Westport Capital Partners

Russel S. Bernard
Managing Principal
Westport Capital Partners LLC
’80 CALS

Westport Capital Partners LLC Company Overview:

Westport’s investors consist of pension funds, endowments and charitable institutions, as well as family offices and individuals.

Westport invests in real estate through direct and indirect property ownership, and through public and private real estate securities and financial instruments. We focus specifically on value-added transactions, distressed assets, and development opportunities both domestically and internationally.

Returns are created through reliance on proactive management, rather than simple application of financial leverage. By actively improving property values, we are able to generate target returns in all market environments. The team seeks situations in which investments can be made at an attractive cost basis and where value can be increased through intensive operational and financial management. We have strong relationships in the real estate industry that provide Westport with excellent and exclusive access to off-market transaction flow.

Westport Capital Partners Steps up to Employ Cornell Intern during Tough Times

The job and internship market facing students graduates in 2009 provided a dearth of opportunities and was the most difficult hiring conditions seen for years. In this midst of this challenging environment stepped Russ Bernard, Managing Principal of Westport Capital Partners, to provide an internship opportunity to a first year Cornell real estate student.

Tyler Williams
MPS/RE ‘10
Intern - Westport Capital Partners LLC
Summer 2009

“We wanted to find a way to provide a rigorous, meaningful internship experience for a Cornell student because we knew there would not be as many positions available as there has in the past,” said Bernard.

Tyler Williams was hired and is working as an analyst in Westport Capital Partners Conneticut office. “Russ and the WCP team have truly provided an invaluable experience. I am able to apply concepts from the Program while learning from highly-qualified real estate professionals that thrive in opportunistic environments,” said Williams, adding “I am very grateful that a Cornell Advisory Board member like Russ was willing to make this happen.”

Williams is a First Honor Graduate of the University of Georgia, where he received a Bachelor of Business Administration degree in both Finance and Real Estate. Prior to entering Cornell, he worked as a financial analyst for TriMont Real Estate Advisors in their special asset management department. While at TriMont, an affiliate of Lehman Brothers, Williams gained experience re-underwriting real estate collateral and executing appropriate work-out strategies for non-performing debt, skills that he is now applying at Westport Capital Partners.

Westport Capital Partners Award for Outstanding Real Estate Research

Westport Capital Partners sponsors the Most Outstanding Cornell Real Estate Review articles by students, which is instrumental in furthering research and scholarly output focused on practical issues in real estate. Past WCP award winners have included collaborative efforts involved Program in Real Estate students paired with members of the Cornell Real Estate Council as well as individual efforts, and those selected for the award are published in the Cornell Real Estate Review.

The 2009 WCP Most Outstanding Article award winners were:

Tyler Grooms (Cornell MPS/RE ’10) with John Hesse (Cornell MPS/RE ’04)
"Galisteo Basin Preserve.”

Josh Ladle (Cornell MPS/RE ’10) with Duane Stiller (Cornell Engr. ’84)
“Retail Site Selection: An Innovation Model for Retail Development”

A Solid Track Record
TKG International (TKG) is a commercial real estate investment and development company located in Silicon Valley in Northern California. Since its founding in 1984, TKG has specialized in the acquisition, development, and management of office, research and development, light manufacturing and warehouse buildings. The firm enjoys a solid track record in site identification, project development, construction management, leasing, and property management. Formerly known as The Kontrabecki Group, the firm began doing business as TKG International in 1995 to reflect the growth of its business activities in Central Europe.

Northern California
TKG continued its development activity in the United States with the purchase of Triad Park in Livermore, California in 1998. Now called Tri-Valley Technology Park, it is a 340 acre master-planned office park being developed with commercial lots for sale to users and developers who will create over 1,500,000 square feet of office and research space. Additionally, TKG has developed a 137-acre vineyard to grow wine grapes in cooperation with Wente Family Vineyards.

Warsaw, Poland
In 1991, TKG targeted Central Europe for investment and development. The firm conducted extensive research into the legal, economic, and social environments of each country in the region and their potential for foreign investment and trade. TKG determined that Poland offered the greatest investment opportunities for multi-national companies seeking to expand their operations within the former communist block countries. In 1993, TKG established its European headquarters in Warsaw and began developing the first Western-style planned business park in Central Europe near Warsaw’s Fryderk Chopin International Airport. TKG has developed over 1,000,000 square feet of warehouse-office space in three master-planned business parks designed to furnish multinational firms with offices, warehousing and manufacturing facilities in Poland.

