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Case Study: Discounted Payoff  - CMBS

 

Situation:

  • 36,000 square feet of unanchored retail outside Ft. Lauderdale, FL
  • 100% occupied, wealthy submarket
  • 2005 origination, 2015 maturity
  • Loan moved to special servicing in early 2011 on a non-monetary default
  • $11.4M loan

Consideration & Solution:

  • Borrower engaged Hart Advisors Group after negotiations had failed with the special servicer via the Borrowers legal counsel
  • The loan had been transferred to special servicing in July 2011
  • Hart Advisors Group completed an independent assessment of the market, reviewed projections, and completed a proposal to the Special Servicer
  • Hart Advisors Group worked directly with the Special Servicer to “start over”, erasing the prior negative experience dealing with the Borrower’s counsel
  • Hart Advisors Group was the Asset Manager
  • The Borrower was referred by Hart Advisors Group to local counsel and a national mortgage broker familiar with the subject property to complete the transaction

 

RESULTS

The new loan closed in 90 days from the servicer approval

 

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