PFM Financial Advisors LLC will acquire a firm that will allow it to expand into Florida’s expansive community development district sector, and to other states that allow land-secured municipal financing.
PFM said it will purchase most of the assets of Orlando-based Fishkind & Associates, including its divisions that work in CDD management and financial advisory services, real estate market research, economic forecasting and fiscal impact analysis.
Terms of the deal were not released. Closing is expected in the first quarter of 2019.
“Our clients are involved in a wide range of real estate projects, either redevelopment or development activities these days, and as a result they need more resources and economic forecasting and real estate assessments,” said David Moore, a PFM partner and managing director. “Fishkind offers this expertise to PFM and our clients.”
Hank Fishkind founded his namesake firm in 1987. Fishkind and most of his 42 employees will work for PFM.
Fishkind & Associates’ website says the company has participated in more than $5 billion infrastructure and municipal financings. It also manages more than 60 CDDs and special districts across Florida.
PFM was ranked the top financial advisory firm nationwide in 2018 and 2017, and the firm has been the No. 1 FA in Florida for many years, according to Thomson Reuters.
Florida currently has 673 active CDDs that can issue bonds, but PFM said despite its dominant advisory position in the state it has had limited reach in the community development district sector. CDDs are special purpose governmental entities typically created by developers to fund community infrastructure and development.
Hank Fishkind will manage PFM’s Florida CDD operation, working under managing director Brent Wilder.
“This acquisition represents an extension and expansion of the services we offer,” Wilder said. “We touch many of the same types of projects as Fishkind but at different stages of those projects. Now, combining their expertise with ours we can take a project from planning and creation to financing and debt issuance to ongoing management.”
Wilder also said the company’s long-term plan is to eventually expand into other states that allow land-secured financing, such as California, Arizona, Hawaii, Texas, Illinois and Maryland. Some states have different kinds of special districts beside those used to finance infrastructure.
Fishkind began his career in 1975 as an associate professor in economics at the University of Florida. In addition to his work, he was an advisor to two Florida governors.
“I am tremendously gratified to bring our team’s knowledge and experience in real estate and economic development to an organization of PFM’s stature, not only here in Florida but across the U.S.,” Fishkind said. “This is a classic complementary fit.”
Philadelphia-based PFM has more than 650 employees across the country, including asset managers, financial advisors and consultants.
