Fortress Investment Group LLC

Consulting / Parking

Drawbridge Special Opportunities Fund LP

Evaluation of Investment Grade Parking Portfolio / 12 Garages

 

 

The Challenge

LMG was retained by Fortress Investment Group LLC (Fortress), a New York City (NYC) based, $11 billion equity investment firm, to evaluate twelve parking facilities for consideration of investment by a subsidiary, Drawbridge Special Opportunities Fund LP. LMG was recommended to Fortress through relationships with several other NYC and East Coast Investment and bond houses that are familiar with our work.

The Solution

Ultimately, Fortress was depending on LMG to provide an industry-leading, expert opinion as to the “most probable” value of each facility and the portfolio on which they would decide whether to invest funds.

The Result

As a result of the due diligence process, several requirements specified by Fortress and the Drawbridge Special Opportunities Fund could not be satisfied under the terms of the acquisition contract and the acquisition did not occur.  Although acquisition of parking assets is not one of the core assets targeted for investment by Fortress, the Principals of Fortress continue to contact LMG regarding occasional parking assets that are packaged in commercial building portfolios being considered for acquisition.