Private Equity Fund

$171,000,000

Park Bridge was engaged by the owner of a portfolio of 39 office, industrial and flex buildings located in Massachusetts, New Jersey, Virginia and the Chicagoland area of Illinois to restructure its $171 million CMBS first mortgage loan. Park Bridge first provided the master servicer with a detailed rationale for the loan's transfer to special servicing. The final restructure terms provided the lender with an upfront equity contribution to a working capital reserve for leasing and capital expenditures. The terms also provided for an orderly reduction in debt based on a property sales plan developed by our client. Park Bridge negotiated a three-year loan extension, two one-year extension options and a pay-and-accrue structure to provide our client sufficient flexibility to accomplish its business plan.

Publicly Traded Hotel Operator

$130,000,000

Park Bridge was engaged by a major unsecured creditor to provide litigation support in connection with a full service hotel bankruptcy in Honolulu, Hawaii. Park Bridge was asked to provide its expert opinion regarding the future refinance-ability of the hotel. Park Bridge prepared an expert report, reviewed the declarations of other expert witnesses and prepared rebuttal reports. Our team worked with litigators on talking points and cross examination ideas. Park Bridge also provided a deposition and full testimony during the bankruptcy court's confirmation hearing.

Under the direction of very experienced and competent litigation counsel, Park Bridge's opinion and testimony was critical in helping win an eight-figure settlement for the client.

Community Bank

$308,000,000

Non-Performing CRE Loan Portfolio Valuation and Pricing

Park Bridge valued a 70-note, $308 million NPL portfolio for community bank. The client required an independent, knowledgeable report in order to determine the bank’s corporate portfolio strategy. We presented full narratives discussing each loan and underlying property. Our analysis accounted for the status of asset strategies already in-place for each loan, and included both a competitive auction scenario and bulk liquidation scenario.

Office Property Owner/Operator

$110,000,000

Mezzanine Debt Acquisition Advisory

Park Bridge advised a major New York real estate firm on the acquisition a large mezzanine loan secured by the equity of a New York City office building. We provided pricing and negotiation services to the purchaser. Our efforts resulted in a successful note purchase, providing liquidity to the seller and a strong equity return for our client.

Midwest Retail Owner/Operator

$23,800,000

CMBS Debt Restructuring Borrower Advisory

Park Bridge was retained by a conduit loan borrower to provide structuring and negotiating expertise on the restructure of a Midwest retail loan. Our firm was chosen because of our extensive knowledge of conduit loan structures, CMBS trust waterfalls and key special servicing staff contacts. The new deal extensively restructured the debt and enabled borrower and lender to attract and sign an anchor tenant to the center, resulting in both a substantial debt reduction to the borrower and a Net Present Value to the trust that was much higher than a foreclosure liquidation value.

Public REIT

$186,000,000

Loan Valuation and Mark-to-Market Analysis

Park Bridge was engaged by a US-based public REIT to provide a loan valuation and refinance analysis on several joint-venture properties located in the continental U.S. Park Bridge also provided a market-to-market analysis on the gain or loss to these joint ventures as a result of the change in liability valuation. The REIT sought out Park Bridge because of our commercial real estate debt expertise and because volatile market conditions at the time made getting accurate valuations difficult. Park Bridge delivered a complete report on each joint venture and its associated debt, providing full rationales for our valuations and refinance opinions.

US-based Hedge Fund

$27,500,000,000

Multiple CRE LBO Debt Advisory Assignments

Park Bridge was engaged by a US-based hedge fund which had acquired significant mezzanine loan participations associated with two large real estate firm leveraged buyouts. The combined LBO debt was $27.5 billion. At the time, one of the related companies had just entered bankruptcy and there was concern a second would file shortly. The client needed a full strategic review of each firm and their bankruptcy prospects. Park Bridge performed a comprehensive review of the loan documentation in each LBO, reviewed the relevant developments in the current bankruptcy case. Our team's extensive experience and contacts in the commercial real estate industry enabled detailed insight in to each case. Park Bridge delivered a 60-page strategic review outlining each transaction, summaries of the competing financial interests, probable courses of action, and possible end-game scenarios.

