Real Estate

BCA real estate practice focuses on projects that are eligible for federal tax programs including Historic Rehabilitation Credits, Opportunity Zones, New Markets Tax Credits, Community Reinvestment Act funding, and other programs to drive down the cost or occupancy and/ or ownership for municipalities, universities, and other tax-exempt organizations. Utilizing the BWRA construction-to-lease structure further enhances the project to drive occupancy costs down and allow for less debt in the capital stack. The real estate practice has as its principal objective to provide our clients with the highest quality of advisory services on the economic, credit and asset evaluation complexities inherent in large real estate finance transactions, with appropriate attention to accounting, tax, regulatory and legal considerations.

The BCA team has extensive experience in deploying the BWRA accruing ground lease structure, combined with amortizing debt and significant equity investment, which allows clients to maximize their immediate cash benefits while minimizing the overall costs of their real estate needs. This approach carefully balances the economic interests of all parties involved while successfully addressing their individual accounting and tax concerns.

BCA provided financial advisor services for the successful structuring of the $872,000,000 recapitalization of the new privately-owned facility leased by the General Services Administration (GSA) to serve as the consolidated headquarters for the United States Patent and Trademark Office (USPTO). The USPTO project represents the largest leased federal facility in the United States. The facility contains nearly 2.5 million square feet in five office buildings and two townhouses, with two adjacent garages with space for over 3,500 cars.

Through its use of tiered debt and new equity, BCA was able to obtain for the complex owner a yield of more than twice the return it originally sought from the recapitalization.

BCA worked with the developer /owner of the DEA facility to reposition and refinance the property after GSA lease commencement. The facility is one of only five regional, state-of-the-art, drug testing laboratories for the DEA in the United States. The asset will be located in Miami-Dade County, which is in close proximity to the Miami International Airport, a necessity for receiving and handling shipments designated for testing at the facility. The facility encompasses 9.16 acres, and is located within the Beacon Lakes Business Park Master Plan. The site is bounded by NW 25th Street to the north, NW 17th Street to the south, NW 37th Avenue to the west, and by NW 129th Avenue to the east.