The Real Deal New York

Posts Tagged ‘anglo irish bank’

  • Beekman Tower Hotel hits the block for $80M

    September 20, 2012 12:30PM

    From left: Eastdil Chairman Benjamin Lambert and CEO Roy March and the Beekman Tower Hotel

    The 26-story Beekman Tower Hotel is now on the block for roughly $80 million, the New York Post reported. Located at East 49th Street at Mitchell Place, the property is being marketed by Eastdil Secured, who declined to offer the Post a comment. [more]

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  • From left: AG Eric Schneiderman, Yair Levy and a rendering of 225 Rector Place

    New York Attorney General Eric Schneiderman won a major decision against developer Yair Levy, as a state Supreme Court judge upheld a 2011 decision that bans the developer from selling condos and co-ops statewide and requires him to pay $7.4 million for having raided the reserve fund at the Rector Square condominium.

    Levy had sought to dismiss a June 2011 ruling by Judge Joan Lobis. Levy was found to have spent millions from the 304-unit Battery Park City condo conversion’s fund on personal and family expenses.  [more]

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  • The Apthorp, at 2211 Broadway

    Irish Bank Resolution, which changed its name from Anglo Irish Bank in July 2011, has decided not to sell a portion of its U.S. loans due to fears of lawsuits from U.S. customers, whose consent would have been required in order to sell their performing loans, an article in Irish Times said.

    The bank will maintain an office in Boston to manage the $1 billion in U.S. loans that it retained, the paper said. [more]

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  • Following months of legal maneuvering, a state Supreme Court judge has ruled that Anglo Irish Bank can finally sell the troubled mortgage loan backed by the Apthorp condominium on Manhattan’s Upper West Side.

    Judge Jeffrey Oing issued an order Nov. 29 finally allowing Anglo Irish Bank to move ahead with the sale of the $385 million mortgage loan to Dallas-based Lone Star Funds, but sources familiar with the negotiations say a final agreement was still being worked out to complete the deal.

    The Apthorp loan, which has a remaining balance of $225 million. just before the suit was filed Sept. 13, was one of the largest in a group of $5 billion in troubled loans to be acquired by Lone Star. Anglo agreed to sell its entire $9.5 billion U.S. portfolio after the Irish government took over the troubled lender and agreed to sell off all of its non-core holdings around the world. JPMorgan Chase and Wells Fargo agreed to buy the remaining tranche of performing loans…. [more]

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  • Attorney General Eric Schneiderman and the Apthorp

    Attorney General Eric Schneiderman has shut down the sales office at the Apthorp, fined the developers $190,000 and ordered rescission for all contracted buyers following an investigation into misleading statements made to the AG months before they filed suit to block Anglo Irish Bank from selling their $385 million mortgage loan.
    The Apthorp developers, led by Africa Israel USA and Broadwall Management, filed suit against the troubled bank Sept. 12, alleging the sale of the $385 million Apthorp loan would “adversely impact sales” and potentially “threaten the conversion project itself.”
    [more]

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  • Did the Apthorp developers mislead the AG?

    September 23, 2011 06:16PM

    Attorney General Eric Schneiderman and the Apthorp

    The developers of the Apthorp condominium, who filed suit earlier this month to block Anglo Irish Bank from selling the property’s $385 million mortgage loan, previously told state regulators that the potential loan sale would have no impact on them or the property, according to documents obtained by The Real Deal.

    In February, the Apthorp developers — led by Africa Israel — disclosed in a filing with Attorney General Eric Schneiderman that it was “not in default” on the mortgage, but there was a possibility that Anglo Irish “may sell the loan, however this would have no effect on the sponsor or the building.”

    That disclosure stands in stark contrast to the language used by the developers in Sept. 12 suit against Anglo Irish, where they warned that the sale would violate a 2010 loan restructuring deal and would potentially harm the conversion…. [more]

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  • A fresh dispute is heating up for control of 103-year old landmark property the Apthorp, the Wall Street Journal reported. Developer Africa Israel USA and the building’s other owners are threatening to exercise a right in their loan agreement to block a sale of the $260 million mortgage on the property by Anglo Irish Bank to Lone Star Funds.
    Private equity firms Lone Star, Wells Fargo and JPMorgan Chase triumphed in a battle for Anglo Irish’s $9.5 billion portfolio of U.S. commercial real estate loans last month. Lone Star took pools of non-performing and sub-performing loans worth around $5 billion, including the Apthorp mortgage.