European Commercial Bank

$1,600,000,000

Whole Loan and Portfolio Risk Assessments - Multiple Property Types

Park Bridge was engaged to provide individual risk ratings on a portfolio of commercial mortgages for both internal management review and bank regulatory reporting purposes. For this assignment, the client needed an advisor who had expertise in complex loan structures and transitional collateral types. Many of the debt positions were participations in loan syndicates, which required an in-depth analysis of lender control rights, servicing practices, and business environment, especially on issues of potential loan modifications and future advances for several development loans. Park Bridge reviewed each review, performed detailed valuations on the underlying assets, estimated loan-to-value and debt service coverage ratios and risk-rated each asset in accordance with FDIC and internal bank requirements. Park Bridge presented its findings in a full written report for each loan facility and made oral presentations to the senior loan committee. Our recommendations were fully implemented, allowing our client to complete their regulatory review and to set appropriate reserve levels for each loans.

Money Center Commercial Bank

$40,000,000

Retail Portfolio Origination Loan Underwriting

Park Bridge was engaged by a large, money-center bank to provide loan underwriting and risk analysis for a newly-originated loan collateralized by a portfolio of retail properties located in the northeast region of the United States. Park Bridge completed a thorough review and underwriting analysis of the prospective loan, including an evaluation of the collateral's performance, proposed loan structure, local market, tenant credit metrics and competitive positioning in each submarket, and reviewed third party reports and the sponsor's financial status and experience. Park Bridge identified the key risks to the transaction and proposed structural changes to the loan that properly mitigated these risks. Park Bridge completed and delivered a complete credit committee underwriting package to our client under very tight time constraints.

Private Equity Fund

$69,000,000

Defaulted Hotel and Condominium Construction Loan Valuation

Park Bridge advised a private equity client in its bid to purchase two cross-collateralized defaulted loans secured by a hotel and condominium construction project in Minneapolis. Park Bridge performed separate in-depth valuation analyses for both the operating hotel and the unsold condominium units. We independently researched for updated market data and comparables as well as created customized valuation models to arrive at our conclusions. Upon completion of the valuation analysis, Park Bridge presented the results and findings in its standard form of report, which included an estimate of acquisition and stabilized values for each property, given our client's return requirements.

Bulge-Bracket Investment Bank

$22,700,000,000

600 CMBS Loan Re-Underwriting and Valuation Assignment

Park Bridge was engaged to review and value 600 mortgage loans contained in 25 separate securitizations. For each loan, Park Bridge provided an estimated property-level spot valuation based on a combination of (a) historical and in-place operating cash flows, (b) an underwritten cash flow, (c) current market rental data, and (d) current market cap rates and/or sales price per SF/unit. Park Bridge also highlighted potential near term risks to cash flow and provided its rationale for estimated value and default probability. Under very tight deadlines, Park Bridge completed the assignment on time and on budget.

WFCM 2010-C1 Commercial Mortgage Trust

$735,000,000

Subordinate Class Representative retained by the B-Piece buyer

Park Bridge was retained to represent the subordinate certificate holder to oversee all activities of the Special Servicer. All Major Decisions regarding individual mortgage loans made by the trust as defined in the Pooling and Servicing Agreement must be approved by Park Bridge. We monitor the transaction monthly and provide early warning to the client regarding potential watch list loans. Park Bridge is currently the only non-affiliated, third-party agent chosen to be a Subordinate Class Representative.

