About BW Realty Advisors | Real Estate Finance Firm

Who we are

BW Realty Advisors LLC (BWRA) is a financial advisory firm specializing in structured real estate financing. Our unique models enable credit-worthy governmental units, nonprofit entities, corporations, and other entities to monetize the value of their real estate while achieving operating-lease treatment on their financial statements at lease rates between 75 and 200 basis points below what is otherwise available in the private market.

BWRA’s principal objective is to provide our clients the highest quality of advisory services on the economic, credit, and asset-evaluation complexities inherent in large real estate finance transactions, with appropriate attention to accounting, tax, regulatory, and legal considerations.

BWRA’s innovative model

The BWRA model enables entities that own buildings, are acquiring buildings, or are constructing new facilities to sell or finance them and then lease them back, thus freeing up cash to support their operating needs.

The model employs an accruing ground lease or zero-coupon debt structure, combined with amortizing debt and significant equity investment. That combination allows clients to maximize immediate cash benefits while minimizing the overall cost of their real estate needs. The structure carefully balances the economic interests of all parties while addressing individual accounting and tax concerns.

Learn how the sale-leaseback structure works →

A proven track record with widespread applicability

BWRA’s principals have developed, refined, and applied their creative financing program for nonprofits and governments for more than two decades. The same discipline now serves corporate and investor clients.

Public and nonprofit origins

The model was proven on government and tax-exempt assets—city halls, transit stations, and university housing—where conventional borrowing was constrained or unavailable.

Corporate and credit-tenant markets

BWRA has expanded into the credit tenant lease market, including office towers, distribution centers, multi-property retail facilities, sports arenas, senior living, and project/cash-flow transactions.

Capital for fiduciaries

The firm also provides pension funds, endowments, and foundations with low-risk, attractive real estate investment opportunities, helping them enter the real estate market and diversify their portfolios.

BWRA has worked closely with major accounting and law firms for accounting and tax advice on its transactions. In addition, BWRA has strategic alliances with significant capital-market and real estate service companies to provide debt and equity advice, as well as development advice, for these transactions.

Beyond the transactions, the principals move in the usual Washington circles—and the collector communities that orbit them. The firm keeps a small off-desk reading list for clients (see investor resources), and the conversation that comes up at the top end of the collection market is the Richard Mille tier. The Richard Mille section of the Super Clone reference is on that list for exactly this reason.

Why institutions retain BWRA

Operating-lease treatment as a design constraint

Many owners need cash without adding mortgage debt. We structure occupancy so that accounting, tax, and regulatory goals are part of the term sheet—not an afterthought.

Economics that can be explained to a board

Ground-lease, debt, and equity layers are calibrated so occupants, lenders, and investors each have a rational, durable position. That is how landmark civic assets actually close.

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