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A MuniMae Company

A MuniMae Company. General Partner Changes During the Compliance Period: The Investor and Seller’s View Presented By Michael H. Gladstone, Esq. November 20, 2008. , Inc. Two Categories Defensive Market. Defensive---Problems with the Property or General Partner

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A MuniMae Company

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  1. A MuniMae Company General Partner Changes During the Compliance Period: The Investor and Seller’s View Presented By Michael H. Gladstone, Esq. November 20, 2008 , Inc.

  2. Two Categories • Defensive • Market

  3. Defensive---Problems with the Property or General Partner • Investor Exercises or Threatens to Exercise Removal Right • Protect Tax Credits and Asset • As Syndicator we don’t want to be GP

  4. Market Transaction • 15 Years is a long time (LIHTC rules mandate GP sale & not property sale) • Change in Business or Focus • Take Advantage of Strong Market • New GP may be able to mine additional opportunities (PM, Dev) • As Syndicator we don’t want to be a Long Term GP

  5. What is the Syndicator Looking For? Our Primary Concern is the Tax Credits • Experience and Reputation (local?) No more 3 A.M. Calls • Financial Resources • Commitment (Guarantees) • Reliability to Close • Special Needs (Non-Profit, PM, Construction, Turnaround)

  6. What Else is the Syndicator Looking For? • Opportunity (“Tag Along?”; bulk up GP Interest) • Exit Strategy • New World • Waterfall • Fix Tax Issues • Leverage Issues (new debt) • Reimburse Costs • Capital Needs? • Strengthen Removal Rights (test drive)

  7. Other Considerations • Lender Approvals • Environmental • Key Principal • State Agency

  8. Remember: Get to Us Early in the Process

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