Institutional B-Note Holder
COMM 2006 FL-12

$425,000,000

Operating Advisor for the Independence Plaza floating-rate loan

Park Bridge Financial was named Operating Advisor for a highly structured first mortgage loan secured by a 1300+ unit apartment complex in the Tribeca section of New York City. The debt had been tranched into an A and B Participations. The A-note was divided into a pooled portion and two rake bonds. The B-note was divided into three separate tranches as well. Park Bridge worked with the B-note holders, the new special servicer and the borrower to extend and restructure the loan, including a $27 million upfront pay down, full cash-trap, increased reserves, and using excess cash flow during the two-year extension period to rapidly amortize the loan. The restructure was accomplished under very tight deadlines, allowing the loan to be re-cast prior to the maturity date.

Money-Center Commercial Bank

$178,500,000

Syndicated Condominium Construction Loan Valuation

Park Bridge was engaged by a major money center commercial bank in order to provide a rapid and thorough valuation of its position in a syndicated construction loan secured by a condominium project on the eastern seaboard of the US. The assignment was time sensitive given looming reporting deadlines and intricate given the lack of comparable property sales and relative volatility in the then current local residential real estate market. The Park Bridge team reviewed the loan documentation and contacted lenders and real estate professionals with expertise in the local market and property type. Park Bridge delivered its valuation within 24 hours of the initial request. Our valuation of the loan participation interest was within 1% of the eventual sales price.

Community Bank

$544,000,000

CRE Loan Risk Ratings, Impairment Calculations & Strategy Recommendations

Park Bridge was engaged by a community bank to review and analyze a portfolio of 150+ performing and sub-performing commercial mortgage loans. Park Bridge evaluated each loan based on underlying credit metrics, property cash flow performance and sub-market analysis. Park Bridge assigned each loan both an OTS and FDIC-compliant risk ratings, calculated loan impairments as appropriate and proposed the loan exit-strategy that maximized our client's recovery for each loan. Park Bridge completed the assignment on-time and on-budget, despite an aggressive year-end deadline.

European Commercial Bank

$2,800,000,000

Whole Loan and Portfolio Risk Assessments -- Multiple Property Types

Park Bridge provided separate risk-rating recommendations on a mixed portfolio of term loans and unsecured revolving credit facilities. The recommendations were to aid both internal management review and bank regulatory reporting. Many of the debt positions were participations in very large loan syndicates, which requires an in-depth knowledge of lender control rights and other syndication related issues. Park Bridge reviewed each file, performed detailed valuations on the underlying assets, and generated LTVs, DSCRs and new risk ratings for all assets. Park Bridge presented its findings in a written report and a presentation to the senior loan committee.

Owner/Operator of Manufactured Housing Communities

$1,600,000,000

CMBS Debt Refinance Advisory

Park Bridge was retained by the owner and operator of a pool of manufactured housing properties to provide a refinancing strategy of its $1.6 billion first mortgage financing. The loan had a very complex capital stack, which consisted of a series of 45 cross-collateralized promissory notes backing both floating and fixed rate debt with varying maturity dates that were further divided into senior and subordinate tranches. Various portions of the loan were further syndicated to balance sheet holders or securitized as CMBS debt.

Given our extensive experience in securitized debt, we were able review the relevant CMBS offering documents and pooling and servicing agreements. We summarized the rights, obligations and remedies among the parties related to the various securitizations, including the borrowers, lenders, trustees, servicers and b-piece buyers of the CMBS trusts. We also provided a detailed series of analyses which including shifting strategies based on how certain directed tranches and rake bonds would influence trust decisions given the applicable CMBS securitization documents and servicing practices. We also aided legal counsel in reviewing the applicable loan documents, clarifying the extension and refinancing provisions, and anticipating each trust's response given the requirements of the trust documents and Accepted Servicing Practices. Park Bridge also provided a full interest rate cap analysis and analyzed potential TALF-eligible refinancing of the loan's floating rate portion.

Public REIT

$155,000,000

Park Bridge was engaged by a public, non-traded REIT to maximize the recovery of a defaulted mezzanine loan. Our client held an $18 million senior mezzanine loan, which was subordinate to a $108 million CMBS first mortgage. Additional junior mezz brought the total debt stack to $155 million. The collateral was a Class-A office complex located in a Washington, DC submarket. After valuing the asset, Park Bridge commenced a UCC foreclosure action while also negotiating a consensual ownership transfer. Concurrently, Park Bridge began negotiating a first mortgage modification with the special servicer while also marketing the client's new equity position for a sale to third party investors.

