mission Commander aboard the P3-C Orion anti-submarine aircraft.

EDUCATION

    He earned an MBA from the Wharton School of Business (1990) and a Bachelor of Science degree from the U.S. Naval Academy (1980).

OTHER

    He is a member of the Pension Real Estate Association (PREA). He is a licensed real estate broker in Texas & New Jersey and holds a California Contractor’s License. He is a member of the Advisory Board for the Institutional Real Estate, Inc. (IREI) Dealmaker’s Summit Program, Leadership Summit and occasionally

    contributes articles to The Institutional Real Estate Letter.

    Additionally, from 2003-2007 he served as a member of the Board of Directors of Lodgian, Inc. a publicly traded hotel company (AMEX:LGN). He actively participated in the management and work out of Lodgian as a representative of Oaktree Capital. Lodgian was acquired by Oaktree (smaller ownership stakes were purchased by Blackstone and Third Avenue Value Fund) by converting the purchase of distressed debt into equity during the Chapter 11 proceedings. thUpon emerging from bankruptcy, Lodgian was the 9 largest hotel company in

    the country. Lodgian completed a secondary offering in 2004 and has since reduced their portfolio from 115 hotels down to approximately 40 properties. At Lodgian he was Chairman of both the Compensation & Nominating Committees as well as serving as a member of the Audit Committee.

Business Profile of Roger Greene

    Roger Greene has been active in distressed real estate and mortgage investments for nine years, and active in management, acquisition and disposition distressed investment opportunities for fifteen years. An attorney by training, Mr. Greene left private practice during the last banking crisis of the early 1990s to spearhead the legal efforts of American Real Estate Group (AREG) to manage the $20 billion in non-performing or sub-performing assets located in 39 states left by the failure of American Savings & Loan Association. When affiliates of the Robert M. Bass Group purchased American Savings Bank, Mr. Greene became General Counsel of AREG. He became responsible for all legal aspects of disposing of the assets. Mr. Greene was responsible for all contested proceedings with borrowers, including more than 400 active litigation and bankruptcy matters. He supervised 11 attorneys and a staff of 40. In addition, he was responsible for negotiated solutions, such as discounted payoffs with borrowers, or loan and real estate sales.

    When parties began to recognize the lucrative opportunity presented by acquiring pools of distressed debt and real estate, large funds were organized to take advantage of the opportunities. Mr. Greene became General Counsel and a principal at Brazos Asset Management and Brazos Fund, which acquired approximately $2 billion in non-performing or sub-performing assets, primarily in the United States and Canada. Investments included mortgages or real estate consisting of multi-family properties, office, retail, hotels and industrial buildings. Mr. Greene became responsible for negotiations regarding acquisition of the assets, co-investment agreements with partners, disposition of particular assets, loan sales, securitization of restructured loans, and other asset sales and dispositions. The dispositions included creative structures, including a $300 million securitization where the seller did not take financial responsibility for the

    representations and warranties. Assets were acquired from banks, insurance companies, public companies and other financial institutions.

    As a new group of investors joined the funds to acquire distressed debt, Mr. Greene then became General Counsel and a principal of Lone Star Fund and Hudson Advisors. The fund also focused upon acquisition of underperforming real estate assets, with a more global reach.

    As the US real estate market recovered, in 1997 Mr. Greene became General Counsel to Biltmore Advisors, which performed merchant banking work in the western United States, focusing on opportunities in real estate and operating companies. Real estate acquisitions focused upon apartment buildings mobile home parks, shopping centers and development projects.

    For the past six years, Mr. Greene has been CEO of Marquette Advisors, where his focus has been on investing in operating companies either experiencing distress directly, or operating in industrial sectors that were disfavored. In particular, a number of the assets acquired were in the biotechnology or life sciences area after those markets tumbled in early 2000. Acquired businesses included blood plasma collection centers and sleep diagnostic laboratories. While the asset class was different, the common thread involved acquisitions and dispositions of assets in undercapitalized and disfavored sectors.

    Prior to his work in the investment community, Mr. Greene was a lawyer for Covington & Burling in Washington, DC and McKittrick Jackson DeMarco & Peckenpaugh in Orange County.

EDUCATION

    He earned an A. B. from Harvard College in 1977. He graduated magna cum laude in Economics and was elected to Phi Beta Kappa. He received his law degree from Harvard Law School cum laude in 1980. Mr. Greene is a member of the California and Washington, D.C. bars.

Business Profile of Don Rigsbee

    Don Rigsbee has twenty three years of experience managing distressed mortgages and real estate in the banking industry. During that time, he served as a Senior or First Vice President within the same banking family, as banks were acquired. Thus, Mr. Rigsbee served in senior positions over 23 years at JP Morgan Chase, Washington Mutual, American Savings Bank, American Real Estate Group, and American Savings & Loan Association. In each case, the move to a different bank was caused by a bank acquisition. In each case, Mr. Rigsbee was sought by the acquiring bank, and became the senior executive at the acquiring bank.

    During his tenure, Mr. Rigsbee managed multi-family, single family, retail, office, industrial, hospitality, healthcare, SBA, Agency and CMBS assets. He was also managed all REO management and disposition. Within the bank, he was responsible for staffing and training the troubled asset division, developing policies and procedures, creating proprietary asset management systems and

    other risk management analytical tools. He supervised legal and litigation processes related to foreclosures, receiverships bankruptcy, and lender liability matters.

