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Trust Services Transactions

$105 Billion

Operating Advisor or Trust Advisor on 107 CMBS Trusts

Owner/Developer

$13,000,000

Boutique Hotel Debt Placement

Owner/Developer

$13,000,000

Boutique Hotel Debt Placement

Park Bridge was engaged by a developer to procure first mortgage financing to acquire and redevelop an existing 65 room hotel. The $13 million bridge loan will be used to transform the current two-star limited service hotel into a four-star, full-service resort property, offering luxurious guestroom amenities and a full menu of activities and programs. Park Bridge successfully identified, structured and negotiated a deal with maximum proceeds at a competitive interest rate, while providing the borrower with maximum flexibility to complete the construction project and implement its operating plan.

Private Developer

$60,000,000

Capital Placement for a Luxury Condominium Project

Private Developer

$60,000,000

Capital Placement for a Luxury Condominium Project

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.

Community Bank

$544,000,000

CRE Loan Risk Ratings, FAS 114 Calculations & Strategy Recommendations

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.

Life Insurance Company

$1,700,000,000

CRE Loan Risk Ratings, FAS 114 Calculations & Strategy Recommendations

Life Insurance Company

$1,700,000,000

Review of Loan Portfolio and Origination, Underwriting & Closing Practices

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 trusts 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.

Community Bank

$308,000,000

Non-Performing CRE Loan Portfolio Valuation and Pricing

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 banks 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.

Bulge-Bracket Investment Bank

$22,700,000,000

600 CMBS Loan Re-Underwriting and Valuation Assignment

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.

European Commercial Bank

$2,800,000,000

Whole Loan and Portfolio Risk Assessments -- Multiple Property Types

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.

Regional Bank

$39,000,000

Exclusive Financial Advisor Defaulted Condominium Construction Loan Structured Sale

Regional Bank

$39,000,000

Exclusive Financial Advisor Defaulted Condominium Construction Loan Structured Sale

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 trusts 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.

Private Equity Fund

$69,000,000

Defaulted Hotel and Condominium Construction Loan Valuation

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.

European Commercial Bank

$1,600,000,000

Whole Loan and Portfolio Risk Assessments - Multiple Property Types

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

$178,500,000

Syndicated Condominium Construction Loan Valuation

Money-Center Commercial Bank

$178,500,000

Syndicated Condominium Construction Loan Valuation

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 trusts 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.

Public REIT

$155,000,000

Mezzanine Debt & First Mortgage Valuation and Restructuring Office

Public REIT

$155,000,000

Mezzanine Debt & First Mortgage Valuation and Restructuring Office

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 clients investment. By assuming the restructured loan, the buyer obtained a core plus asset with 90% LTC financing.

Community Bank

General Consulting

Virtual Data Room for Participated Loan Information Sharing

Community Bank

General Consulting

Virtual Data Room for Participated Loan Information Sharing

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 trusts 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.

Life Insurance Company

General Consulting

Improved Quarterly Loan Reporting and Data Collection

Life Insurance Company

General Consulting

Improved Quarterly Loan Reporting and Data Collection

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 trusts 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.

Public REIT

$186,000,000

Loan Valuation and Mark-to-Market Analysis

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.

Public Pension Fund

$132,600,000

Loan Portfolio Review, Valuation and Pricing

Public Pension Fund

$132,600,000

Loan Portfolio Review, Valuation and Pricing

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 trusts 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.

Community Bank

$122,300,000

Classified Loans Resolution Strategies Update

Community Bank

$122,300,000

Classified Loans Resolution Strategies Update

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 trusts 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.

Owner/Operator of Manufactured Housing Communities

$1,600,000,000

CMBS Debt Refinance Advisory

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.

European Commercial Bank

$4,400,000,000

Whole Loan and Portfolio Risk Assessments Multiple Property Types

European Commercial Bank

$4,400,000,000

Whole Loan and Portfolio Risk Assessments Multiple Property Types

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 trusts 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.

Midwest Retail Owner/Operator

$23,800,000

CMBS Debt Restructuring Borrower Advisory

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.

Office Property Owner/Operator

$45,000,000

Mezzanine Debt Acquisition Advisory

Office Property Owner/Operator

$45,000,000

Mezzanine Debt Acquisition Advisory

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 trusts 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.

Public REIT

$127,000,000

Exclusive Financial Advisor Debt Restructuring - Office

Public REIT

$127,000,000

Exclusive Financial Advisor Debt Restructuring - Office

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 trusts 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.

