Michael Masterson Email & Phone Number

Yorba Linda, California

Landstar is a industry leading real estate development and investment firm based in Orange County, California. Landstar's main focus is to purchase under utilized real estates asset, primarily land, in which we acquire, entitle and develop large real estate developments internally or through strategic joint venture partnerships. Currently, Landstar is involved in over 10,000 residential lots, 100 acres of commercial and 2,000 acres of industrial, located in California, Nevada, Oregon and Arizona.

Responsible for the underwriting and valuation of the Lehman Brothers Land Portfolio that includes over 170 real estate projects and 220 debt, equity and mezzanine financing positions throughout the United States. Assist in the Portfolio Management and Strategic positioning of each real estate asset in the land portfolio. Underwriting• Evaluate each development project to determine the economic and development viability based on market demographics, competitive supply and demand, achievability of the current proposed development, status of local entitlements, zoning, and other jurisdictional approvals• Examine and generated “as is” land valuations utilizing current market information, a homebuilder residual analysis, absorption projections, development cost review and verification, and discounted cash flow based on the risk factor of each project• Prepare strategic land development valuations assuming a full project build out including revision of the current site plan, product mix, pricing, absorption, cost efficiency analysis, and other alternatives in order to maximize the value of each projectAsset Management• Review due diligence materials including preliminary title reports, phase one environmental reports, conditions of approval, storms water pollution prevention plans, subdivision agreements, entitlement and jurisdictional approvals, property tax analysis including communities facilities district in order to stabilize and maintain the preservation of the asset• Administer Operating Agreements, Loan Agreements, Restructuring Agreements, and other legal documents that pertained to the performing assets• Manage the foreclosure process by supervising third party legal counsel, appraisers, environmental consultants, escrow and title, and other miscellaneous consultants needed in the foreclosure process• Create, implement, and managed the business plan strategy beginning at the pre-foreclosure process through asset disposition

Responsible for deal sourcing and underwriting potential residential, commercial and multifamily investments throughout Southern California, Arizona, and Nevada. Manage the land advisory group consulting services with Insurance’s Surety Groups, Brokers, Lenders and other financial institutions that are in need of real estate advisory services. • Coordinate construction management over site such as budgeting, scheduling, contracting, invoicing, and bond exoneration for surety’s bonding obligations• Create financial models and provide valuation and market analysis for brokers, lenders, and other financial institutions• Monitor, evaluate, and underwrite potential real estate investments to determine market feasibility• Prepare investment packages for potential debt and equity capital providers

Managed the acquisition, feasibility analysis, and underwriting for potential land acquisition, development, and investment opportunities throughout Southern California, Arizona, and Las Vegas. • Manage internal and external development teams including attorneys, civil engineers, land planners, environmental and market consultants• Performed macro and micro economic analysis on current and potential real estate markets including supply and demand and pricing and product recommendations• Determined the financial viability of an acquisition by preparing and analyzing multiple cash flow scenarios and conducting numerous sensitivity analysis• Produce investment memorandums and present to executive investment committee for approval of acquisitions

Evaluated potential land acquisition, development and investment opportunities through financial modeling and analysis, including performing sensitivity and deal structure analysis, market research and suggesting alternatives. Assisted in the acquisition and development of over 100,000 residential lots and 200,000 square feet of commercial and office space throughout California, Nevada, Arizona, Florida, and New Mexico.• Member of SunCal’s Investment, Finance, and Asset Management Committees which provided direction for all company-wide acquisitions and investments• Facilitated in developing and maintaining relationships with financial partners, debt & equity capital providers, including structuring, underwriting, and negotiating over $2.5 billion in acquisition and development financing• Responsible for the negotiating and analysis of Purchase and Sale Agreements, Operating Agreements, Loan Agreements, and other legal documents, and implemented the terms of these agreements into project cash flows• Created and implemented daily project management reports that track financial performance and anticipated needs (financial and other) for current and potential projects, allowing for more effective management• Met with marketing, project management, accounting and other personnel to consistently update, verify and analyze variances of project assumptions• Significantly enhanced the company’s cash flow model (in Excel) by adding several underwriting tools and other capabilities that allow for more effective and efficient analysis of potential acquisitions and ongoing company operations