Windermere XIV Noteholder Meeting - Hatfield Philips
Windermere XIV Noteholder Meeting - Hatfield Philips
Windermere XIV Noteholder Meeting - Hatfield Philips
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
HATFIELD PHILIPS INTERNATIONAL<br />
Loan Stats<br />
UPB at Origination € 268,000,000<br />
Current UPB € 256,219,167<br />
Whole Loan initial LTV 63.51%<br />
Whole Loan current LTV 60.72%<br />
Maturity Date 15 January 2014<br />
Asset Stats<br />
Lettable area<br />
24,728 sqm<br />
No. of assets 1<br />
Asset type<br />
Office<br />
Valuation/Date € 422,000,000/ Jan 2007<br />
Location<br />
Boulevard Haussmann, Paris<br />
NRI € 8,024,205<br />
ERV(orig) € 18,003,700<br />
Vacancy 56.30%<br />
WALL<br />
1.25 years<br />
Strategy<br />
HAUSSMANN<br />
Modifications<br />
• None • The loan is currently performing<br />
• RBS is the French Master Servicer making day to day decisions on the loan, and HPI acts as the reporting and collection agent<br />
• The 1.15x Interest Covenant is currently being met at 1.69x from rental income (per the recent compliance test)<br />
• HPI will continue to monitor the leasing activity and engage as required with Sponsor<br />
Performance/Credit Events<br />
• There is a rent reserve account in the amount of<br />
€13.9M and is expected to increase by €1.2M<br />
each quarter to €20M at maturity<br />
• The Borrower has engaged C&W, JLL and<br />
BNP to redevelop the marketing strategy<br />
• The remaining tenant has a lease expiry at 31<br />
December 2013 with two sub tenants in<br />
occupancy for 30% of the space<br />
• The Borrower has spent approximately €3.3M<br />
to reconfigure the space to accommodate new<br />
tenants and improve marketability<br />
• HPI is working to remove Lehman Brothers bankruptcy estate as security trustee as relates to depository account holder / transaction party<br />
HPI │ WINDERMERE <strong>XIV</strong> LOAN REVIEWS<br />
10
Change language