CLIENTS
Asset Class: Energy, Military Housing Privatization Initiative (MHPI), Multifamily, and Commercial Real Estate Projects including Office Buildings, Retail, Biotech and Research Facilities, and Community Facilities
Role: Real Estate Support and Financial Advisor – Prime Contractor
Period: 2011 – Present
Emax was recently awarded an IDIQ, Real Estate Support Services (RESS) contract with the U.S. Air Force (AF) as one of four contractors competitively selected to support the AF in real estate and energy transactions for underutilized real property. Emax will advise the AF on its Value-Based and Enhanced-Use Lease (EUL) transactions using our expertise in real estate investment, finance, project management, energy, technology and legal management. The AF is expected to execute a broad range of transactions including energy, office buildings, biotech research parks, retail and other commercial real estate projects. Emax will also advise the AF on existing MHPI projects, and provide expertise on operations, refinancing, restructuring, and the renovation or construction of units as required.
Air Force Center for Engineering and the Environment (AFCEE)
Asset Class: MHPI, Multifamily and Commercial Real Estate Projects
Role: Real Estate Support and Financial Advisor – Subcontractor under the Privatization Real Estate Support Services (PRESS) contract to Alvarez and Marsal and Subcontractor under the Privatization Support Contract (PSC) to Ernst & Young.
Period: 2005 – Present
Since 2005, as a subcontractor to Ernst & Young under the PSC contract and as a subcontractor to Alvarez and Marsal under the PRESS contract, and now as a Prime Contractor under the RESS contract, Emax has served and continues to serve as project managers for AFCEE in support of the United States AF’s MHPI program.
Emax assists AFCEE in identifying and developing project requirements, preparing Requests for Proposal (RFP) to solicit prospective developers, holding Industry Forums for potential bidders, evaluating proposals from potential developers, and recommending the best value offer. Following the AF selection of the optimal bidder, Emax provides technical and administrative support to assist the AFCEE in negotiating the final terms of the transaction. Emax has supported a number of AF transactions in this capacity, including the Dover, Tinker, Hickam and Lackland MHPI projects.
Currently, Emax is supporting two multi-base MHPI projects: the ACC III Group and the Western Group.
Department of Veterans Affairs (VA) – Office of Asset Enterprise Management
Asset Class: Co-Generation and Energy Plants, Office Buildings, Parking Garages, Multifamily Housing, Transitional Housing Projects, Homeless Shelters, Low-Cost Senior Housing, Community Facilities and Other Commercial Real Estate Projects
Role: Financial and Post-Transaction Advisor – Prime Contractor under Oversight and Monitoring Contract; 100% Subcontractor to Ernst & Young; and Prime Contractor under Transaction Advisor Contracts
Period: 2003 – Present
Emax currently serves as a Prime Contractor providing post transaction support services to the OAEM for the oversight and monitoring of VA’s EUL program. The VA EUL portfolio has more than 52 completed projects and additional projects underway. Emax provides oversight and monitoring services, and expert real estate, transactional and legal support to OAEM. Support provided includes: monitoring compliance of executed EUL projects, updating EUL oversight tools, performing financial assessments, reviewing current oversight processes and best practices, developing a post-transaction handbook and training, and managing the third party report acquisition process and obtaining such as environmental assessments and appraisals on behalf of VA.
Prior to the current contract Emax provided pre- and post-transaction and real estate support services on a broad range of projects for VA from 2003 through the end of 2009 as both a prime and subcontractor. In 2003 as the VA Program Financial Advisor, Emax analyzed the financing and operating structure of five VA EUL owner trusts financing co-generation facilities and office buildings, performed a post-closing financial compliance review, and assessed alternative financing considerations for future projects. Emax also served as the Project Coordinator for the Transaction Advisory team developing four energy EUL projects which used an integrated approach to evaluate each proposal from a financial, technical, legal and accounting perspective throughout the review of RFP responses from market participants and formulation of recommendations.
As a 100% subcontractor to Ernst & Young starting in 2005, Emax provided pre- and post-closing services including financial reporting, consultant evaluations, project feasibility studies, development of compliance monitoring guidelines, creation of a financial model to analyze cash flow and generate consistent consideration recommendations, development of transaction management plan, and management of third party report acquisition process. The Emax team developed a recordkeeping system, Post-Transaction and Oversight Monitoring Tool (PTOT) to help OAEM monitor lessee compliance on an ongoing basis, which is currently used by VA.