Expertise adding value…

Rockwood Capital is a private real estate investment company that currently is managing more than $2.7 billion of equity commitments. For the past 17 years Rockwood Capital has been a trusted equity joint venture partner with outstanding real estate entrepreneurs investing and adding value to all types of real estate, including urban and suburban office, research and development, biotech, data center, neighborhood and regional retail, urban and suburban hotel, apartment, condominium, resort and single family property.

About Rockwood?Managing more than $2.7 billion of equity commitments on behalf of high-net-worth individuals and more than 40 public and private institutional investors necessitates a particular brand of expertise.

Investment Strategy?Rockwood deliberately takes risk in order to create value, but does so in manageable and diversified increments.

Our History?Rockwood’s two senior partners have worked together for over 30 years, as far back as the 1970’s. Our experience in numerous up and down markets is a core strength.

Our Team?Rockwood’s seven partners average more than 20 years of experience and have a long history of working together. Rockwood also has more than 20 real estate professionals, versed in all aspects of real estate.

“Global Knowledge…Regional Expertise…Local Execution…”

PREI® (Prudential Real Estate Investors) is the real estate investment management business of Prudential Financial. PREI, comprised of fund management centers in the US in Parsippany, New Jersey and Atlanta, Georgia; and globally in Munich, London, Singapore and Mexico City; is supported by a network of local offices throughout the world. PREI’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. As of June 30, 2008, PREI managed $47.4 billion of gross assets ($32.3 billion net) on behalf of more than 400 clients and is ranked among the largest real estate investment managers.

The business focus of Pacific Cascade Group (PCG) is making equity capital investment in land planning and real estate development projects throughout California and other select markets of the western U.S. Within this arena, our firm engages in two distinct business activities as described below.

Real Estate Venture Investment
PCG provides equity capital for venture investment in real estate development projects in partnership with select builder/developers both for residential and commercial development as well as for land planning and improvement. In this activity, PCG fulfills the role of financial partner for builder/developers. Land Planning & Development?.

In addition to acting as an equity investor and financial partner, PCG is also active in direct investment in and operation of both moderate and large-scale pre-entitlement land planning and land development projects in the U.S. West. PCG’s professional team employs its broad spectrum of experience in these areas of real estate investment and development in stewarding a large and stable capital base aimed at investment in longer term land planning and development projects.

J.P. Morgan is a global industry leader with more than $14 trillion in assets under custody. We provide innovative custody, fund accounting and administration and securities services to the world’s largest institutional investors, alternative asset managers and debt and equity issuers.

We leverage our scale and capabilities in more than 90 markets to help clients optimize efficiency, mitigate risk and enhance revenue through a broad range of investor services as well as securities clearance, collateral management and alternative investment services.

As a strategic partner with a long-standing commitment and proven experience, J.P. Morgan takes a consultative approach to working with clients to assess and address their individual needs.

J.P. Morgan continues to solidify its leadership position by consistently receiving top ranking in industry surveys:
Custodian of the Year - Global Pensions Magazine, Annual Global Pensions Awards, 2008
Best Global Custodian for Asia Pacific Clients, AsianInvestor Achievement awards, October 2008
Best Investor Services - Waters Magazine, June 2008
Top-Rated Overall Private Equity Administration - Global Custodian, 2008 Private Adminstration Survey
DR Banker of the Year - The Asset, Annual Triple A Awards, 2008
Best Securities Lending Facility -AsianInvestor Achievement awards, October 2008
Best Sell-Side Clearing - Waters Magazine, June 2008

Clarion Partners has been a leading U.S. real estate investment manager for almost 30 years. Headquartered in New York with a presence in major markets across the United States, Mexico and Sao Paulo, Brazil, our strength lies in a national network of experienced professionals who bring a deep knowledge of local markets to every investment decision. 

Clarion Partners is distinguished by a performance-driven approach, organizational stability and a mandate of accountability to our clients.

Emigrant Bank was founded by Irish emigrants as a mutual savings bank in 1850. By the 1920s it had grown to become the largest savings bank in the nation. As of June 30, 2008, Emigrant Bank and its affiliated Regional Banks* has approximately $14.7 billion in assets and almost $1 billion in net worth, operating through 35 branches in the New York metropolitan area. As a traditional savings bank, Emigrant Bank, through its mortgage banking subsidiary, Emigrant Mortgage Company, is licensed to originate home loans in New York and 20 other states. Emigrant Bank’s wealth management division, New York Private Bank & Trust, has its own deposit products starting at $2,000,000. Emigrant Bank is regulated by both State and Federal regulators. All deposits are insured by the FDIC up to the legal limit.

From our beginning as a joint venture partner, advisor and asset manager for one of the world’s largest investment banks, Capstone Advisors has evolved into a diversified real estate organization with a history of proven equity and debt investment strategies, and a diversified real estate portfolio.

