Archive for the ‘Office’ Category

MasterPlan Capital Sharpens Focus in 2012; CTL Lending, Bridge Loans and Mortgages on Income Producing Commercial Property to be Emphasized

January 19, 2012

January 3, 2012
Greenwich CT

FOR IMMEDIATE RELEASE:

MasterPlan Capital Sharpens Focus in 2012

Commercial real estate investment banking firm, MasterPlan Capital, has disclosed its 2012 business strategy. In a written statement to clients, employees and investors the firm noted that it will concentrate its efforts on credit tenant lease finance, private bridge lending and commercial mortgage lending against income producing commercial real estate. MasterPlan will deemphasize it’s participation in joint ventures and other forms of equity finance and will not consider land or development loans except for triple net leased projects or for existing clients of the firm.

Regarding credit tenant lease (CTL) loans for triple net leased (NNN), single tenant assets the statement read, in part:

“CTL finance has been one of the healthiest sectors of commercial real estate finance and promises to remain to be strong well into the future. Net lease investors have realized that locking in today’s low rates for the long term is a smart business move. CTL offers them a fixed rate, fully amortized, non-recourse commercial mortgage with terms (coterminous with the lease) to 30 years. MasterPlan Capital can provide these income investors with the absolute lowest rates in the industry and can offer them a very high degree of certainty of execution. In-short, no CTL banker is more competitive in pricing or dependable in closing deals.”

Click Here / Apply for A CTL Loan or call 800-727-5140 x 101

The firm also commented on private bridge lending:

“As the economy slowly improves more competitors are entering the short-term, bridge loan space. We intend to compete aggressively for the best deals without subjecting our investors to undue risk. That-is-to-say, in certain instances we might lower our lending rates but won’t increase our loan-to-value (LTV) ratios, won’t offer non-recourse bridge loans and won’t do deals for the sake of doing deals.”

The statement noted that the firm intends to continue originating commercial mortgage loans against income producing commercial real estate:

“Income producing commercial real estate mortgage loans such-as loans against multi-family assets, leased up office properties and light industrial buildings will continue to be a bread-and-butter, activity for the firm.”

The firm went on to explain why it is moving away from joint ventures, equity finance and land and development loans:

“Other forms of structured finance such as joint ventures and equity finance offer the potential for high returns to our company but are very taxing on the time and workload of our people and our third party service providers. We have determined that our valuable time is better spent on our core businesses. As-for lending against land and for construction and development, we will continue making these types of loans against unimproved real estate that is net leased to a single investment grade tenant and for existing clients of our firm but otherwise will no longer be accepting applications for land loans.”

About MasterPlan Capital LLC:

MasterPlan Capital is dynamic, privately held commercial real estate investment banking firm offering credit tenant lease (CTL) loans, commercial mortgage loans and asset management services to commercial real estate investors and owners in the lower 48 states. Clients and prospective borrowers can apply for financing at the firms web site (http://www.masterplancapital.com)  or by calling 1-800-727-5140.

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Maguire defaults on Quintana Mortgage; A Forced Sale Likely

June 18, 2009

We all know the FDIC took-over Washington Mutual. What you may not know is that the FDIC relinquished almost all the leases WAMU had with landlords and commercial real estate owners across the country.

WAMU had leased an entire office building In an Irvine CA office complex known as Quintana, now the place is practically empty and Quintana’s owner is not collecting any rent from the defunked bank.

Quintana; Soon to be Auctioned

Quintana; Soon to be Auctioned

The complex in question was owned and managed by a group that includes Maguire Properties, based out-of Los Angeles and Macquarie Office Trust of Sydney.

 Predictably, Maguire/Macquarie have missed their June (’09) mortgage payment and have stated that they “are not willing” to inject anymore equity (read cash) into the building.

 They are said to be discussing options with the special servicer of the mortgage.

The only real option is a sale. It’s “worth” $106mm, I’ll bet an auction could fetch $75m.

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Commercial Mortgage Loans, Equity Financing, Asset Management; Visit MasterPlan Capital Online and apply for financing.

Commercial Real Estate – Sold! Boston’s John Hancock Tower Sells at Auction for Half of 2006 Purchase Price

April 1, 2009

The landmark John Hancock Tower in Boston, New England’s tallest hancock-view2building was sold at a foreclosure auction yesterday for a debt assumption package totaling $660mm. The buyer was a newly formed partnership between Normandy Real Estate and Five Mile Capital. Five Mile Capital, by the way, was the holder of $20mm in mezzanine debt on the building.

 

hancock-towerIt only took 36 months for Broadway partners to lose the trophy property that they paid $1.3b for just 36 months ago.

Their investors are not thrilled… Broadway defaulted on the mezzanine piece in January and fostered no delusions about securing a refi or attracting equity partners.

 

Broadway Partners also lost the office tower at 10 Universal Plaza in LA. Normandy and Five Mile were able to pick-off that one for a mere $304mm

 

Broadway massively leveraged up their investor’s capital in-order to buy over $14b in commercial real estate properties beginning in 2002. Those buildings will now be returned to their rightful owners at reasonable prices and with sensible debt structures. Unfortunately, much damage has already been done, not just by Broadway but many commercial real estate private equity players around the world.

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MasterPlan Capital; Commercial Mortgage Lenders

Commercial Mortgage Default: Bought for $1.3b John Hancock Building in Boston Expected to Fetch $700mm or Less at Foreclosure Auction

March 31, 2009

John Hancock Tower, Boston MA

The John Hancock Building will be sold at auction today after the owner, Broadway Partners, defaulted on its mortgage debt.

 

Broadway just bought the building in ’06 for $1.3b but can’t secure a refi so the lender, acting very quickly, is dumping the behemoth on the Boston commercial real estate market.

 

They might get $700mm for it, they might get less. In-any-case this is a sign of incredible stress in the commercial real estate industry.

 

You can read more at boston.com.  

UPDATE: The tower sold for a ~$660mm to a partnership between Normandy Real Estate & 5 Mile Capital. Details in The Wall Street Journal.

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You can apply for a commercial mortgage loan online at MasterPlan Capital.

Plenty of Capital for Apartment Building Loans, Forget (Raw) Land Loans

March 1, 2009

Forget land loans! There is no liquidity in this market for loans against un-entitled land.

If you want to speculate on raw land you’re going to have to do it with your own money.

 

There is plenty of capital for quality, income producing buildings like apartments (6 units +)  and leased up office buildings, but wana-be land barons need not apply.

 

Commercial Mortgage Loans Against All Types of Income Producing Real Estate – On-Line – Apply On The Web – Fast, Honest Replies – Quick Closings Available. MasterPlan Capital LLC; Commercial Real Estate Investment Banking

CBRE Buys Two DC Area Office Buildings For $41,500,000.00

November 30, 2008

CB Richard Ellis Realty Trust just bought two office buildings outside of Washington, D.C. for $41.4MM. The offices are across from Dulles International and are both 100% leased, each by a single tenant, one building is occupied by a government agency the other by a government contractor. Both buildings are SCIF facilities. SCIF stands for “sensitive compartmented information facilities” That just means that access to the buildings and each section of the buildings is highly controlled because they may house classified information.

It’s good to see deals getting done but it’s a little disconcerting when you realize that CBRE is betting $41MM on the growth of government.