Financial Services

Rosin & Associates is highly sensitive to the market, but does not take a position in corporations nor act as an intermediary in transactions in order to avoid conflict of interest. We possess exceptional knowledge of due diligence requirements and valuation needs in transitional or troubled situations and are experts in valuing assets with complex ownership structures. Our experienced professionals have played key roles in many major corporate financial transactions. We are also expert in the use of databases and on-line research tools.

 

Rosin & Associates provides commercial real estate appraisals, underwriting for commercial mortgage backed securities (CMBS) and other commercial real estate loans, as well as consulting and advisory services, which include: feasibility studies, market studies, and acquisition and divestiture analysis.

We also provide the following services:

  • Litigation
  • Support/Expert Witness Services
  • Minority Interest Equity Valuations
  • Goodwill Measurements (FAS 141,142)
  • Intangible Asset Lifing Analysis
  • Fairness Opinions
  • Capital Restructuring
  • LBO Analysis
  • Solvency Opinions
  • ESOP Analysis
  • Divestiture Analysis
  • Due Diligence
  • Mergers and Acquisitions
 
underwriting.jpeg

Underwriting

Rosin & Associates is expert at analyzing the extent of risk assumed in commercial mortgage loan. Since 1996, our firm has helped the industry's largest CMBS lenders to underwrite and close over 250 commercial mortgage loans with a total value in excess of $5 billion. We are highly experienced in the performance of due diligence, cash flow analysis, credit and legal document review and market analysis for retail, multi-family, office, industrial, hotel and other properties throughout the nation. Our firm is a vital resource for the CMBS market and can streamline and relieve an overburdened conduit lending team.

  • R&A due diligence serves to limit mortgage Lender's credit risk. The Firm's underwriters are familiar with all commercial property types, including: office and industrial, retail, multifamily, low income housing, mobile home parks, hotels and storage. Loan sizes range from $1 - $65 million
  • Our service provides the Lender with a "soup to nuts" product; develop the necessary information to create a rating agency ready credit file
  • Utilize Lender developed spreadsheet templates to present findings and develop NOI analysis
  • Coordinate input of third-party appraisers, environmental consultants and engineers

Our analysis is detail-oriented, which enables them to spot potential issues quickly and to work with you during the securitization process. They also understand the importance of being available to handle follow-up questions posed by the rating agencies.

Finally, Rosin & Associates will work with you to meet your firm's individual requirements, and is willing to perform partial underwriting services.

 

Appraisal

A real estate appraisal is a core component of any real estate deal. Good appraisals demand a special set of skills that combine practical experience and technical education for the best interpretation of data. Our team at Rosin & Associates will work with you to identify your objectives, whether you sek an appraisal for buying, selling, financial, asset protecting, leasing, litigation support, or for estate taxation or planning purposes.

  • During the early 1990s R&A was active in performing appraisals for the Resolution Trust Corporation. During this portion of the cycle we performed appraisals on more than 1,000 properties. The Firm was often engaged regardless of price because of the superior quality of our analytics, especially with regard to complex workouts
  • Appraisals meet USPAP and often exceeded FIRREA checklist requirement
  • Recognized expert in appraising a multitude of asset types

We perform real estate valuations on residential and commercial properties, including retail, industrial, office, residential, assisted living, manufactured housing, assisted living, manufactured housing, hotels and vacant land.

The Rosin team is also highly experienced in the evaluation of multi-site, multi-asset projects; foreclosed assets; prospective future values and historically landmarked properties.

We hold our real estate appraisals to the highest technical standards and are equipped with state-of-the-art software in all 50 states. All projects are performed in compliance with national banking and government regulatory standards, including FIRREA and USPAP, and are readily accepted by the country's leading rating agencies.
 

 
question-marks4.jpg

Consulting

Feasibility Studies
In a feasibility study, we apply our appraisal skills to develop the highest and best use of a property based on an analysis of property and market characteristics for different potential uses. Together with our clients, we assess the best-and worst-case scenarios inherent in each prospective use.

Market Studies
We use our existing knowledge base combined with our considerable resources, including extensive real estate contacts and ability to research databases, to provide in-depth market studies for our clients. We determine prevailing market rent levels, vacancy rates, and other typical lease terms in conjunction with general economic conditions and demographics in order to assess the impact of the real estate market on an investment.

Acquisition/Divestiture Analysis
Before an acquisition/divestiture of property, we devote long hours of research into numerous factors, such as market conditions, financial conditions, and the physical condition of the property. We identify the risks involved, namely the capital risk, the market risk and liquidity concerns. To complete this analysis, we help the buyer/seller determine a reasonable market value for their asset or potential asset by evaluating the their asset or potential asset by evaluating the future benefits of the property cash flow, tax consequences, and equity and capital issues necessary for a successful investment.

Affordable Housing/Non-Profit/Government Agency
Rosin & Associates is an approved appraiser on the list of NYCHA (New York City Housing Authority).  Here we have been engaged to perform appraisals of proposed developments where they are increasing the density of certain affordable housing projects on superblocks.  Our services are required to establish values for “TDRs” and “As of Right” land for the developments.  
Rosin & Associates also performs work for NJMFA (New Jersey Housing and Mortgage Finance Agency).  Most of the work we do for this agency involves the renovation or development of low income subsidized housing projects.  Our appraisals look at tax incentives and LIHTC’s (Low Income Housing Tax Credits).
Tailoring real estate decisions to capitalize on government subsidy programs may help to mitigate capital and market risks. Rosin & Associates has researched and understands the potential value and use of numerous subsidy programs. Our firm has recently handled subsidy issues involving: Low Income Housing Tax Credit, Massachusetts Housing Finance Agency 80/20 Mixed Income Rental Development Program, Department of Housing and Commercial Development Local Initiative Program, Home Investment Partnership Program, FHLB of Boston Affordable Housing Program, Rural Rental Housing Program, Industrial and Commercial Incentive Program in NYC, and Section 8. New York City ICIP; J5I and Sec. 421a for residential development.  Max Rosin’s Masters Degree (MBA) from Yale University was in public and private management and he is trained to be especially cognizant of the requirements that are germane to the interplay of private-public partners.

Project Management

  • Develop analytic team to assist in analysis of multiple asset portfolios; coordinate multi-site inspections and due-diligence for portfolio sellers and purchasers
  • Trained as engineer and acted as general contractor for Firm's expansion; coordinated architect, subcontractors, office solution vendors on two projects 1991 and 1998; oversaw troubleshooting and specifications
  • Successfully control cost budgets for the Firm and Client engagements