Highlights:
Leveraging the value of university-owned urban land through synergistic commercial development to reinvest in mission priorities; transforming >2,000 beds of student housing through public-private partnerships; reimagining a health sciences and hospital complex for the 21st century.
Client Goals:
Howard University was seeking to modernize and transform its campus facilities to meet the needs of the 21st century student. The University sought to accomplish this goal by leveraging underutilized assets to assist with financing development and utilizing P3 and other alternative financing vehicles to limit balance sheet and credit impacts.
Hayat Brown Role: Program Management Office and Transaction Advisor
For over five years, Hayat Brown staff have advised on the development and execution of Howard’s real estate strategy by leading a Program Management Office on behalf of the University. Throughout this time, we have supported Howard’s execution of a comprehensive stakeholder management program, including developing recommendations and briefing packages for Board of Trustees and designing community-facing project materials.
Analysis
Initially, our team evaluated University real estate asset portfolio and identified those with development potential. From there we analyzed market, regulatory, and physical characteristics of projects to conduct feasibility, financial modeling, capital structure and highest and best use analysis
Structuring
Our team developed innovative transaction structures utilizing off-balance sheet financing, ground leases, air rights leases, and concession agreements.
Execution
Hayat Brown staff have developed RFQ/RFP documents and managed procurement processes for nearly 10 development opportunities. For each we evaluated developer proposals with a focus on financial analysis and securing mission-oriented benefits, ultimately leading developer negotiations with legal counsel to develop transaction documents
Project Outcomes:
