Washington, D.C. structured real estate advisors
BWRA advises on the economic, credit, and asset-evaluation issues in large real estate finance transactions—always with accounting, tax, regulatory, and legal constraints in view.
Core mandate
Custom capital for owned, acquired, or newly built facilities that a credit-worthy occupant will use for the long term. The goal is cash for operations without a conventional mortgage on the occupant’s books.
Signature structure
Sell or finance the building, then lease it back. An accruing ground lease or zero-coupon debt layer, amortizing debt, and equity work together so occupancy continues at below-market lease rates.
Public mission
Federal campuses, city halls, transit stations, and university housing are poor fits for standard commercial mortgages. BWRA’s program was built for those occupants first.
Civic restoration
Federal historic credits attract private investors to restore landmarks that governments cannot fund from current budgets—then, when appropriate, allow a later buy-back.
Corporate credit
Office towers, distribution centers, multi-property retail, sports arenas, senior living, and other project or cash-flow transactions anchored by tenant credit.
Fiduciary capital
Pension funds, endowments, and foundations can take conservative, income-oriented positions in the same structures that serve institutional occupants.
BWRA is an advisor, not a lender. Engagements usually include asset and credit evaluation, structure design, coordination with accounting and legal counsel, and work with capital-markets partners on debt, equity, and, where needed, development.
Clients come to us when a building is core to operations but non-core as a use of capital—or when a new facility must be built without exhausting debt capacity. The USPTO, City Hall, Hartford, and Newark Penn Station transactions are the public record of that approach.