Within four months, Park Bridge completed the consensual foreclosure, a modification of the first mortgage loan and a sale of the asset to a third party investor subject to the newly restructured debt. These actions recovered over 90% of the client’s investment. By assuming the restructured loan, the buyer obtained a core plus asset with 90% LTC financing.

Specialty Finance Company

$4,100,000

Distressed Note Sale
Manhattan Retail

Park Bridge Financial acted as loan sale advisor on the sale of a $4.1 million floating-rate loan. The loan was secured by a first lien on a 10,000 square foot, two-story retail condominium in Chelsea. The loan was performing, but the subject property’s single tenant had given a non-renewal notice because of a corporate relocation. Park Bridge marketed the note to small and mid-sized investors in the greater New York metropolitan area. The loan was sold for $2.65 million, (65% of par).

Private Equity Fund

$31,000,000

Class A Office
CMBS Debt Restructure and New Equity Raise

Park Bridge advised a borrower on the restructure of a $31million, fixed-rate loan secured by a first lien on a 200,000 SF, Class-A office building in Westchester County. Park Bridge first had the loan moved to special servicing in advance of a 50% tenant’s early lease termination. Park Bridge successfully negotiated a modification of the mortgage loan, including the subordination of $13 million of first mortgage debt, a three-year extension and a pay-and-accrue structure which provided interim interest relief while the asset is re-tenanted. The loan structure also provided for a $3 million principal pay down and a $5 million capital reserve at closing. Park Bridge also worked with the borrower to raise the rescue capital needed to complete the restructure.

Owner/Developer

$60,000,000

Condominium Construction Financing Placement

Park Bridge was engaged to procure construction financing for a 65-unit luxury residential condominium development in heart of Sag Harbor Village, New York. The $60 million investment fully funded the development and rehabilitation of the former Bulova Watchcase Factory into loft-style condominium units and townhouses, a recreation center with outdoor pool, a spa and an underground parking facility. Park Bridge conducted an exhaustive search, and successfully located, structured and negotiated the final deal during one of the most difficult financing markets of the past 25 years.

COMM 2012-LC4
Commercial Mortgage Trust

$941,268,000

Operating Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Operating Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

BAMLL-DB 2012-OSI
Commercial Mortgage Trust

$324,800,000

Trust Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Trust Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

COMM 2012-CCRE2
Commercial Mortgage Trust

$1,321,153,000

Operating Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Operating Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

BAMLL 2012-CLRN
Commercial Mortgage Trust

$335,000,000

Trust Advisor for a fixed-rate CMBS 2.0 single-borrower transaction

Park Bridge Lender Services LLC was chosen as Trust Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

UBS 2012-C3
Commercial Mortgage Trust

$1,294,628,000

Operating Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Operating Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

COMM 2012-CCRE4
Commercial Mortgage Trust

$1,111,000,000

Operating Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Operating Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

COMM 2012-CCRE5
Commercial Mortgage Trust

$1,313,000,000

Operating Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Operating Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

COMM 2013-LC6
Commercial Mortgage Trust

$1,400,000,000

Operating Advisor for a fixed-rate CMBS 2.0 transaction

Park Bridge Lender Services LLC was chosen as Operating Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.

MSC 2013-WLSR
Commercial Mortgage Trust

$193,000,000

Trust Advisor for a fixed-rate CMBS 2.0 single-borrower transaction

Park Bridge Lender Services LLC was chosen as Trust Advisor for this CMBS issue. As a designated agent of the Trust, Park Bridge provides surveillance and oversight services to the trust’s certificate holders. Under certain situations, Park Bridge will review and approve the decisions made by servicers regarding troubled loans and loans requiring the trust to make Major Decisions, as defined by trust governing documents.