Ithaka’s key principal, Tony Petropulos, has over 15 years of experience as a real estate investment advisor and has provided workout, disposition, and asset management services to Fannie Mae, Credit Suisse, MMA Financial, Wachovia, Boston Financial Investment Management, WNC and Associates, and other investors, syndicators, law firms, and developers.
Workouts:
Ithaka’s key principal has successfully managed and executed complex property and portfolio workouts that have reduced syndicator guarantee exposure by approximately $20 million and investor recapture in excess of $150 million.
Dispositions:
Ithaka’s key principal has:
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Disposed of over 100 limited partner interests in expiring Low-Income Housing Tax Credit (LIHTC) properties, extracting investors from problematic properties and generating significant net sales proceeds.
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Assisted a major bank exit from a tax credit business unit that was generating sustained and material annual operating losses, while limiting the bank’s exposure.
Asset Management:
Ithaka’s key principal:
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Third-Party Asset Management:
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Managed a third-party asset management contract of 120 direct investments on behalf of Fannie Mae.
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Provided all facets of third-party asset management for a major bank on a 26-property workout portfolio, helping reduce the bank’s operating costs by 37% annually.
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Portfolio Risk Assessments: On behalf of two national LIHTC syndicators, conducted assessments of portfolios totaling 1,000 properties and respective asset management departments to identify and quantify risk to syndicators, funds, and investors.
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Owner Representation: Served as owner representative on 15 distressed LIHTC properties for 3 financial institutions that stepped into the original General Partner (GP) position. Lease up, operational turnaround, and disposition efforts resulted in net savings of over $11 million and significantly reduced general partner risk to the institutions.
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Crime Prevention/Security Assessments: Conducted trainings for tax credit syndicators and numerous site-based security plans and assessments for developers, syndicators, and housing authorities.