Our expertise as a real estate owner, developer and manager gives our clients and partners the benefit of a capital provider that understands the challenges unique to development. We are relied upon for our depth of knowledge and ability to perform in all economic cycles, and have the resources to provide quick and effective solutions. We are trusted for our integrity and track record of creativity, diligence and service.

BlackRock® is a premier provider of global investment management, risk management and advisory services to institutional and retail clients around the world. As of 30 September 2008, BlackRock’s assets under management total US$1.26 trillion across equity, fixed income, cash management, and alternative investment and real estate strategies. Through BlackRock Solutions® - the natural evolution of our long-standing investment in developing sophisticated and highly integrated systems - we offer risk management, strategic advisory and enterprise investment system services to a broad base of clients with portfolios totaling more than US$7 trillion as of 30 September 2008.

Since our founding in 1988, BlackRock has sought to better serve clients by anticipating and responding to changes and advancements in the investment industry, while continually seeking to broaden and deepen our investment and risk management capabilities. The most recent step in our development was the acquisition of the fund of funds business of Quellos Group, LLC, which closed on 1 October 2007. The integration of Quellos’ assets into our existing fund of funds business resulted in BlackRock Alternative Advisors, a premier fund of funds platform providing hedge, private equity and real asset fund of funds to institutional and individual investors worldwide.

As we approach our twentieth anniversary, BlackRock is a truly global enterprise. We serve clients in North and South America, Europe, Asia, Japan, Australia and the Middle East. Headquartered in New York, the firm maintains offices in 19 countries around the world. Over one-third of our total assets are managed on behalf of non-U.S. investors, and nearly one-third of our employees live and work outside of the United States.

To deliver creative solutions to investment challenges, BlackRock has long focused on a cross-disciplinary team approach in which clients benefit from the pooled expertise of the firm’s resources: our investment and risk management professionals and our internally developed analytical tools. In addition to excellent performance, BlackRock is committed to delivering a high level of service tailored to the needs of each client. BlackRock’s client base includes corporate, public, union and industry pension plans; insurance companies; third-party mutual funds; endowments; foundations; charities; corporations; official institutions; banks; and individuals worldwide.

BlackRock is independent in ownership and governance, with no single majority stockholder and a majority of independent directors. In terms of equity ownership, Merrill Lynch’s stake is approximately 49%, while The PNC Financial Services Group retains an interest of about 34%; BlackRock employees and public shareholders hold the remaining 17%.

Ashley Capital pursues value-added real estate investment opportunities.  The firm is engaged in acquisition and redevelopment and new construction.  It delivers high quality industrial and office space to some of the largest companies in the United States.  The geographic focus is on the eastern half of the United States. Ashley Capital is based in New York with offices in Chicago, Detroit and Atlanta.  As a long-term investor, Ashley Capital manages properties with a strict adherence to fiscal discipline and cost control.

Urban American is a real estate investment and management company, which currently owns and operates approximately 13,000 workforce apartment units in the New York metropolitan area.

Urban American’s mission is to invest in America’s workforce communities. Through its hands-on management style, Urban American has established a track record of upgrading occupancy and increasing income through the rehabilitation of apartment buildings, strict adherence to municipal regulations, and the reduction of expenses through various cost savings measures and capital expenditures that increase substantial cash returns for its private and institutional investors.  Urban American’s central goal is to create the value necessary for long-term capital appreciation and to provide a socially responsible product for its communities.

When investing in properties, Urban American typically rehabilitates the common areas completely, improving the aesthetic appearance of the property by improving lighting systems, hallways, doors, stairs, mailboxes, intercoms, efficient heating systems, roofs, windows, water usage controls, and energy saving devices. Urban American delivers to its community smart buildings that provide proud homes for their tenants and healthy returns for their investors.

GE Real Estate

GE Real Estate is one of the world’s premier commercial real estate companies. With more than $87 billion in assets and a presence in 31 markets throughout North America, Europe and Asia Pacific, it’s backed by GE’s AAA rating, and offers a comprehensive range of capital and investment solutions, including equity capital for acquisition or development, as well as fixed- and floating-rate mortgages for new acquisitions or re-capitalizations of commercial real estate.

With a 28% compound annual growth rate since 1993, GE Real Estate is one of the fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience; and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.

GE Real Estate’s five specialized divisions:

Americas’ Equity: Actively sources and manages single property and portfolio acquisitions through principal investments and joint venture equity partnerships. North America Equity uses common and preferred equity to produce quality returns across office, multifamily, industrial, retail, hotel and parking asset classes with offices across the US, Mexico and Canada.