Department of Housing and Urban Development (HUD) – Asset Sales Office
Asset Class: HUD-Held Single Family, Multifamily and Healthcare Mortgage Loans
Role: Program Financial Advisor – Prime Contractor and Subcontractor
Size: $7 Billion+ Program
Period: 1999 – Present
Since 1999, Emax has acted as the program financial advisor (PFA) to the Department of Housing and Urban Development (HUD) for the Federal Housing Administration’s (FHA) multi-billion dollar Asset Sales Program serving as either the Prime Contractor or most recently as a 49% subcontractor to NOVAD Management Consulting, LLC.
Emax assists FHA in managing its Asset Sales Program and advises FHA on the disposition of HUD-held single-family, multifamily and healthcare loans. Emax professionals assist FHA in (1) planning for the overall Asset Sales Program and initiatives; (2) determining the impact of proposed sales on the budget and operations for the short and long term; and (3) providing oversight on multifamily, single-family and healthcare loan sales of approximately $7 billion in unpaid principal balance. Services provided by Emax include: portfolio analysis, development and oversight of loan sales, creation of financial models and training modules, training staff, negotiation of sales with state and local officials, analyses and recommendations regarding current financial and housing market conditions, support of new program implementation, development of OMB credit scoring models and preparation of OMB-scoring and program specific presentations for OMB, the Secretary of HUD, Congress, and the President. Emax has been involved with the sale of the assets to four public/private joint ventures as well as the oversight and monitoring of the ventures. Emax has advised HUD on 21 multifamily sales, totaling approximately $4.3 billion, and has advised HUD on eight single-family sales, totaling approximately $2.7 billion.
U.S. Department of Treasury – Office of Financial Stability (OFS)
Asset Class: Residential and Commercial Loans and Mortgage-Backed Securities
Role: Program Financial Advisor – Subcontractor to Ernst & Young
Period: 2009 – Present
Since 2009, as a subcontractor to Ernst & Young Emax has been providing ongoing assistance to Treasury’s Office of Financial Stability (OFS) and Office of Financial Management (OFM) with respect to the Home Affordable Modification Program (HAMP) and other mortgage assistance initiatives. Emax’s work for the Treasury Department involves providing periodic review and feedback on the HAMP Accrual Methodology, as well as the Cap Allocation Process and Methodology for Non-Agency portfolios. Emax also assists with monthly review and validation of HAMP incentive compensation accruals and provides documentation of HAMP Internal Accounting Controls. Additionally, Emax assisted in the development and implementation of the OFS’ operational and internal control policies and procedures.
Government National Mortgage Association (Ginnie Mae)
Asset Class: Single- and Multiclass Securities Backed by Government-Guaranteed Single-Family and Multifamily Loans
Role: Securitized Transaction Financial Advisor – Subcontractor to Ernst & Young
Period: 2005 – Present
Since 2005, Emax has worked as a subcontractor to Ernst & Young and a key member of the financial advisory team to the Ginnie Mae Office of Capital Markets on its Securitized Transactions program. Emax provides services that include: mortgage-backed security programs and policy review; capital markets and mortgage markets monitoring; and preparing various reports that synthesize market, regulatory, and policy information related to Ginnie Mae collateral and securities.
As a subcontractor to Ernst & Young, Emax has, and continues to provide, advisory services to Ginnie Mae on its Mortgage- Backed Securities Programs and its mortgage-related products as the housing and capital markets continue to evolve. Emax analyzes the impact of proposed products and policies to ensure operational feasibility, market acceptance, regulatory compliance and incorporation of best practices; formulates recommendations regarding program enhancement and reports the results in a memo, presentation or white paper. We have assessed alternatives and structuring options, and conducted market outreach to help create a new program to securitize government guaranteed reverse mortgages, the Home Equity Conversion Mortgage Backed Security (HMBS). Using our significant knowledge and expertise on all government-guaranteed single- and multi- family loan programs, we have provided research and analysis on new FHA loan types to explore the potential impact on traditional Ginnie Mae securities. We analyzed disclosure practices, recommended enhancements, and provided updates to reflect changes in the market, competitive landscape and mortgage products offered. Throughout the engagement, Emax has provided extensive conference and meeting support, and has worked on communications strategies for outreach to sponsors and investors. This includes coordinating calls with investors, garnering market feedback on a variety of issues, preparing educational presentations and marketing materials.
