Case Studies

A Track Record Across Every Discipline

Selected engagements spanning asset management, restructuring, deal structuring, and due diligence — representative of the scale and complexity Catalyst and its advisors have led.

RW

Strategic Restructurings

Sample strategies employed over the course of our career.

Each strategy begins with a comprehensive review of original underwriting compared to current perforamnce to understand how we got to where we are and we then begina a new research driven underwriting of the property to develop our strategies to maxmimise the return on allocated capital

  • Cash mamagement: Cash flow sweeps with some leading to forbearance
  • Loan Modification: Blend and extend of in place and new interest rates
  • Loan modification:  Creation of first and second loans (pay and accrual)
  • Fee negotiation (restructuring): Rengotiated condo, devlopment and other fees and encumberances
  • Land swaps: Traded land parcels with local authorties to improve viability of developments
  • Propery repositioning: Repositioned property with additional capital and funded leasing costs thorugh equity and loans
  • Rezoning: Chagged property zoning to a higher and better use when imrpoved
  • Loan sales: Sale of paper encumering an asset
RW

Strategic Restructuring, Asset Management of 70+ Properties

Engaged by a major financial institution to evaluate, manage and stabilize a distressed ortfolio across the Southeastern U.S.

  • Multi statre: Three plus year assignment
  • Significant breadth of product types Numerous Condo Devlopment types, Land, Retail, Car Dealerships, Office, Single Family with some examples below
  • Institutional & Non instituional Buyers Marketed accordingly
  • Optimal Pricing for the client, Minimal Closing Risk Delivered a high-quality institutional managed process across all products
am

Strategic Asset Management & Disposition of a 9,000-Unit Affordable Housing Portfolio

Engaged by a major financial institution to evaluate and stabilize a distressed REO portfolio of 90 LIHTC properties totaling over 9,000 units across the Southeastern U.S., then re-engaged over successive phases to execute a full exit.

  • Occupancy: 85% to 95% Achieved over two years by unifying property management under a single company with aligned incentives
  • Multi-Tranche Exit Strategy Executed across all 90 assets in three phases, including a partnership interest sale and a resident-rights acquisition
  • 100+ Institutional Buyers Contacted Received 8 qualified portfolio offers after a targeted marketing campaign for the final disposition phase
  • Optimal Pricing, Minimal Closing Risk Delivered a high-quality institutional sale process across all 9,000 units
Aq

Acquisition experience across multiple product types

Representing the General Partner invested in and acquired real estate acrosss mutiple states, on behalf of some of the largest Pension funds in the world .

  • Office: Value add : Acquired properties with significant vacancy, properties with minimal near term rollover and vacant land
  • Multi-family New Construction: Acquired as a pre-sale prior to breaking ground or prior to final certificate of occupasncy being issued as we strategically allocated capital in new properties to lower the age of a portfolio
  • Multi fmaily -Value add:  Business plans had a mix of  interior and exterior renovation programs to meet the market demand and new product positioning
  • Industrial: Capital wasa allocarted to a mix of high bay properties close to an airport and/or a distribution corridors and a unique barrier to entry product, with with adjacent rail line
AM

Multi-State Senior Living Asset Management Through COVID-19

Comprehensive asset management oversight for six senior living communities across three U.S. states — engaged just months before COVID-19 brought unprecedented operational, regulatory, and financial disruption to the sector.

  • ~$1M in Pandemic Relief : Secured internally through state and federal programs, without engaging outside legal counsel
  • 100% of Capital Projects Completed: Across all six assets, on time and in code compliance despite pandemic-era supply and labor disruptions
  • Custom KPI & Reporting System: Built and adopted for ongoing portfolio tracking, focused on labor and food cost centers
  • Issue Resolution & Disposition: Resolved a significant mold issue and a faulty $1MM roof installation; sold one building at target pricing amid market uncertainty
AM

Deep Value-Add: Multifamily Repositioning in Dallas-Fort Worth MSA

Acquisition and repositioning of a 267-unit multifamily community in the Hurst-Euless-Bedford submarket, in joint venture with a pension fund, at a deep discount to replacement cost.

  • Basis Advantage:  $45,787/unit purchase price versus ~$120,000/unit replacement cost
  • 144 Units Renovated (54%): Delivered a 35% return on cost over 19 months, with amenity premium pricing raising starting rents by $23
  • 5.3% / 12.8% Levered Cash-on-Cash: Year 1 and Year 2 returns despite heavy capital reinvestment
  • 2+X Equity Multiple: Full-cycle value-add execution in under two years, sold at a 5.10% tax-adjusted cap rate on trailing-12 NOI
RW

Land Rezoning, Environmental Mitigation & Fee Reduction for REO Asset

An 18-month entitlement and risk-mitigation strategy for a lender-owned land parcel not entitled for residential use, complicated by significant development impact fees and protected gopher tortoise habitats.

  • Successful Rezoning : Property rezoned for residential use in partnership with local land-use attorneys and planning consultants
  • Reduced Impact Fees : Negotiated a material reduction in local development impact fees, increasing residual land value
  • Environmental Risk Resolved : Commissioned a gopher tortoise habitat survey and developed a relocation and conservation plan with state wildlife agencies
  • Profitable REO Exit : Positioned the asset for sale at a significantly higher valuation, with multiple offers from homebuilders and land investors
RW

Land Rezoning, Environmental Mitigation & Site Prepared for Sale to A Developer

A 12-month entitlement and risk-mitigation strategy for a lender-owned land parcel allowed the developer buyer to begin construction sooner and to the "first property out of the ground" in the submarket after the great recession.