North America Lending: Structures all forms of debt financing in the US, Mexico, and Canada, including floating-rate and fixed-rate construction, permanent, and bridge financing. Also delivers customized financing solutions for the single tenant, affordable housing, manufactured housing, hospitality, golf course and vacation ownership markets.

Europe: Provides equity investments to clients, including direct acquisitions of single assets or portfolios, joint venture equity partnerships, corporate outsourcing transactions, sale-leasebacks. Provides debt financing through acquisition of performing commercial property loans, across multiple jurisdictions.

Asia Pacific: Serves customers and partners in Japan, South Korea, China, India, Singapore, Thailand, Taiwan, Australia and New Zealand. Provides commercial, residential and multifamily equity investments, structured financing, sale-leasebacks and real estate services such as asset management, loan servicing and developing strategic joint ventures.

Global Investment Management: GE Real Estate launched its Global Investment Management business in 2008. The investment management team is leveraging GE’s global equity investing capabilities and expertise to deliver returns that meet or exceed the expectations of global investors. GE Real Estate generated $18 billion in equity investments for GE in 2007.

GE Commercial Finance?GE Commercial Finance is one of General Electric’s largest “growth engines.” With lending products, growth capital, revolving lines of credit, equipment leasing of every kind, cash flow programs, asset financing, and more, GE Commercial Finance plays a key role for client businesses in over 35 countries. The industries served include healthcare, manufacturing, fleet management, communications, construction, energy, aviation, infrastructure and equipment, as well as many others. GE Commercial Finance has assets of over US$335 billion and is headquartered in Norwalk, Connecticut, USA. General Electric (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better.

Toll Brothers

Toll Brothers Company Overview:

Robert I. Toll
Chairman and Chief Executive Officer
Toll Brothers, Inc.
BA ‘63
Cornell University Program in Real Estate Advisory Board Member

The Cornell Program in Real Estate is pleased to have Toll Brothers, Inc. as a Corporate Sponsor. Toll Brothers, Inc. engages in the development, construction, and sale of residential homes. It designs, builds, markets, and arranges finance for single-family detached and attached homes in luxury residential communities. The company’s operations include land development, architectural, engineering, mortgage, title, security monitoring, landscaping, lumber distribution, house component assembly, and manufacturing. It also develops, owns, and operates golf courses and country clubs associated with various master planned communities. In addition, Toll Brothers builds or converts existing rental apartment buildings into high-, mid-, and low-rise luxury homes. It serves move-up, empty-nester, active-adult, and second-home buyers in 21 states of the United States. As of October 31, 2006, the company operated from 398 communities containing approximately 31,910 home sites that it owned or controlled through options. It also owned or controlled through options approximately 41,858 home sites in 300 proposed communities. Toll Brothers was founded in 1967 and is headquartered in Horsham, Pennsylvania and is currently building in Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas and Virginia. Toll Brothers Inc., is the successor to three generations of home builders and is a publicly owned company whose stock is listed on the New York Stock Exchange (NYSE:TOL).

The Toll Fellowship at Cornell:

Joseph C. Achenbach (left)
Cornell Program in Real Estate ‘10
Johnson School of Management ‘10
2008 Toll Fellow

Maya L. Barrera (right)
Cornell Program in Real Estate ‘09
2008 Toll Fellow

Toll Brothers, Inc. has established a unique relationship with the Cornell Program in Real Estate by offering two fellowship positions for first year students. The formal internship program is designed to develop future Toll Brothers project managers from Cornell graduates. Students are given the opportunity to learn from the nation’s premier luxury homebuilder while Toll Brothers, Inc. has the opportunity to increasingly stand out among other builders for the quality of staff by finding highly educated employees from our premier program.

Student Fellows are selected through an initial Program in Real Estate screening that evaluates the career goals and experience of interested students. The Fellowship is designed to create a relationship between Toll Bros. executives and PRE students early on in their education at Cornell. This relationship is fostered with continuted communication throughout the academic year and financial support to attend professional conferences alongside Toll Brothers executives.

This fellowship program allows students to gain valuable exposure to the industry at large, while gaining insight into the daily operations of the nation’s premier luxury home building company. Fellows will have the opportunity to work in one of 22 locations around the country as well as at corporate (Horsham, PA), and can choose from urban infill or residential project locations for their summer exposure.

Following a successful summer internship, Toll Brothers Inc. expects that the fellowship experience will evolve into a permanent relationship for the students after graduation.

Verde Realty is comprised of three operating groups that develop luxury apartments, create conservation oriented master planned communities and provide corporate real estate services.

Tri-Land Properties is known for its high-quality redevelopment of existing retail properties in the Midwest, Georgia and New York State.