The document summarizes debt and equity sources for different types of industrial real estate projects:
1) Speculative projects have high leverage debt of 60% LTV with tough underwriting terms. Equity comes from pension funds, REITs, and private money seeking 20% returns.
2) Value-added projects have debt of 60% LTV with shorter recourse terms and higher rates, or non-recourse terms of 6-8%. Equity seeks 10-20% returns by buying buildings below replacement cost.
3) Build-to-suit projects have 70% LTC debt with 2 year terms at LIBOR + 275 basis points, while equity seeks 15% returns.
ULI Los Angeles DEBT Where to find it in 2010Bob Eidson
This is a presentation I prepared for a ULI LA Education Event "DEBT: Where to find it in 2010." We brought 4 institutional scale lenders together, to respond to 4 loan request scenarios. If the CMBS market grows 10x in 2010, then it will only accomodate 3% of maturities. Debt will still come from Life Cos, Banks (recourse & non-recourse), and Mezz lenders
ULI Los Angeles DEBT Where to find it in 2010Bob Eidson
This is a presentation I prepared for a ULI LA Education Event "DEBT: Where to find it in 2010." We brought 4 institutional scale lenders together, to respond to 4 loan request scenarios. If the CMBS market grows 10x in 2010, then it will only accomodate 3% of maturities. Debt will still come from Life Cos, Banks (recourse & non-recourse), and Mezz lenders
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
InKnowVision October 2012 HNW Technical Webinar w/ Guest Presenter Bob ScarlataInKnowVision
As an investment banker for some 26 years who has sold dozens of middle market privately held companies to private equity groups throughout the U.S. and Canada, Bob Scarlata will describe for us how private equity groups make their money and how private business owners can benefit and profit from their professional management strategies.
This workshop will explore how organizations can utilize various federal, state, and private financing sources combined with innovative ideas to create affordable rural rental housing for veterans, seniors, and families. Participants will learn to analyze project cash flow, maximize private investment, leverage tax credits, and bridge financing gaps.
An analysis of the Hilton hotels buyout by BlackstoneFrancesco Romeo
This presentation is about the Hilton hotels buyout. We analyze the case with different methods and our conclusion is that it was good deal for both Hilton and Blackstone.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Real Estate Finance 301: Raising Capital in Today’s Economy – Strategies and Deal Points (Richard Peiser) - ULI Fall Meeting 102611
1. Real Estate Finance 301
October 26, 2011
Tim Wright,
Senior Managing
Director
2. Debt Market Snapshot – Fall 2011
Life Companies
• 50% to 70% LTV (more going to 75% for multi-housing and higher quality deals)
• Life Companies do have plenty of money beyond 10 year terms up to 30 years.
• Interest rate floors have been instituted by most firms and are typically 4.00 to 4.50%. There are
some that will break 4.00% and stated floors for low leverage and shorter terms (7 yrs or less) and
spreads are 200-250 bp with floors (3.50% to 4.00%).
• 25 to 30 Yr. Amort. (low leverage loans – some will quote full term I/O)
• DSCR – 1.25x to 1.35x
• Must increase allocation for next year and hit target for 2011
CMBS Aggregators
• Up to 75% - May go higher as the focus is really on debt yields of <9% to 10% plus they now can
offer mezz to get them up to 85% LTV.
• Up to 10 Years (5 to 10 years are typical - some are now offering 7 yrs but at higher spreads)
• 30 Yr. Amort. (will offer 1 to 5 yrs. of interest only with LTVs of 65% or lower to win business)
• CMBS spreads are 325-350 bp with all-in rates between 5.5% (best deals) - 6.0% – Pricing on 5 and
7 year deals is higher but still results in the same rate range.
