Valuations Of Partnerships And Fractionalized Interests

Third Wave Partners evaluates partnership and LLC interests, as well as other fractionalized interests, for acquisition as a principal and as a service to third parties.  TWP’s principals have an extensive background in partnerships and other investment vehicles with real world experience in liquidations,  restructurings and changes in control.   In addition, they have been involved as principals in numerous joint ventures and maintain significant relationships in the capital markets.  As a result, TWP has a unique understanding of the return expectations of capital and promote structures at different points of the investment cycle, and approaches valuations from the perspective of a potential investor.

TWP’s approach to valuation involves the following steps:

Determine value of underlying real estate under current market conditions
Examine leverage on underlying real estate and impact on short and long term objectives
Examine factors that impact partial interests, including:
     Marketability of interest
     Control issues
     Management competence
     Transparency
     Buy/Sell provisions, rights of first refusal, etc.
     Tax issues

Independent Director Services

As part of its services, Third Wave Partners ("TWP") and its principals are available to replace existing independent managers and directors of bankruptcy-remote borrowers for the purpose of determining whether a bankruptcy filing is appropriate. Over the last real estate cycle, many borrowers were required to engage independent managers or directors whose sole function was to approve or disapprove of a bankruptcy filing by such borrower. These parties were often personnel from corporate service providers who have little or no knowledge of real estate, capital markets or bankruptcy, and many are reluctant or unwilling to make a decision of such magnitude. With decades of experience in real estate, finance, capital markets and law, TWP has the background and resources to evaluate real estate in light of changing market conditions and navigate the myriad of legal issues involved in determining whether a bankruptcy filing is appropriate.