Financial Advisory

Forsyth Street serves as financial advisor to a wide range of entities including municipalities, public authorities, agencies, non-profits, local development corporations and others. We provide our clients with services including assistance with organizational development, strategic planning, product and program design, feasibility analysis, policy review, underwriting, capital sourcing, balance sheet management, structuring and assistance with the issuance of municipal debt.

Our staff has decades of experience structuring complex capital market transactions and managing the operational aspects of bond financings. This work has included selecting a financing team, working with bond counsel and underwriters, preparing rating agency strategies and presentations, and coordinating large working groups of legal, program, and finance professionals.

Sample Clients

United Nations Development Corporation

The United Nations Development Corporation is a New York State public benefit corporation created in 1968 to assist the United Nations community with its office space and other real estate needs. Since 2011, Forsyth Street has been a financial and real estate advisor to UNDC in connection with an anticipated bond financing for construction of a proposed new office building under consideration by the United Nations that would be leased by the UN and used to consolidate staff from other UN locations in New York City. Forsyth Street has assisted UNDC in various real estate matters relating to the transaction, including structuring of the transaction and participating in negotiations with the United Nations.

New York City Energy Efficiency Corporation

The New York City Energy Efficiency Corporation is an independent 501(c)3 non-profit corporation established by the City of New York in 2010 with the mission of financing clean energy projects, catalyzing an energy efficiency retrofit financing market, and implementing the City’s climate action initiatives. As NYCEEC’s financial advisor since the corporation’s inception, Forsyth has provided a comprehensive set of services that includes assistance with program development, credit analysis, lending operations, and raising capital for specific projects, programs, and NYCEEC’s balance sheet.

In the course of this engagement, Forsyth has helped to design and implement various initiatives including a municipal finance program with the local housing finance agency to retrofit regulated multifamily housing, an on-bill repayment structure for energy efficient improvements and natural gas conversions, and an energy service agreement-based structure for financing commercial office retrofits. In support of these initiatives and to build out NYCEEC’s balance sheet, Forsyth Street has assisted the corporation’s efforts to raise private, public, and philanthropic capital to complement initial funding received from the American Recovery and Reinvestment Act.

Joint Operating Entity (JOE NYC)

Forsyth Street is financial advisor to a group of New York City-based community-based housing industry leaders to develop a new paradigm of collaborative mechanisms to scale up the industry. The goal is to undertake concrete steps that will enhance the stewardship of the existing stock of community based housing, marshal additional resources to support new housing development, and better position CDCs to undertake complementary activities that serve the evolving needs of vulnerable New Yorkers and allow mixed-income communities to thrive. Forsyth Street has prepared a series of strategies to facilitate the ongoing stewardship of these assets including development of an asset aggregation strategy to operate at greater efficiency, to provide a new source of capital for new development, establishment of industry standards for community-based housing operators, and support for policy changes to enhance the capacity of the community-based housing industry to preserve and protect New York City’s at-risk stock of affordable rental housing.

San Francisco Housing Accelerator Fund

Forsyth Street serves as financial advisor to The San Francisco Housing Accelerator Fund (SFHAF), a newly-established public-private-philanthropic partnership that provides powerful new tools for producing additional affordable housing in San Francisco. Forsyth Street worked for the City and County of San Francisco’s Mayor’s Office of Housing and Community Development (MOHCD) to create the new fund, which has a broad mandate to support housing and economic development initiatives important to the City. SFHAF’s design incorporates elements from successful funds elsewhere into the context of an independent 501(c)(3) with a flexible balance sheet.

SFHAF is intended to alleviate two factors that are constraining affordable housing production: existing capital for affordable housing development is already fully committed, and available sites need a more nimble capital source to be successfully acquired for the City’s affordable housing pipeline. By assembling new capital within the framework of an independent non-profit aligned with City policy, SFHAF expands the pool of City pipeline-coordinated resources available for affordable housing development. SFHAF also has the flexibility to intervene rapidly in order to facilitate the acquisition of strategic sites, as either a provider of financing or as the property purchaser or investor.

Connecticut Green Bank

Forsyth Street assisted the Connecticut Green Bank — the nation’s first green bank — with expanding its efforts to increase the scale of its origination of clean energy investments, with an emphasis on low-to-moderate income communities. This engagement resulted in the launching of Inclusive Prosperity Capital, a not-for-profit investment fund increasing access to capital for low-to-moderate income communities and nontraditional credits like nonprofits, faith-based organizations, housing authorities, schools, and smaller businesses.  As part of this assignment, Forsyth Street worked with the Green Bank to conduct a market scan of actors working in clean energy finance focused on LMI communities. Forsyth is conducting a feasibility study of the benefits of creating a new energy finance intermediary that is able to rapidly deploy financing for clean energy efforts in Connecticut and beyond. |

Vital Healthcare Capital

Forsyth Street is financial advisor to Vital Healthcare Capital (V-CAP), a CDFI that provides flexible financing and development services to support quality healthcare and good healthcare jobs in low-income communities. Forsyth supported V-CAP in its effort to raise capital from institutional lenders to launch its operations. Launching in 2015, V-CAP seeks projects across the continuum of care, emphasizing integrated, person-centered, and cost effective models of care.

Hudson Square Connection

Forsyth Street is financial advisor to the Hudson Square Connection, a business improvement district in the Hudson Square area of Manhattan, in connection with the structuring and sale of approximately $10 million in bonds to fund infrastructure improvements backed by BID property assessments. To date, Forsyth Street has assisted Hudson Square Connection in procuring and selecting a financial team of underwriters and bond counsel; developing recommendations with respect to the size, structure, specific terms, and conditions of the debt issue; ensuring the bonds meet federal tax law requirements with respect to the issuance of tax exempt bonds, and creating a financing plan and schedule, including presentations to rating agencies.

In addition Forsyth Street works for, or is currently working for the following public sector clients and non-profit clients:

San Mateo County Department of Housing
Philadelphia Redevelopment Agency
Philadelphia Industrial Development Corporation
New York City Economic Development Corporation
San Diego Housing Commission
Civic San Diego
City of Baltimore Development Corporation
New York City Housing Authority
New York City Department of Housing Preservation and Development
New York State Housing Finance Agency
City of Pasadena
Local Initiatives Support Corporation
Enterprise Community Partners
Utica Municipal Housing Authority
Yonkers Housing Authority