    Mr. Rigsbee also contributed to due diligence efforts on five bank acquisitions, and was responsible for loan portfolio due diligence. During his 23 years as a senior manager, Mr. Rigsbee attained a superior record in recoveries from troubled assets, at the same time incurring no losses for lender liability claims. In addition, he experienced no claims from investors or agencies on serviced loans, and no unsatisfactory audits or regulatory exams.

    Most recently, at JP Morgan Chase, Mr. Rigsbee was Senior Vice President managing the Special Credits Group. He supervised a staff of 52 performing loan workouts, foreclosures, REO sales and other risk management and loss mitigation activities with focus on minimizing bank losses.

    Previously, he was First Vice President, Special Asset Management for Washington Mutual (acquired by JP Morgan Chase) responsible for the management of the problem assets for the $44 billion Multi-family, Commercial Real Estate, Home Builder Finance, Commercial Banking, Community Lending and Investments, and Small Business Administration business lines. He managed five regional offices located in California, Washington, Texas, and New York.

EDUCATION

    He completed his education in Business Administration from the University of Arkansas.

Business Profile of Bruce Hursh

    Mr. Hursh has over 25 years of experience in acquisition, disposition, financing and development of commercial real estate. Prior to joining Summit, Mr. Hursh formed Sendero Equities L.L.C. to acquire income producing properties and develops raw land for commercial uses. Additionally, Sendero provides consulting and advisory services to acquirers of commercial real estate. Prior to Sendero, as a principal in a private real estate firm backed by a large Canadian pension fund, Mr. Hursh has been responsible for investing approximately $400 million into office and industrial properties. In this capacity he was responsible for property identification, underwriting, and acquisition as well as asset management oversight.

    Mr. Hursh has worked at several prestigious firms including Trammell Crow Company and Fults Oncor. While at these companies Mr. Hursh represented numerous institutional owners including pension fund advisors, REITS, Wall Street investment funds, banks, and national private equity firms in the disposition of their assets. While Mr. Hursh has experience in the acquisition and disposition of a variety of commercial real estate property types his primary focus has been on the office sector. At Trammell Crow he facilitated the sale of a large office building portfolio totaling 1.8 million square feet on behalf of Bank One Corporation as well as a large retail portfolio owned by GE Capital Corporation.

    Among his major early career accomplishments was the formation and management of a real estate division for a Southwest Plan savings bank. In this position Mr. Hursh’s group was responsible for the disposition of $800 million of real estate assets, including office, warehouse, land, multi-family and hotels/motels.

    Mr. Hursh has longstanding relationships with the North Texas Commercial Association of Realtors (NTCAR), CCIM, National Association of Realtors, and the Urban Land Institute. His varied experience and leadership roles in these organizations have garnered him extensive contacts and resources throughout the real estate industry.

    EDUCATION

    Mr. Hursh holds a Bachelor of Business Administration degree with a concentration in real estate from Southern Methodist University. He received the CCIM designation in 1992 and is a licensed Texas Real Estate Broker. Business Profile of Mark Bachli

    Mark has over 10 years of experience in program and project management, corporate operations, and real estate development, management and capitalization. He was the founder of P3 Venture Management prior to joining Summit.

    Prior to forming P3 he was the Senior Vice President of Bond Companies, a leading national real estate development firm focused on the development and repositioning of high performance mixed-use buildings in urban markets across the US. While at Bond Companies, Mark’s responsibilities ranged from development management to fundraising to corporate operations and process development. During his tenure, Mark played a significant role in the development, lease-up and sale of Sunset & Vine, the firm’s $160 million West Coast flagship mixed-use residential and retail development along with the underwriting and marketing of three funds totaling over $100 million in equity investment. As an active member of the real estate community, Mark has been a speaker at UCLA Real Estate seminars in addition to other California Redevelopment Association events. Additionally, he is a fundraiser for the National Multiple Sclerosis Society.

EDUCATION

    Mark holds a Bachelor’s Degree in Chemistry from Yale University and a Master’s Degree in Business Administration from The Anderson School at UCLA

Business Profile of Robert Guilford

    With over 18 years of experience in real estate operations and private equity, Robert identifies and works with clients to shape their organizational structure and operating procedures so that they conform to both private and public institutional investment standards.

    Most recently, Robert was the Chief Financial Officer of New Faze Development, a leading emerging manager of commercial and residential developments within

    the greater Northern California region. While at New Faze, Robert was responsible for developing and implementing a variety of standards for underwriting, managing and reporting for real estate investments that were consistent with institutional investor requirements. Upon the completion of a firm wide organizational transformation, Robert was successful in marketing, negotiating and closing an institutional equity investment fund with a commitment of $100 million.

    Previously, Robert was Vice President of Finance with Strand Capital, a leading private equity investment firm within the real estate construction industry. In addition to providing financial underwriting on all new acquisitions, Robert was responsible for the asset management of a $100 million equity fund with a market asset value in excess of $1 billion.

    Prior to his tenure with Strand, Robert spent eight years in the real estate private equity industry working within the acquisition and asset management departments for firms such as Colony Capital, GreenPark Group / Warburg Pincus & MetLife Real Estate. In addition to being an active member in various philanthropic organizations within his community, Robert is a weekly participant in both the Rotary Club of Manhattan Beach and the Bob Hope LAX-USO.

EDUCATION

    Robert holds a Bachelor of Science degree from Pepperdine University in Business Administration and a Master’s Degree in Business Administration from The Anderson School at UCLA

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