About Us

Value-Added Services to the Construction/Real Estate Industry

Experienced Team
Our local team is nationally recognized in the construction and real estateindustry, with specific emphasis on tax-advantaged projects. We providecomprehensive advice to owners, managers, developers and investors on allaspects of project financing including projections, budgets, tax issues andlong-term project viability. Our clients include:

• Developers and owners of,and investors in, commercial, retail, industrial, residential, hospitality andmanufactured properties
• Real estate opportunityfunds and advisors, REITs and rating agencies
• Capital markets such aslenders, conduits, insurance companies and other lending institutions
• Real estate management,brokerage and advisory firms

Education and Training
Members of our team attend our annual McGladrey Construction and Real EstateNetwork (MCREN) conference and other national conferences including thosesponsored by AGC, ABC and CFMA. Attending these conferences keep ourprofessionals informed about changes in the construction and real estateindustry and allow us to network with our peers on best practices.

Traditional Services with aConstruction and Real Estate Focus

• Accounting services
• Tax compliance
• Tax consulting (Federal,state and local, international)

Business Consulting Services

• Strategic and businessplanning
• Operational consulting
• Financial management
• Information technology
• Risk management
• Human capital resources

Development and FinanceConsulting

• Tax Credits Applications /Federal and State, Historic and Low Income Housing
• Cost Segregation Studies
• M.G.L. Chapter 40B and 40R
• HUD Section 8 Mark to Marketand Section 236 Decoupling
• Exit Strategies
• Guaranteed Funds
• Financial Forecasts andProjections
• Feasibility Analysis
• Assistance withApplications, including the LIHTC "One-Stop"
• Brownfields Redevelopment
• Due Diligence
• Structuring and Pricing
• Finance and EquityRecommendations
• Development CostCertifications
• Contractor Cost Reviews
• Construction ContractNegotiations
• Unique Analytical Assessment

Tax Services
We understand the need for tax advisors who can address the complex tax issuesfacing companies in the construction and real estate industry, and weappreciate the important role strategic tax planning and accurate and timelycompliance plays. Construction and real estate executives throughout thecountry depend on the advice and direction of RSM McGladrey tax professionals.Our local experts can draw on our national resources and experience to help youminimize federal, state and local obligations, and to bring the most currentand innovative tax planning ideas to your management team for theirconsideration.  Each of our regional and local offices has access to RSMMcGladrey’s Office of National Tax and its breadth of resources.

State and Local Tax Services
In taxes, “state and local” doesn’t mean small and simple. State and local taxcodes can be obscure, complex and anything but uniform. States and cities arenow more aggressive and their ability to share information can besophisticated.  We have programs to help and provide knowledge of everystate’s tax laws.

Executive Compensation
The right compensation, incentives, deferred compensation and retirement plansmake it easier to attract and retain the best people.  We create the rightplan for your organization.

M.G.L. Chapter 40B and 40R.
These Massachusettsstatutes can provide expedited permitting and zoning relief to encourage theplanning and development of affordable housing. We have helped potentialproject sponsors by analyzing project development criteria and financialcriteria to determine the best course of action to secure local and stateapprovals, as well as, construction and permanent financing. We have assistedproject sponsors in complying with relevant programmatic requirements such asdevelopment fee limitations, site acquisition cost limitations and subsidy caplimitations. We have also worked with developers to incorporate advancedpermitting and financing structures to achieve so called “smart growth” typesof mixed use communities funded under M.G.L. Chapter 40R.

Tax Credit Applications /Federal and State, Historic and Low Income Housing.
The federal government and many states provide financing to build affordablehousing and refurbish historically significant properties through creditsagainst income tax. The rules governing these subsidies are various andcomplex, and must be navigated without error for developers and investors toachieve timely value. Our syndication team can assist in determiningeligibility, preparing a competitive application and guiding ownershipstructures to realize maximum worth.

Exit Strategies.
As projects near subsidy termination, owners must consider dispositionalternatives which are favorable while meeting the directives of investorfinancing. We can conduct comprehensive exit evaluations, for exampleprojecting residual value at various sale dates to determine the investmentamount allocable to limited partners.

Cost Segregation Studies.
An often-overlooked tax savings opportunity is accelerated depreciation ofcosts associated with the construction, renovation or purchase of a newbuilding or real estate. By identifying assets that qualify for shorterdepreciable lives, you are able to accelerate tax depreciation or increase cashflow at the early stages of the project. Our team of dedicated cost segregationconsultants can help ensure you maximize your investment with their extensiveexperience performing studies on various real estate ranging from $500,000 toover $40 million.

HUD Section 8 Mark to Marketand Section 236 Decoupling.
These programs for older HUD properties offer incentives for restructuringexisting properties for continued use as affordable housing. We have workedwith owners to restructure their properties allowing realization of hiddenequity, increased cash flow and new capital to address physical improvements.We have also assisted these transactions by guiding the client through federal,state and local regulations, preparing detailed financial analyses forpotential investors, soliciting and evaluating competitive syndication offersand assisting in the negotiation of the financial terms of investor partnershipagreements.

Guaranteed Funds.
A guaranteed fund pools properties that will generate tax credits and losses.Specific tax guidelines influence the types of projects chosen. Guaranteedfunds are particularly attractive to certain investors because of theirfavorable tax accounting treatment. And unlike a traditional credit fund whereoperating losses have a direct negative impact to earnings, the effective yieldmethod creates a steady positive impact on earnings. Guaranteed funds provide away for tax credit syndicators to broaden its investor pool from beyond thoseinterested in the traditional LIHTC fund. The fund concept is simple but theexecution can be challenging. We are broadly experienced in guiding fundinvestors and investments to ensure maximum benefit.

Financial Forecasts andProjections.
Our financial models allow investors to map out various options to reach theirdesired ends. Our detailed forecast and projections help identify key issues byfocusing on basis calculations and the correct treatment of fees, providingoutput and analysis which examines every financial facet of a transaction. Wecombine the model’s results with our real-world experience to protect bothdeveloper and investor from unwanted surprises.