    The ownership is preparing to take legal action, the Journal said, but the matter may still be worked out. … [more]

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  • From left: Anglo Irish buildings the Apthorp in New York and the
    Mandarin Oriental in Boston

    Private equity firms Lone Star Funds, Wells Fargo and JPMorgan Chase have triumphed in the battle for Anglo Irish Bank’s $9.5 billion portfolio of U.S. commercial real estate loans, sources told the Wall Street Journal. Lone Star took pools of non-performing and sub-performing loans worth around $5 billion, while Wells Fargo and JPMorgan Chase are to purchase pools of performing loans, worth $3 billion to $3.5 billion and $1 billion to $1.5 billion respectively.
    Anglo Irish reportedly raised an amount within its broker’s early price guidance of $7 billion to $8 billion, the Journal said.

    The sales are expected to close in October. The offering includes loans backed buildings from Manhattan — including the Apthorp at 390 West End Avenue — to Beverly Hills, Calif. Wells Fargo also won an auction for Bank of Ireland’s $1.4 billion U.S. commercial real estate loan portfolio, earlier this month. [WSJ]

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  • JPMorgan Chase and Wells Fargo are two of the banks among the final candidates that bid for parts of $9.65 billion in
    U.S. property loans owned by Anglo Irish Bank
    , Bloomberg News
    reported. The lenders are interested in acquiring pieces of the $4.52
    billion of performing loans. Investor groups led by private-equity
    firms Blackstone Group, together with Deutsche Bank, and Lone
    Star Funds also submitted offers for parts of the portfolio, which
    includes $5.13 billion of subperforming and non-performing debt,
    according to Bloomberg News. Anglo Irish aims to sell off its loans after it was seized by the Irish government in January 2009 during a surge in souring debt. … [more]

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  • Half of the bidders in the war over Anglo Irish’s $9.5 billion U.S. real estate portfolio are now out of the race, the Wall Street Journal reported, including TPG Capital, which was once considered a front-runner.
    While several of the firms are vying for specific parts of the portfolio, which is being marketed by Eastdil Secured and includes both performing and non-performing loans, others such as a Blackstone Group partnership, a partnership which includes LNR Property and Lone Star Funds are looking to bag the whole lot.
    Others that made it to the second round include Colony Capital, H/2 Capital Partners and Area Property Partners.
    The portfolio includes a loan on the Apthorp building at 390 West End Avenue.
    Second-round bids are due next week, with Anglo slated to choose a winner by September. [WSJ]

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  • From left: Anglo Irish buildings the Apthorp in New York and Mandarin Oriental in Boston

    Banks, private equity firms and investors may be tallying their resources as first-round bids for a $9.5 billion U.S. commercial real estate loan portfolio owned by failed lender Anglo Irish Bank are due tomorrow, Reuters reported.
    However, anxiety among investors over the fluctuating capital markets may slightly reduce the offering prices, as the properties’ performances become more difficult to underwrite.
    “With nervousness, everybody’s discount rate goes up and nobody knows exactly by how much. It makes it more difficult and likely makes it less valuable,” Richard Green, director of the University of Southern California’s Lusk Center for Real Estate. “If I’m bidding for something where I’m really uncertain about its value, I’m not going to bid as much.”… [more]

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  • HFZ Capital Group head Ziel Feldman held a party on the rooftop of the Setai Wall Street last night, along with Elie Pariente principal at the building’s marketing firm Synergy New York, to celebrate its recent return to the market (see photos above). The Zamir Equities-developed project at 40 Broad Street in the Financial District was converted to a 159-unit condominium in 2009, but Zamir defaulted on the $147 million loan attached to the building in 2010. Attorney General Eric Schneiderman halted closings to investigate the financing situation and the building was taken off the market.

    The financial trouble was preceded by construction turmoil that caused some initial buyers to back out of their contracts, and a lawsuit by the Setai Group brand alleging “substandard quality.” – Adam Fusfeld[more]

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  • After taking a hiatus late last year, sales at the Setai Wall Street condominium are resuming with a 16 percent price cut and a new marketing team, Synergy New York. Crain’s reported the 159-unit condo conversion is about 60 percent sold, but the developer, Zamir Equities, agreed to lower the price to $750,000 for one-bedrooms, $930,000 for two-bedrooms and $1.2 million for penthouses “to match today’s prices.”