Money Center Commercial Bank

$40,000,000

Retail Portfolio Origination Loan Underwriting

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.

Office Property Owner/Operator

$110,000,000

Mezzanine Debt Acquisition Advisory

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.

US-based Hedge Fund

$27,500,000,000

Multiple CRE LBO Debt Advisory Assignments

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.

Specialty Finance Company

$4,100,000

Distressed Note Sale - Manhattan Retail

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 propertys 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).

Publicly Traded Hotel Operator

$130,000,000

Litigation Support Full Service Hotel

Publicly Traded Hotel Operator

$130,000,000

Litigation Support Full Service Hotel

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.

Private Equity Fund

$171,000,000

CMBS Debt Restructure Portfolio/Multiple Property Types

Private Equity Fund

$171,000,000

CMBS Debt Restructure Portfolio/Multiple Property Types

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.

Bankruptcy Estate

$1,031,000,000

Loan Valuation and Ch. 11 Expert Witness

Bankruptcy Estate

$1,031,000,000

Loan Valuation and Ch. 11 Expert Witness

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 trusts 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.

Foreign Pension Fund

$180,000,000

Parri Passu Senior Mortgage Loan Underwriting - Hotel

Foreign Pension Fund

$180,000,000

Parri Passu Senior Mortgage Loan Underwriting - Hotel

Park Bridge was engaged by a foreign pension fund to provide loan underwriting and property inspection services for a parri passu investment in a newly-originated senior mortgage loan collateralized by a full service hotel located in Manhattan.  Park Bridge performed a thorough review and underwriting analysis of the requested loan, including an evaluation of the collateral’s historical performance, its performance against the competitive set, proposed loan structure, local market, third party reports and the sponsor.  Park Bridge identified the key risks to the transaction and proposed various structures to adequately mitigate these risks.  Park Bridge completed and delivered a complete credit committee underwriting package to our client.  Additionally, Park Bridge advised in the negotiation of the intercreditor agreement that resulted in a substantial economic gain to our client.

Foreign Pension Fund

$15,000,000

Senior Mezzanine Loan Underwriting Office

Foreign Pension Fund

$15,000,000

Senior Mezzanine Loan Underwriting Office

Park Bridge was engaged by a foreign pension fund to provide loan underwriting services for a senior mezzanine loan investment in a newly-originated senior mortgage loan collateralized by a portfolio of office buildings in the Peachtree section of Atlanta, GA.  Park Bridge performed a thorough review and underwriting analysis of the requested loan, including an evaluation of the collateral’s historical performance, proposed loan structure, local market, third party reports and the sponsor.  Park Bridge identified the key risks to the transaction and proposed a new capital structure to adequately mitigate these risks.  As a direct result, the client substantially reduced its risk while keeping its original return profile.  Park Bridge completed and delivered a complete credit committee underwriting package to our client.

Foreign Pension Fund

$14,000,000

Senior Mezzanine Loan Underwriting Office

Foreign Pension Fund

$14,000,000

Senior Mezzanine Loan Underwriting Office

Park Bridge was engaged by a foreign pension fund to provide loan underwriting and property inspection services for a mezzanine loan investment secured by an office building in San Francisco, CA.  Park Bridge performed a thorough review and underwriting analysis of the requested loan, including an evaluation of the collateral’s historical performance, proposed loan structure, local market, third party reports and the sponsor.  Park Bridge identified the key risks to the transaction and proposed various structures to adequately mitigate these risks.  Park Bridge completed and delivered a complete credit committee underwriting package to our client. 

US-based Hedge Fund

$1,225,000,000

B-Piece Due Diligence and Underwriting Assignment

US-based Hedge Fund

$1,225,000,000

B-Piece Due Diligence and Underwriting Assignment

Park Bridge was engaged by a US-based hedge fund to perform post-bid due diligence of a pool of mortgage loans for a CMBS b-piece investment.  Under a tight deadline, Park Bridge completed a detailed review and underwriting analysis of each loan, taking into consideration collateral property performance, current market conditions, third party report reviews and underwriting guidelines provided by the client. The analysis included the identification of risks and mitigating factors, as well as three separate loan loss projection scenarios.  Park Bridge then submitted a Roll-Up Report for the entire portfolio, highlighting summaries of our findings, as well as recommendations for the removal of several loans from the pool.

