Loan Modification – Office (Los Angeles)

by | Jul 11, 2013 | Uncategorized

Property:   Class B Office Building – 78,246 SF   Loan Balance:   $14.2 million   Problem:   The loan was transferred to special servicing due to cash flow issues related to declining rents, increased vacancy and value erosion. Additionally, the property...

Short Sale (Office – TX)

by | Feb 18, 2013 | Uncategorized

  Property:   Office Building in Texas   Loan Balance:   $29 million   Problem:   This single-tenant building was 100 percent vacant and the current value of the property was significantly less than the loan. The best solution for the Trust was a DPO,...

Short Sale (Industrial – NY)

by | Feb 18, 2013 | Uncategorized

  Property:   Industrial Building in New York   Loan Balance:  $48 million   Problem:   The vacancies in this industrial property reached 75 percent, and the property was listed for sale. The current value of the property was difficult to determine, but...

Discounted Payoff (Self-Storage – NY&PA)

by | Feb 18, 2013 | Uncategorized

  Property:   Nine self-storage facilities in New York and Pennsylvania   Loan Balance:   $25.5 million CMBS debt and $14.0 million on-book bank debt   Problem:   The complexity of this transaction was that all nine properties were underperforming, and...