Office of the Secretary of Defense (OSD) – Office of Housing & Competitive Sourcing (H&CS)
Asset Class: Multifamily, MHPI for the U.S. Army, Navy, Air Force and Marines; Direct Loans, and Guaranteed Multifamily Mortgage Loans, Privatized Army Lodging and Unaccompanied Personnel Housing
Role: Financial Advisor – Prime Contractor and Subcontractor to Alvarez & Marsal
Size: $28 Billion+ Program
Period: 2005 – Present
Since 2005, Emax team members have served as financial advisor serving as either the Prime Contractor or most recently as a subcontractor to Alvarez & Marsal to the OSD H&CS, and have provided assistance with policy, program and budget development and implementation, portfolio management, and oversight for the MHPI program. Emax provides a range of services including: financial project reviews, research and analyses for new financial product development, investor outreach, credit scoring model refinements, budget and re-estimate support, business process improvement, handbook development, and communications support. One of Emax’s notable accomplishments for OSD-H&CS was the creation of the Debt Service Reserve Fund Guarantee, a new MHPI financial product created to spur private sector financing that had been affected by the credit crisis. Emax also advised OSD-H&CS on the roles it might play in the settlement solutions of mortgage bond defaults. Emax provided advisory services to address unforeseen events and issues and developed presentations when OSD-H&CS was called upon to present briefings to OSD-H&CS senior management, the Office of Management and Budget and Congress. The team has provided confidential advisory services to OSD-H&CS on potential base locations, as well as performed research and provided preliminary guidance on the role OSD H&CS should play in Enhanced Use Leasing project oversight for the services.
Asset Class: Student Loans, Businesses, Office Buildings, and Other Commercial Real Estate Investments
Role: Valuation Advisor – Prime Contractor
Size: $100 Million +
Period: 2004 – 2007
Emax was hired by the ED to provide services for various task orders to Federal Student Aid Financial Partners (FP) Services. In this capacity, Emax designed various asset management and disposition programs for ED’s complex $13 billion defaulted student loan portfolio. Emax provided ED Federal Student Aid (FSA) with financial services regarding the proposed purchase offers from the Colorado Student Loan Program (CSLP) and Education Assistance Corp. (EAC). Emax provided negotiation assistance and support to FSA, developed a comprehensive valuation methodology for the servicing units and provided evaluation of the proposed settlement agreements. Emax also supported ED by obtaining and reviewing documentation pertaining to CSLP and EAC, performing on-site field work, providing regulation advisory and analyzing servicing unit assets.
Prior to the ED engagement, Emax had already been involved in four separate engagements for which it assumed responsibility to develop methodologies to value businesses, real estate and other assets; provide recommendations on the valuations of such assets; assist in the development of settlement proposals regarding those assets; order and analyze third party reports to assist in the analysis such as appraisals, environmental reports and engineering reports; research and review settlement proposals on the disposition of Federal assets; and collect, verify and analyze data from several loan servicing companies. Emax has assisted FP in valuing real estate, businesses and other assets across United States, including assets in the States of Colorado, South Dakota, Massachusetts and Rhode Island. With its unique valuation methodology, Emax has created an in-depth system for determining realistic values of the different assets for which FP has requested assistance.
U.S. D
epartment of Agriculture Rural Development (USDARD)
Asset Class: Multifamily, Single Family, Business, Community Facility and Utility Loans and Loan Guarantees
Role: Financial Advisor – Subcontractor to Ernst & Young
Size: $20 Billion
Period: 2005 – 2007
Emax was retained by Ernst & Young to evaluate and provide recommendations to the U.S. Department of Agriculture Rural Development Agency (USDA RD) regarding the monitoring of its guaranteed loan portfolio and its universe of individual lenders. The USDA is a major credit agency of the Federal Government with approximately $20 billion in loan guarantees annually.
The USDA RD loan guarantee program is wide-ranging, providing loans or loan guarantees for single- and multi- family housing, community facilities, rural business, water and waste, and electric power. The experience of Emax with various Federal agencies in developing and implementing solutions to complex risk and asset management, accounting, internal control, servicing, and compliance issues provided valuable insight into this project.
Emax professionals conducted a broad analysis of oversight and audit requirements, required by other governmental and quasi-governmental agencies, regulators, and statutory provisions. With the catalog of requirements in hand, the team assessed existing, proposed and newly developed methodologies in the formulation of a best-practices monitoring system to meet the USDA RD’s objectives.
U.S. Small Business Administration (SBA)
Asset Class: Small Business Administration Loans
Role: Independent Verification and Validation Provider – Subcontractor to Ernst & Young
Period: 2003
Emax, acting as a subcontractor to Ernst & Young, was subcontracted by the U.S. Small Business Administration in connection with the revival of a variety of loan sale programs. The engagement involved conducting an independent verification and validation of various credit program budget subsidy models used by the SBA to calculate its credit subsidy estimates, or estimates of various loan programs.