• DSCR – 1.25x to 1.35x
Source: HFF
HFF, L.P. Page 2
3. Debt Market Snapshot – Fall 2011
Mortgage REITs and Debt Funds
• 75% to 80%
• Up to 10 Years
• 30 Year Amort (will consider some 1 to 3 years of I/O)
• Pricing 6.0% to 10% - want fees of 50 bps to 1% up-front as well as exit fees of 50 bps to 1%
• DSCR – 1.00x to 1.25x
• Good news money or structure
Commercial Banks – Bridge Lenders
• 60% to 75% non-recourse in the 4% to 5% floating/fixed for 2 to 5 years for either stabilized and/or
transitional assets
• Low Libor floaters popular with institutional buyers 50-60% LTV
Agencies
• 70% to 80% LTV (lower LTVs & high quality assets with strong sponsors will break rates below)
• Requires 1.25x-1.30x DSCR (1.30x required for cash out)
• Cheapest fixed rate spreads are Freddie CME execution
• Freddie portfolio execution is roughly 50 bps higher than CME 4.25 vs 4.75%
• Fannie roughly 15 bps higher than Freddie CME
• Both compete well with each other buy losing some market share on high quality assets
Source: HFF
HFF, L.P. Page 3
4. Project: Circa 37 Apartments
Description: 306 Unit Class A Multi-Family San Diego
Total Budget: $72MM - $235,000 per unit
Assignment: Arrange maximum leverage non-recourse
construction financing
Challenges: Limited number of banks offering non- recourse
and those that were lower leveraged
Solution: Engineer a construction facility with a
mezzanine piece to get to 80% LTV
Tactics:
• Maximize cheaper first lien dollars, while still leaving enough mezz to be interesting to mezz
lender
• Demonstrate a sensitized exit scenario showing the mezz could be readily taken out with a
permanent loan.
Issues:
• Negotiating intercreditor such reporting and control could be done efficiently
• Ability to exit out of Mezz early as possible while offering investor a reasonable multiple.
Current Trends:
• More non-recourse debt available at higher leverage today, but still debt yield driven
• Mezz money has come down in pricing
• Structure becoming more common again in this cycle so pre-negotiated intercreditor
agreements are becoming easier to find.
HFF, L.P. Page 4
5. Project: Sheraton LAX
Description: 802 Key Full Service Hotel
Financing: $47.5MM
Assignment: Refinance existing loan with flexible, low coupon,
interest only debt
Challenges:
• Hotel recovering from downturn and T-12 underwriting
did not support requested financing.
• Hotel running at very high occupancy but needed to
push rate.
Solution: • Given tangible improvement in operating results, lender was able to provide aggressive initial funding
loan and offer a compelling earn out that could be realized in as little as 6 months. Major bank financed
at low spread over LIBOR for two years with two, one year extensions.
Tactics:
• Demonstrate a very low exposure per key to Lender.
• Touring the asset was a must because quality of the asset relative to peer group was readily apparent.
• Review of historical numbers reflected hotels performance is strong market and budgeted numbers were
inside of peak.
• Articulate clear business strategy to modify demand mix to push rate (less crew, new corporate
contracts) to fall in line with the peer group.
Issues:
• EBITA reflected operations at very high occupancy (90% plus)- lenders wanted to underwrite 80% or less-
exacerbating the sizing issue.
• Airport sub-market perceived as limited with respect to rate growth.
Current Trends:
• Bank lenders still looking for 11 to 12% debt yields on trailing 12 and properties with consistent history.
• Transitional properties remain difficult to finance at low life or bank rates (province of the debt funds)- 4%
vs. 7% plus
• CMBS not competitive with life co’s or banks but provide reasonable fixed rate alternative again.
