Asset Management
Consultants
StoneCreek LLC Asset Management Experience Includes Hotel, Recreation, Office, and Entertainment Facilities.
Property Management Oversight
Real estate projects are more than bricks and mortars. Once a project is successfully formulated, deal-structured, and constructed, ultimate success will be obtained through the people and systems, employed to market, lease, and manage a property - the asset management team.
As asset management consultants, Stonecreek LLC has extensive experience facilitating an owner's organization retention and supervision of third-party property management firms, or, acting directly as property manager. This includes solicitation of proposals to manage, negotiation of management contract terms, supervision of property manager activities, capital and FF&E review and approvals, banking procedures, and property-level tenant leases, service contracts, and other vendor relationships.
Owner Representation
For some client circumstances, Stonecreek LLC is best retained as a representative of owner, or "Owner's Rep" for one or more business matters. The title and defined role can convey an additional seriousness of purpose by and between an owner and Stonecreek LLC, that is important to convey and be observed by third-party vendors.
Asset Management Consultants to Support Property Takeover Planning
One area often overlooked during an acquisition is proper consideration of the actual takeover or possession. For a complex property, or gegraphically-dispersed portfolio, takeover planning is a major consideration.
The takeover is equivalent to a pre-opening program for a newly-built property. For many takeovers following an acquisition, the difficulty is the lack of any operating history with which to confirm certain direction to on-site property personnel. Acting as asset management consultants, the level of detail ranges from what move-in package to provide new apartment tenants, to whehver the property tax assessments should challenged for a current year.
In some cases, a property takeover will be a high-profile undertaking with a local community. Proper conduct of a takeover, especially with local governmental and media relations, can be a key factor in stabilizing a property for a successful long-term hold.
Asset Business Plans
In many cases, the owner of a complex asset may desire a formalized business plan to be prepared and approved, prior to initiating a takeover or workout, or in initiating a following year operating plan. Where a detailed business plan does exist, Stonecreek LLC often acts as asset management consultants where the property owner may be interested in a third-party review prior to plan implementation.
This business plan would include not only a property-level plan but a plan with owner's investment and exit considerations included as well.
Stonecreek LLC's business planning work often includes full-fledged corporate strategic planning. This type of assignment includes opportunities/constraints analysis, preparation of plan documents, and financial projections that either evaluate or reflect management's overall strategy.
In many cases, Stonecreek LLC can assist a client organization through the facilitation of senior management retreats. These retreats can be used to review corporate mission statements, set corporate goals and objectives for plan years, and to discuss strategies for meeting such objectives.
Asset Management Consultants for Property Workouts
Stonecreek LLC can provide aggressive and hands-on assistance in workouts of distressed properties. This can take the form of a "hands on" asset management assignment or specific technical studies and support of a client's in-house efforts.
The scope and emphasis of the work product will vary based on the results of Stonecreek's initial Property Diagnostic Audit, or client-approved Asset or Portfolio Business Plan. Some of the items that may be included in a particular asset workout plan include:
Property Inspection
- Deferred maintenance needs
- Capital improvements
- Entitlement audit
- Marketability assessment
- Physical improvement plan
Competitive Market Survey
- Occupancy studies
- Competitive property review
- Market supply / demand
Business Plan Review
- Plan documentation review
- Plan viability
Property Operations
- Property management reviews
- Operations reporting
- Marketing audit
- Revised marketing plan
- Construction audits
- Expense pass-through audits
- Lease reviews
- Operational redirection
Deal Restructuring
- Management agreements
- Debt restructuring potential
- Loan modification plans
- Equity infusions / restructuring
Alternatives Review / Property Re-Use
- Land use, zoning modifications
- Disposition alternatives
- Build-out, development alternatives
