Picone Advisory Group closes real estate sale that puts not-for-profit’s pension fund in a solid financial position
When a religious order’s pension plan experienced significant losses due to the recession, the order’s advisory board recommended the retention of an experienced financial advisor to help get the order and its pension plan back to a sound financial position.
Challenge
Utilize existing assets to reduce the financial burden of a non-profit, religious organization. As part of our review of the order’s finances, Picone Advisory Group identified a large and unique real estate asset that was underutilized but had significant development potential.
Solution
We quickly developed a list of potential purchasers, conducted a confidential due diligence process and ultimately signed a contract with a purchaser that had both the real estate development expertise and the financial wherewithal to successfully handle this large scale, complex development effort.
Following execution of the contract, we jointly worked with the purchaser to overcome complex zoning, environmental and historical preservation issues, culminating in the project receiving unanimous final city council approval for a 48-unit, age-targeted, luxury residential real estate development.
Results
Upon closing in spring of 2017, the sale will yield enough proceeds to fund the order’s retirement plan needs in perpetuity.
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