    Setai Wall Street was at the center of financial problems last year, as Zamir defaulted on its $147 million loan, and the lender, Irish Anglo Bank, sold it to HFZ Capital Group and Acro Group for $80 million earlier this year…. [more]

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  • From left: Simon Elias, the Mark Hotel and Izak Senbahar

    Dune Real Estate Partners has filed to foreclose on loans granted to the Alexico Group’s Mark Hotel at 25 East 77th Street by Anglo Irish Bank, according to public documents filed in State Supreme Court last month. Dune bought the loans earlier this year. Alexico’s Simon Elias and Izak Senbahar pledged the hotel and co-op building as collateral for a total of five Mark Hotel-related loans, all of which are now in default, according to the public foreclosure filing dated June 9. The loans include a pre-development one totaling $14 million in 2006, a building loan mortgage totaling approximately $60.78 million, dated 2007, a project loan totaling around $22.7 million, a $17 million supplemental building loan and a $6.3 million supplemental loan mortgage. All of these debts are accompanied by unpaid interest, late charges, protective advances, service fees and attorney expenses. … [more]

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    From left: Yair Levy, Rector Square (source: PropertyShark) and Attorney General Eric Schneiderman

    A state Supreme Court judge has ordered developer Yair Levy to pay $7.4 million in restitution to the Rector Square condominium and permanently banned him from selling real estate in New York state.

    Judge Joan Lobis found last month that Levy defrauded the Battery Park City condo conversion, spending millions of dollars in reserve fund money on illegal personal and general business expenses, including charge card accounts, mobile phone bills and writing checks to family members.

    The judgment permanently bans Levy from selling condos or co-op projects in New York state, virtually ending a career lasting more than 30 years in the U.S…. [more]

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  • Anglo Irish Bank has defended itself against a lawsuit filed by New York-based Fir Tree Partners, which sought to force the bank to honor its debt obligation. According to Bloomberg News, the bank argued that its acquisition of Irish Nationwide Building Society and its sale of a U.S. loan portfolio were “non-commercial, sovereign acts” forced by the Irish government. Fir Tree owns $200 million of notes the bank issued in the U.S., and filed the suit because it doesn’t want the bank to transfer any U.S. assets out of the country, for fear the debts won’t be repaid. … [more]

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  • Anglo Irish Bank filed a foreclosure suit against Assa Properties, alleging the Manhattan-based developer defaulted on an $18.5 million loan at commercial building 940 Eighth Avenue.

    The four-story, 28,400-square-foot building, between 55th and 56th Streets, had been listed for sale since December 2010 at $29 million. The property is listed on the Eastern Consolidated website as in-contract; a spokesperson was not immediately available for comment.

    According to the suit, filed April 25 in New York State Supreme Court, senior lender Anglo Irish consolidated several prior loans into a single note in November 2007, and set a maturity date of Nov. 18, 2009.
    [more]

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  • alternate text
    From left: Simon Elias, the Mark hotel, Izak Senbahar


    Fillmore Capital Partners filed a $21.1 million suit against Mark hotel developers Simon Elias and Izak
    Senbahar of the Alexico Group, alleging the two defaulted on a mezzanine loan at the Upper East Side
    hotel.
    The suit, filed Monday in New York State Supreme Court, claims the two developers guaranteed
    repayment of a $25.8 million mezzanine loan from Dublin, Ireland-based Anglo Irish Bank in 2006, and
    acquired by San Francisco-based Fillmore in May 2007.
    The loan, amended in December 2007, allowed the developers to borrow up to $43.28 million and some
    of the funds advanced towards the project, leaving a balance of $38.5 million, as of April 2009. Fillmore
    says the borrowers waived their rights to make any claims against the lender, and agreed to guarantee
    the lesser of $7.75 million or the unpaid balance of the loan.

    [more]

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  • Dune Real Estate Partners has agreed to pay $190 million for Anglo Irish Bank’s mortgage loan on the embattled Mark Hotel on the Upper East Side, the Wall Street Journal reported. The note, which had a face value of around $300 million, had several interested bidders, including Starwood Capital, in an offering that had been ongoing for months. Dune now plans to work with Alexico Group, the developer of the landmark, 84-year-old hotel, whose renovation and partial co-op conversion had landed the property in financial straits. … [more]

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    Developer Shahab Karmely and 443 Greenwich Street

    Anglo Irish Bank and an Israeli investment firm are facing a $40 million lawsuit from developer Shahab Karmely, who alleges breach of contract and conspiracy after the Israeli firm foreclosed on his stake in a stalled Tribeca condominium project.

    Karmely, owner of Kar Properties, filed suit in New York State Supreme Court last month against the bank and W-D Group, an Israeli firm led by investors Eitan Wertheimer and Ezra Dagmi. W-D, the mezzanine lender in the proposed 118-rooom hotel and 40-unit condo at 443 Greenwich Street, foreclosed on Karmely’s stake in the project after he failed to pay back a $20 million mezzanine loan…. [more]

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