What We Do

"REFS provides clients with senior-level real estate experience for a fraction of the cost of developing and maintaining internal resources."

� John Baczewski, REFS President

What We Do

REFS assists institutional and high-net-worth individual investors on an independent or co-fiduciary basis. REFS independent fiduciary services include sales transaction management to resolve parties-in-interest conflicts, transition management and acquisition due diligence services. REFS' co-fiduciary services focus primarily on asset management. Services are offered on both an episodic and on-going basis. REFS is more than a consultant - as a co-fiduciary or an independent fiduciary, REFS assumes appropriate decision-making responsibility. REFS doesn't just make recommendations, we make it happen.

Independent Fiduciary Services - Independent fiduciary services are provided to alleviate parties-in-interest conflicts and to address other matters - such as transitioning from one manager to another, selling of assets in one fund to another under the same management, or providing acquisition due diligence services - where the skills and perspective of an independent fiduciary are required.

Co-Fiduciary Services - REFS provides tailored asset management support when our client may need seasoned senior people to focus on circumstances in need of "fresh eyes" and/or to augment internal resources. REFS is particularly adept at devising practical solutions to take advantage of changing economic or market conditions. REFS' also has the ability to act as the "in-house" dedicated real estate team for smaller funds, those new to real estate or simply for those needing a change in investment management. REFS can handle many aspects of portfolio management, including implementing investment strategies, as well as managing and monitoring the acquired assets and overseeing their eventual disposition.

Whether providing episodic or on-going co-fiduciary services, REFS always works alongside the client and assumes an active role in the decision-making process.

Who We Are

REFS is comprised of a group of highly skilled, experienced real estate professionals headed by John Baczewski, CPA. Baczewski has more than 20 years of experience in institutional real estate investment, finance, management and monitoring along with 10 years of Big Four public accounting experience.

Baczewski's breadth and depth of institutional real estate experience includes investment strategy development, portfolio and asset management, due diligence and transaction management, operational reviews, accounting, performance measurement, client service and capital formation. Baczewski has led clients through real estate strategy development, portfolio analysis and review, independent fiduciary assignments, transaction due diligence, manager and vehicle selection and performance measurement analysis.

Since 1999, Baczewski has been an independent consultant serving the institutional real estate industry. Additional positions have included; CFO of Pyramid Hotel Group; senior manager for PricewaterhouseCoopers' Pension Real Estate Consulting Group; and managing director of business development for AMRESCO Advisors. Baczewski also held a series of real estate consulting and portfolio management positions with the Frank Russell Company, Russell Fiduciary Services Company and AEW Capital Management.

Who We Work For

REFS' clients are primarily institutional and high-net-worth individual investors. Institutional clients may include public and private defined benefit plans, Taft-Hartley Funds, insurance companies, endowments, foundations and real estate investment trusts. Individual clients may include high-net-worth individuals, estates and trusts, among others.

When To Call REFS

REFS has the knowledge and expertise to handle nearly any portfolio or investment management situation. REFS is particularly adept at devising practical solutions to take advantage of changing economic or market conditions. Situations in which you should call REFS include:

• Sale of assets between funds managed by a single investment manager
• Liquidation of a partnership interest when an asset sale is not planned
• Sale of separate account assets to an investment manager's fund
• Resolution of closed-end fund liquidation-related matters
• Transfer of investment management responsibility from one manager to another
• Expert investment due diligence performed on an investment vehicle, prospective partner or asset
• Selling your shares in a limited partnership and want to ensure your interests are effectively represented
• When changing conditions merit a change in asset management
• When you don't have a dedicated in-house real estate professional
• When you need asset management support on an episodic or ongoing basis

How To Contact Us