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CMBS Loan Restructuring Case Studies

CMBS Loan Restructing

Compass Bank Office Building, 201 3rd St NW, Albuquerque, NM 87102

  • 18 Story office building (229,899 SR, apx)
  • Built in 1966 (Reno. 2007)
  • Original Balance $22.4M
  • Original Interest Rate 6.3%
  • Discounted Payoff $13.8M
  • New Debt Interest Rate 6.5%
  • Negotiations began while property on watch list
  • Coordinated effort among owner, attorney, property manager, appraiser, and workout specialist
  • Did not require owner to file for bankruptcy
  • Pre-negotiation contact established with special server
  • Detailed analysis of property net present value (NPV)
  • Fundamental market analysis
  • Analysis of competitive supply and subject property positioning
  • Successful negotiation and discounted payoff

CMBS Loan Restructing

Silver Square Office Building, 625 Silver Ave SW, Albuquerque, NM 87102

  • 4 story office building (116,634 SF) apx
  • Built in 1956
  • Original Balance $8.4M
  • Original Interest Rate 6.2%
  • Discounted Payoff $5.7M
  • New Debt Interest Rate 6.5%
  • Negotiations began while property was on watch list
  • Coordinated effort among owner, attorney, property manager, appraiser, and workout specialist
  • Did not require owner to file for bankruptcy
  • Pre-negotiation contract established with special servicer
  • Detailed analysis of property net present value (NPV)
  • Fundamental market analysis
  • Analysis of competitive supply and subject property positioning
  • Successful negotiation and discounted payoff

 

CMBS Loan Restructing

CMBS Loan Restructuring

Islandia Shopping Center, 1750 Veterans Memorial Hwy, Islandia, NY 11749

  • Regional shopping center (376,774 SF) apx
  • Built in 1991
  • Original Balance $73.6M
  • Original Interest Rate 5.7%
  • A/B Note Split
  • New A Note of 63.5M
  • New B “hope” note of 10.1M
  • New Interest Rate 4.25% in 1-2
  • Negotiations began while property was on watch list
  • Coordinated effort among owner, attorney, property manager, appraiser, and workout specialist
  • Did not require owner to file bankruptcy
  • Pre-negotiation contract established with special servicer
  • Detailed analysis of property net present value (NPV)
  • Fundamental market analysis
  • Successful negotiation and A/B note bifurcation