HFF, L.P. Page 5
6. ULI Fall Meeting 2011
Real Estate Finance 301
Gary Gowdy
Managing Director, UBS Global Asset Management, Real
Estate
October 26, 2011
7. Overview of UBS Global Real Estate funds in the US
Gross assets – USD 16.1 billion
Assets by property type Assets by geographic region
(USD in millions) (USD in millions)
$567
Midwest
4% $5,025
$1,380 1, 474
10% 34% Apartments 11%
Office
$838 Retail
6%
Hotel East
Industrial 5,177
West 37%
$2,694 Farmland 4,987
$4,147
18% 28% 35%
South
2,447
17%
7
8. Participating mortgage structure
Illustrative example
San Diego, California
First mortgage with sharing in cash flow and
appreciation
San Diego, Class A townhome apartments
TPI construction/permanent loan
$40 million investment (90% LTV, $290 thousand per
unit)
6.0% 50% of 8.0% IRR hurdle
Total return
Interest
+ remaining
cash flow + plus 50%
of appreciation = to TPI
8
24. Southpoint Executive Center Opportunistic Distressed
Maitland Green I & II Recapitalization
Orlando, FL
Property Description
• Three suburban office buildings; 330,000 SF
• 50% occupied
• Purchase price $55 PSF
• Capital reserve $40 PSF
• 50% of replacement cost
Opportunity
• Market: 86% occupied
• 30,000 SF tenant signed at closing
Highlights
• Developer imputed equity disappears
• Developer funds 10% of new equity
• JV receives 20% after 15%
25. Opportunistic Distressed
One Park Square at Doral Recapitalization
Doral, FL
Property Description
Property: 11-story Class A office asset built in 2010 totaling 281,623 SF
Pricing: $27.5M ($98 PSF) – 30% of development costs
$43M ($152 PSF) – Projected all-in cost - 50% of replacement cost
Opportunity
• Purchased $56 million loan for $27.5 million
• Signed 100,000 SF lease at closing
• Provided $7 million in transaction costs at closing
Highlights
• Developer/Property manager kept in place
• No initial debt recapture to Developer
• 20% after 15% preferred IRR to equity; 20% after unlevered 12%
26. Value-Add Acquisition
Gut Renovation of Failed Condo
Property Description
• Unit Count: 86 of 260 in three building complex
Property:
• Size: 90,000 SF
Original Developer Basis
Acquisition Cost: $120,000,000
Capital Improvements: 45,000,000 Alden Tower Basis: $55 million
Total: $165,000,000
Project Capitalization
CHR Purchase Price: $18,000,000 Debt $18 MM
Renovations: 12,000,000 Dev. Equity $ 6 MM
Total Cost: $30,000,000 Mezzanine $ 6 MM
$6.0 million mezzanine at 10% current pay Total $ 30 MM
(60-80% of capital stack)
27. Value-Add Acquisition
Infill Development
Property Description
• Original units: 322
• Phase 1: 45 units
Property:
• Infill Units: 54
Project Costs
Acquisition: $52,400,000
New Construction: 8,400,000
Capital Improvement Reserve: 2,200,000
Total $63,000,000
Sources
Debt: $38,100,000
Construction Debt: 8,400,000
Investor Equity: 8,250,000
CHR Subordinated Equity: 8,250,000
Total $63,000,000
28. 2006 2012
Debt replaced equity Minimum leverage
Value determined price No value add debt
Cost equals value
Equity chasing deals Equity doesn’t want JV headache
Significant predevelopment dollars Risk averse—all risk must be wrung out of deal
available/at risk dollars shared
Trees grow to the sky—don’t want to lose Lack of trust in projections
opportunity
Guarantees by equity source are not real No equity guarantees available
equity—price to play the game/access deal
20% after 12% 20% after 10%
Evolved to 50% after 8% 50% after 17%
29. 2006 2012
Sponsor had leverage Hope certificate to Sponsor
Joint approval Equity controls decisions
Buy/sells Avoid legal complications
0-5% co-invest 10-20% co-invest
Opportunity funds and value-add funds Fund of Funds to local operators/funds
Lehman leverage/bifurcated tranches of Investment advisors of HNW family offices
conduit debt/equity
65-75% leverage
85-97% leverage
RECOURSE debt
Non-recourse debt
Editor's Notes
Value Added ExampleCT deal in Beamont– $49 Basis on $.29 NNN RentsHigher LTC with Private Bank (60%) Higher rate (8%) Non RecourseLadders did the dealTough Underwriting (Market Rents, 1.2 DCR @ 6.5%)