Windermere XIV Noteholder Meeting - Hatfield Philips

HATFIELD PHILIPS INTERNATIONAL
Strategy
GSI
Loan Stats
UPB at Origination € 37,100,000
Current UPB € 36,521,428
Whole Loan initial LTV 70.00%
Whole Loan current LTV 99.79%
Maturity Date 15 April 2014
Asset Stats
Lettable area
40,530 sqm
No. of assets 1
Asset type
Office
Valuation/Date € 36,600,000/Jan 2012
Location
Halle, Germany
NRI € 3,598,560
ERV € 2,355,504
Vacancy 0%
WALL
7.75 years
Modifications
• In July 2012 the Servicer approved a share sale
and an assumption of the loan
• Conditions to the share sale included:
• Quarterly amortisation through loan maturity
for a total of €1.15M
• Payment of €0.25M toward the loan from
Borrower-controlled reserve accounts
• Effecting lease indexation in Q3 2012,
increasing NRI by €334,560
• Other credit considerations:
• €1M new sponsor equity injection
• New sponsor has developed the asset and
originally retained the current tenant
• Asset was non-strategic to old sponsor
• The key challenge of the property is the remaining lease term of approximately 6 years at loan maturity
• The new Sponsor’s tenant relationship may be beneficial to re-negotiate the existing lease terms
• The Servicer will secure 100% of the increased asset cash flow for the benefit of the Lender
• Through post-maturity insolvency proceedings the Servicer can gain the necessary control of future lease negotiations
Performance/Credit Events
• TheLoanisperforminginaccordancewiththe
Facility Agreement
• There is no current prospect of covenant
breach (no LTV covenant)
• No adverse credit events expected prior to loan
maturity
HPI │ WINDERMERE XIV LOAN REVIEWS
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