Tag Archives: Mezzanine Debt

The EB-5 Visa Program: the Rebirth of the Immigration Investor Program

This is a good news story for once.  But, of course, since the father of this soupcon of good news is our government, it’s almost unintended. From the ashes of the economic recession of 2008 came the rebirth of the Immigration Investor Program, more commonly known as “EB-5 Visa Program.”  This bit of social engineering … Continue Reading

Happy 2011 for Mezzanine Lenders?

My New Year began this past Monday morning with the following email from a client (a Giants fan): "Now that football season is over it’s time to get back to work". Not quite right for those of us here in New England, but I agree overall with the sentiment (albeit, with this year’s blizzard of year-end … Continue Reading

Distressed Debt: Boston Properties Next Up At Bay Colony

Two weeks ago, As the World Turns – a CBS soap opera documenting the lives of the inhabitants of the fictional town of Oakdale, Illinois – ended a 54 year run on daytime television. A shorter-tenured, but nonetheless compelling, local epic aired this week as Boston Properties announced that it had emerged from a bidding … Continue Reading

The Stuy Town Wars

Last week, the Supreme Court of the State of New York handed down a decision in the battle between CWCapital, representing the senior mortgage debt as special servicer, and Pershing’s andWinthrop’s joint venture, who recently bought the mezz debt in this transaction at a deep discount.  Everyone knows what’s going on here.  The mezz debt was bought as a lever to … Continue Reading

The Hancock Tower: A Distressed Debt Success Story?

According to the Boston Globe, the owners of Boston’s signature office building – the John Hancock Tower – have begun marketing a significant stake in the building.  Many will remember that the Hancock Tower represented one of the Great Recession’s first large-scale mezzanine foreclosures, falling in late 2008/early 2009 when a joint venture comprised of … Continue Reading

First Securitization Since 2008: No April Fooling

The Wall Street Journal and Bloomberg, among other outlets, reported last week that the Royal Bank of Scotland Group Plc is in the process of placing a multi-borrower securitization – the first such issuance to come to market since June 2008. Of course, RBS is facing several hurdles as it trailblazes once-familiar territory. The offering, variously reported … Continue Reading
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