Fordham University Texas Multi Party Company Exit Strategy Paper Please review the portfolio financials and exhibits to develop a recommended exit strategy

Fordham University Texas Multi Party Company Exit Strategy Paper Please review the portfolio financials and exhibits to develop a recommended exit strategy for the defaulted loan. The recommendation must include supporting rationale.

Exit strategy options:

Loan modification
Note sale
Foreclosure/REO

A key element in the process is an Asset Manager’s opinion of value.

The written recommendation should not be less than 250 words. Property
AUBRY HILLS
BAY CREST VILLAGE
BAY PLACE APARTMENTS
HAYES PLACE
PRINCETON CLUB
SHADOW CREEK
SHEFFIELD SQUARE
SIERRA PINES
SPRING MEADOWS
THE BERKSHIRE
THE MEADOWS
THE PARK ON BURKE
THE POINTE AT STEEPLECHASE
TIMBER RUN
WALNUT BEND
Valuation Date
4-Nov-09
2-Nov-09
2-Nov-09
4-Nov-09
4-Nov-09
4-Nov-09
4-Nov-09
4-Nov-09
4-Nov-09
2-Nov-09
30-Oct-09
2-Nov-09
4-Nov-09
4-Nov-09
30-Oct-09
Portfolio Value
AFN 3-7
$5.260.000
$2.820.000
$3.810.000
$8.060.000
$7.790.000
$3.700.000
$6.470.000
$9.670.000
$5.480.000
$3.160.000
$11.080.000
$3.680.000
$7.330.000
$1.940.000
$13.000.000
$93.250.000
Dalcor/Texas Portfolio
Aubry Hills
Bay Crest
Bay Place
Hayes Place
Princeton Club
Shadow Creek
Sheffield Square
Sierra Pines
Spring Meadows
The Berkshire
The Meadows
The Park on Burke
The Pointe at Steeplchase
Timber Run
Walnut Bend
AS IS
146.421,57
52.429,09
60.747,95
119.358,51
66.126,64
74.203,54
93.192,42
-134.227,10
25.575,45
99.071,42
226.038,63
96.858,75
106.121,54
-50.527,54
291.805,05
Stabilized Date
Stabilized Value
2-Nov-10
2-May-10
2-Nov-10
2-Nov-10
4-Mar-10
4-Nov-09
4-Mar-10
4-Feb-12
4-Sep-10
2-Aug-10
30-Apr-10
2-Mar-10
4-Apr-10
4-Apr-10
30-Apr-10
$5.260.000
$3.030.000
$4.770.000
$8.060.000
$8.460.000
$3.980.000
$6.820.000
$13.060.000
$6.240.000
$3.410.000
$11.440.000
$3.770.000
$7.750.000
$1.940.000
$13.510.000
$101.500.000
Units
192
96
193
307
291
296
190
804
304
227
480
160
316
120
556
Release Price
Appraisal NOI
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7.710.000
3.040.000
4.300.000
7.030.000
8.710.000
4.810.000
7.680.000
16.330.000
4.610.000
3.980.000
13.070.000
3.140.000
11.100.000
1.670.000
12.820.000
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
433.951
256.829
430.243
693.956
719.266
344.157
514.517
1.306.340
577.414
316.807
1.001.505
320.489
658.703
174.926
1.118.232
4532 $
110.000.000
$
8.867.335
Cap Rate
8,25
8,75
9,25
8,50
8,50
9,25
8,50
10,00
9,25
9,00
8,50
8,50
8,50
9,00
8,50
Annualized NOI
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
8,82 $
585.686
209.716
242.992
477.434
264.507
296.814
372.770
(536.908)
102.302
396.286
904.155
387.435
424.486
(202.110)
1.167.220
5.092.784
Cap Rate
0,0825
0,0875
0,0925
0,0850
0,0850
0,0925
0,0850
0,1000
0,0925
0,0900
0,0850
0,0850
0,0850
0,0900
0,0850
0,088167
Annualized Value
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7.099.228
2.396.758
2.626.938
5.616.871
3.111.842
3.208.802
4.385.526
13.060.000
1.105.965
4.403.174
10.637.112
4.558.059
4.993.955
1.940.000
13.732.002
$
82.876.232
Database: CAWLEY
Foreca st – Budget Report
CAWLEY
Date:
6/2212010
CDPB Residential
Time:
04:08 PM
Accrual
Actual amounts from 01/1 0 to 05/10, Budget amounts from
06/10 to 12/10
Total
Jan 2010
Feb 2010
Mar2010
Apr2010
May 2010
Jun2010
Jul2010
Aug 2010
Sep 2010
Oct2010
2,850,091
2,850,923
2,851,067
2,852,507
2,815,237
2,822,920
2,829,322
2,838,155
2,847,761
-50,354
-39,951
-34,263
Forecast
Total
Nov 201 0
Dec 2010
Budgeted
2,856,083
2,862,398
34,125,900
-52,330
-46,663
-679,659
-814,788
REVENUES
RENTAL INCOME
Gross Potential Rent
2,849,437
GainlLoss to Lease
-71,032
–
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