Advisory Services Due Diligence & Underwriting
WHAT TYPES OF DUE DILIGENCE AND UNDERWRITING DOES PODOLSKY|CIRCLE PERFORM?
We pride ourselves on our deep and extensive knowledge of due diligence and underwriting processes for the acquisition of office, industrial and retail assets, as well as for note purchases.
Critical to the success of any transaction is ensuring that all elements are accounted for, thoroughly researched, and properly valued. Podolsky|Circle’s team members have been involved in all aspects of property acquisition, management and financing for tens of millions of square feet of property nationwide.
Our “ownership perspective” toward due diligence and underwriting is imperative to our clients’ success. Our interests are aligned from the start. Whether reviewing documents, interviewing tenants, or performing market research, we remain vigilant in perceiving any dilemmas, conflicts and future impediments to value creation. These issues are not just footnotes in a report at Podolsky|Circle. Real issues deserve real conversation.
Previous Client Projects have included:
- Underwriting for multi-property Note Portfolio Purchases, including full reports on a property by property basis. Responsible for site visits, comparable market data and valuation.
- Led client’s in-house team for coordination of all aspects of due diligence for the acquisition of an out of state 1.4 million square foot office tower.
- Toured and prepared reports on 47 buildings in 5 cities on behalf of a special servicer to determine market value, buildings’ physical status and market standing, and recommended future strategy.
- Condemnation vacation, consulting and negotiation for single and multi asset eminent domain cases, including 1031 and 1033 exchanges.
- Spearheaded cost segregation study for multiple office properties, saving significant real estate tax dollars.
- Performed financial analysis, coordinated physical/environmental inspections, abstracted leases and led loan reserve negotiations for an office building acquisition.
WHAT IS INCLUDED IN PODOLSKY|CIRCLE’S DUE DILIGENCE AND UNDERWRITING SERVICES?
- Gather and review leases, service contracts and other property-related documents
- Abstract leases for comparison against property and Argus rent rolls to provide a report of variances and discrepancies
- Tour assets to confirm accuracy of rent rolls and condition of common areas and vacancies
- Compare expenses to market and note anomalies
- Prepare market studies summarizing recent leasing and sales activity/interview local brokers
- Create due diligence checklist and monitor progress
- Oversee hiring for Environmental Reports and Physical Condition Assessments
- Conduct tenant interviews and present findings
- Meet with municipality and surrounding stakeholders
- Create or update Argus valuations
- Financial modeling and valuations to meet client’s reporting requirements
- Coordinate and review closing statements
- Coordinate and review view tenant estoppels and SNDAs
I HAVE BEEN ON BOTH SIDES OF THE TABLE WITH PODOLSKY|CIRCLE.
CLEARLY, I PREFER TO HAVE THEM ON MY SIDE!”
Raymond M. Berens
General Counsel | Wilson Sporting Goods Company