Windermere XIV Noteholder Meeting - Hatfield Philips

More documents

Recommendations

Info

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 <strong>XIV</strong> LOAN REVIEWS 16
Presentation Follow Up
Page 1 and 2: Hatfield Philips International
Page 3 and 4: HATFIELD PHILIPS INTERNATIONAL Hatf
Page 5 and 6: HATFIELD PHILIPS INTERNATIONAL HPI
Page 7 and 8: Windermere XIV Portfolio Overview
Page 9 and 10: Windermere XIV Loan Reviews
Page 11 and 12: HATFIELD PHILIPS INTERNATIONAL Loan
Page 13 and 14: HATFIELD PHILIPS INTERNATIONAL Loan
Page 15: HATFIELD PHILIPS INTERNATIONAL Stra
Page 19: End of Presentation

Windermere XIV Noteholder Meeting - Hatfield Philips

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?