  • Successful Rezoning - Property rezoned for residential use in partnership with local land-use attorneys and planning consultants
  • Street abondoned - Worked with the city to abdanon a street running through the property which allowed us to maximise density
  • Environmental Risk Resolved - Resaerched the adjacent property's underground site contamination reaching a positive outcome for the buyer thast the underground plume had not expanded
  • Profitable REO Exit - Positioned the asset for sale at a significantly higher valuation, with multiple offers from apartment developers
RW

Restructuring & Repositioning of a Partially Completed Condo Project

A strategic workout for a distressed, partially completed 300-unit condominium development — only 30 units complete, encumbered by condo ownership structure, elevated carrying costs, and mold conditions.

  • Ownership Restructured: Consolidated control and eliminated ongoing HOA obligations, reducing maintenance, insurance, and tax burdens
  • Mold Fully Remediated : Resolved without litigation or significant delay
  • Repositioned as Rental Community: Bundled completed units, partially finished buildings, and raw land into a single rental development opportunity
  • Sold in a Single Transaction: Delivered a strong recovery for the client on a previously illiquid, distressed asset
DS

Scalable Investment Modeling for a Multi-Deal Property Renovation Fund

Designed and built a custom investment model and reporting framework for a real estate sponsor's multi-asset acquisition and renovation strategy, supporting a capital raise in China.

  • Up to 60 Separate Investments : Modeled and tracked over a 5-year investment period with dynamic capital recycling logic
  • Built for Non-Technical Users::Clearly labeled input sheets, visual flags, error checks, and guided data entry
  • Dashboard-Quality Reporting:: IRR, equity multiple, cash-on-cash, and variance tracking, with one-click PDF investor reports
  • 100% Team Adoption: From analysts to partners, with significantly improved clarity and investor communication
AM

Strategic Asset Management & Capital Improvements ($25M+)

Led strategic oversight and execution of capital improvement plans totaling more than $25 million across multifamily, senior living, and office properties nationwide.

  • Interior Renovation programed: Interior upgrades tailored to market expectations, delivering measurable rent growth and tenant retention
  • Critical Infrastructure Upgrades: Roof replacements, HVAC upgrades, window installations, and structural stabilization projects
  • COVID-19 Continuity: Managed critical systems upgrades at senior living assets, ensuring resident safety and regulatory compliance
  • Preserved or Increased Occupancy : Across all properties during renovation cycles, improving NOI and valuation
DS

Structured Forward Commitment Acquisition with Developer Buyout

Negotiated a forward purchase agreement to acquire a newly planned multifamily development upon completion, leveraging fund balance sheet and a pension fund partner's reserved equity commitment.

  • 100% Construction Financing Enabled: Structured to give the lender payoff comfort with minimal capital at risk from the fund
  • 32-Month Structured Relationship: Managed through entitlement, construction, and delivery to Certificate of Occupancy
  • Revised Developer Buyout: Replaced stabilized valuation methodology with a firm purchase price, creating certainty for the developer
  • Below-Market Acquisition : Delivered a Class-A multifamily asset to the pension fund client at a discount to market value, with no construction risk
DD

Loan Valuation & Risk Assessment for a Hedge Fund During the Great Recession

Retained by a hedge fund with significant exposure to a publicly traded real estate finance company to provide an independent valuation and risk analysis of its loan commitments amid market dislocation.

  • Loan-Level Reconstruction: Rebuilt loan characteristics from partial public filings, broker calls, and internal modeling assumptions
  • Custom DCF Framework :Built for land and pre-development parcels, factoring in default probability and impairment risk
  • Communication-Ready Dashboard: Delivered risk/reward outputs with narrative summaries for non-real estate (technical) investment committee members
  • Validated Client Conviction: Supported the fund's decision to hold and expand positions as pricing rebounded, when many investors were exiting
DD

Public Company Valuation

Led the comprehensive valuation of two publicly traded real estate companies, incorporating internal portfolio analytics and third-party market insight across a 60+ asset portfolio.

  • 60+ Improved Assets Valued: Including stabilized income-producing properties, lease-up assets, and vacant land
  • Cross-Functional Coordination: Aligned internal research teams, public filings review, and a Wall Street investment bank partnership
  • Investment Committee Support: Delivered a data-backed view of total portfolio value and key risk drivers for strategic decision-making
  • Replicable Framework : Built a valuation methodology used for subsequent public and private portfolio reviews
DS

Scalable Investment Modeling for a Multi-Deal Property Renovation Fund

Designed and built a custom investment model and reporting framework for a real estate sponsor's multi-asset acquisition and renovation strategy, supporting a capital raise in China.

  • Up to 30 Homes, Recycled Into 25–30 More: Modeled acquisition, renovation, and capital recycling across a 5-year investment period, with proceeds reinvested to maximize return on equity
  • Built for Non-Technical Users: Clearly labeled input sheets, visual flags, error checks, and guided data entry
  • Dashboard-Quality Reporting: IRR, equity multiple, cash-on-cash, and renovation cost variance tracking, with one-click PDF investor reports
  • 100% Team Adoption: From analysts to partners, with significantly improved clarity and investor communication
DS

Structured Forward Commitment Acquisition with Developer Buyout

Negotiated a forward purchase agreement — ahead of the developer even closing on the land — to acquire a newly planned multifamily development upon completion, leveraging our fund's balance sheet and a pension fund partner's reserved equity commitment as takeout security.

  • 100% Construction Financing Enabled: Minimal capital at risk — only a small non-refundable deposit committed at signing, 32 months ahead of estimated completion
  • 32-Month Structured Relationship: Managed through entitlement, construction, and delivery to Certificate of Occupancy
  • Revised Developer Buyout: Replaced the pre-agreed stabilized valuation methodology with a firm purchase price, creating certainty of value for the developer
  • Below-Market Acquisition: Delivered a Class-A multifamily asset to the pension fund client at a discount to market value, with no construction or cost-overrun risk

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