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Fairness Opinions
Mergers and Advisory
Capital Raising
Restructurings
All
2005
2004-1999

Restructurings


Date Transactions Amt (000's)

October 05 Rendered fairness opinion to Tower Investors, Inc. in connection with refinancing/restructuring of Marathon Oil office tower in Houston

-

August 05 Rendered fairness opinions to Fortress Investment Fund I & II and related entities in connection with creation of Brookdale Senior Living (NYSE: BKD)

-

June 05 Aviv Healthcare Properties, L.P. Financial advisory services in connection with roll-up of 14 partnerships

$80,945

June 05 Aviv Healthcare Properties, L.P. Financial advisory services in connection with the refinancing of debt

$49,636

April 05 Aviv Healthcare Properties, L.P.Financial advisory services in connection with roll-up of 43 partnerships

$203,006

April 05 Aviv Healthcare Properties, L.P.Financial advisory services in connection with the refinancing of debt

$135,364

     
January 01 -
December 03

Alterra Healthcare Corporation
$2.0 billion Restructuring

  Confirmation and Effective Date of Chapter 11 Plan of Reorganization

-

  Sale of restructured company to entity controlled by Fortress Investments through Court-approved auction process

$76,000

  New lease and debt financing / refinancing transactions (5 transactions)

$250,392

  Lease restructuring transactions (5 transactions)

$389,579

  Secured debt restructuring transactions (6 transactions)

$268,565

  Debt for asset exchanges (8 transactions)

$385,188

  Cancellation of unsecured debt and other unsecured claims

$556,000

  Asset divestitures and portfolio rationalization, including sales and negotiated lease termination of 59 assets

$111,050

     
January 01 -
October 02

American Retirement Corporation (NYSE:ACR)
$1.0 billion Recapitalization Plan

  Mezzanine loan & Equity Investment with Health Care Properties Investors (NYSE:HCP) $125,000
  Convertible subordinated debentures exchange offer $102,800
  Advisory services and restructuring of senior secured debt and leases $525,000
  Sale and Leaseback transaction with Nationwide Health Properties (NYSE:NHP) $56,500
  Refinancing of mortgage debt with GE Capital Healthcare Financial Services (NYSE:GE) $95,700
  Sale and Leaseback transaction with Healthcare Property Investors (NYSE:HCP) $73,200
     
September 01         Epoch Senior Living debt and equity restructuring $125,000
August 00         Alterra Healthcare Corporation (ASE:ALI) Restructuring and issuance of PIK convertible securities $203,000
April 99 -
December 00
Assisted Living Concepts, Inc. (NASDAQ:ASLC) Consulting services and evaluation of alternatives

-

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