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| Additional information |
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| Allied Partners Inc. |
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Overview:
ALLIED PARTNERS is a private real estate investment, development and asset management company founded in 1993 by Eric Hadar, Chairman. The Company’s core strategy is to invest the Hadar family’s capital in opportunistic real estate investments where intensive hands-on management and creative redevelopment strategies provide significant value creation. Allied has acquired in excess of 25 properties. Allied continues to source investment opportunities based on its unique ability to solve complex legal, title and financial challenges using unorthodox ownership and financial structures. The Company is further identified based on its skill in the development of complicated projects; including ground-up development as well as the renovation and repositioning of occupied buildings and conversions of existing buildings to alternative uses. Assets are managed by Allied’s extremely experienced asset and property management team, including both on-site property managers as well as central office management professionals.
Among Allied’s most well regarded acquisitions was the purchase, in partnership with Boston Properties, of the 1.65 million square foot Citigroup Center, a Class A trophy office building which has appreciated substantially since 2001, based primarily on the effectiveness of expense reductions. The building is currently 97% leased.
The depth and breadth of Allied’s diversified skill sets is evident in the extremely successful gut renovation and conversion of 285 Lafayette Street, a 100,000 square foot factory building which was gut renovated and converted into a high-end residential condominium while it remained occupied. This project, discussed below, required all of Allied’s skill sets including proficiency in legal, bankruptcy, partnership and financial complexities, construction challenges as well as marketing and management expertise.
In addition to its senior management team, Allied is a substantial owner and shares a controlling interest on the executive committee of Terra Holdings. Terra is a holding company whose flagship companies include (i) Brown Harris Stevens, New York’s oldest and most prestigious real estate brokerage and management firm, (ii) Halstead Property, one of New York’s premier residential sales companies and (iii) Feathered Nest, New York’s top residential rental company. As of year-end, Terra was the largest privately owned residential real estate management firm in New York with over 400 buildings under management, and generated annual residential sales volume of approximately $5 billion. In addition, Terra has developed highly successful insurance and appraisal divisions, which benefit greatly from demand within buildings managed by Terra. Currently, there are in excess of 2,000 people working directly or indirectly for Terra Holdings, including sales agents, accountants, licensed appraisers, as well as on-site building management personnel.
Allied Partners is also an active lender, having funded over $300 million in real estate loans in recent years on assets in which it would be comfortable in a long-term ownership position. The company acquires and originates both first mortgage and subordinate debt, including the acquisition of “B-pieces” from commercial and investment banks, and also originates mezzanine and first mortgage bridge loans to owners and developers in situations where immediate funding is required and conventional financing may not be available. |
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| History:
Founded in 1993 by Eric Hadar, Chairman. |
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