Windermere XIV Noteholder Meeting - Hatfield Philips

HATFIELD PHILIPS INTERNATIONAL
Loan Stats
Strategy
QUEEN MARY
UPB at Origination € 62,288,000
Current UPB € 6,467,767
Whole Loan initial LTV 75%
Whole Loan current LTV 27.72%
Maturity Date 15 January 2013
Asset Stats
Lettable area
21,368 sqm
No. of assets 6
Asset type
Commercial mixed-use
Valuation/Date € 23,330,000/Jul 2011
Location
Various German cities
NRI € 1,864,880
ERV € 2,140,061
Vacancy 24.47%
WALL
3.36 years
Modifications
• HPI has successfully executed a one year
extension for the disposal of the portfolio by
overriding the B Lender
• The loan is performing in accordance with the
loan extension agreement requirements
• During the one year extension, the Borrower
has disposed of six properties
• The disposals met the approved business plan
and the timeframe
Performance/Credit Events
• Currently there are six properties outstanding
for sale with a market value of €23M
• Since last IPD, the Borrower has sold one
asset for €1.67M and is in the process of
selling another property in excess of €4M
• Given the lack of available financing at loan maturity, a Consensual Sales Plan was agreed with a Sponsor committed to meet approved business plan timeline
and repayment hurdles. Full cash trap implemented
• HPI determined Sponsor best placed to complete disposal plan given granular nature of the portfolio - Sponsor has performed as anticipated
• HPI continues to monitor performance and expects the loan will be repaid in full early 2013
HPI │ WINDERMERE XIV LOAN REVIEWS
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