Foreign Pension Fund

$215,500,000

Review and Pricing of Portfolio of CMBS and Balance Sheet Loans Multiple Property Types

Foreign Pension Fund

$215,500,000

Review and Pricing of Portfolio of CMBS and Balance Sheet Loans Multiple Property Types

Park Bridge was engaged by a North American pension fund asset manager to review and price a portfolio of assets consisting of performing mortgage loans, leveraged lease transactions and asset backed securities, including commercial CMBS and Ginnie Mae securities.  Park Bridge prepared and delivered pricing sheets that contained pricing conclusions and rationales for each loan and a fair market value opinion for each security.  Park Bridge also reviewed each leveraged lease transaction and provided values, taking into consideration the impact of the mortgage loan encumbering each property.  A detailed final report was submitted to our client discussing the results of our analysis. Park Bridge also provided real time market color regarding the target’s business prospects and the lending and CMBS market dynamics.

US-based Hedge Fund

$645,000,000

CRE Loan Portfolio Pre-Bid Underwriting and Due Diligence

US-based Hedge Fund

$645,000,000

CRE Loan Portfolio Pre-Bid Underwriting and Due Diligence

Park Bridge was engaged by a US-based hedge fund to perform pre-bid due diligence for a contemplated investment of a pool of performing senior mortgage loans, credit facilities and B-notes secured by various properties located in the United States.  Under a tight deadline, Park Bridge completed a detailed review and underwriting analysis of each loan, taking into consideration collateral property performance, current market conditions, third party report reviews and loan structure. The analysis included the identification of risks and mitigating factors, as well as incorporating information obtained from contacting local brokers.  Park Bridge then submitted a Summary Report for the entire portfolio, and presented our findings to the client’s investment committee.

Multi-Family
Owner/ Operator

$45,000,000

Revolving Credit Facility Placement

Multi-Family
Owner/ Operator

$45,000,000

Revolving Credit Facility Placement

Park Bridge was retained by a Florida-based multifamily owner/operator to raise either a $45 million full term interest-only term loan or a revolving credit facility secured by a portfolio of 30 stabilized and yet-to-be repositioned Class C properties, which are typically difficult to finance. The request was challenging given the owner/operator was a newly formed company with less than 18 months of operating history. PBF worked with the company to organize property level financials and developed a detailed two-year financial projection model on an asset-by-asset basis for the marketing package to aid lenders in their analysis. Lacking company related literature, PBF also created the company’s sponsor overview, including an acquisition philosophy and other narrative descriptions. PBF received many bids from both bridge and corporate facility lenders, several with proceed levels far exceeding the client’s expectations. After extensive cost and benefit analysis, PBF recommended that the client close a revolving secured credit facility with a bank lender that offered maximum flexibility, which the client accepted.

Public REIT

$18,000,000

Mezz Foreclosure and REO Sale

Public REIT

$18,000,000

Mezz Foreclosure and REO Sale

A public, non-traded REIT engaged Park Bridge to advise on the workout of a defaulted mezzanine loan in its portfolio. The client had originally purchased the loan in 2008. Cash flow deteriorated in 2008 and 2009 leading to a senior mezzanine loan default in late 2009. By that time, the first mortgage had been transferred to special servicing, although it was not yet in default. The client had preliminary restructuring discussions with the borrower in early 2010, and also received an unsolicited offer from a third party to buy the position. PBF valued the position and quickly concluded that the third party mezzanine loan purchase offer was inadequate. With the potential restructuring at an impasse and value of the property eroding, PBF recommended foreclosing on the mezz loan and led the negotiations for a friendly foreclosure. Once the foreclosure documents were complete, PBF represented the client in negotiating with the special servicer for a restructure of the first mortgage. At the same time, PBF marketed the position to a select group of possible buyers. While still engaged with the special servicer, PBF solicited multiple bids for the equity. The winning bid was over 4.5 times the first offer received for the purchase of the senior mezz and represented nearly a 100% recovery of the client’s original investment.

Regional Retail
Owner/Operator

$90,000,000

Regional Mall Loan Restructure

Regional Retail
Owner/Operator

$90,000,000

Regional Mall Loan Restructure

Park Bridge was engaged by the owner of a regional mall located in Massachusetts that was collateral for a $90 million floating-rate first mortgage. New competition and the bankruptcy of several key junior anchors had driven in-line occupancy at the subject property to below 60% by the time Park Bridge was engaged in mid 2012. The loan was due to mature within six months. PBF developed a comprehensive cash flow underwriting and valuation for the asset and then prepared a memorandum that outlined its conclusions about the asset and the debt structure in order to facilitate the loan’s transfer to special servicing. Park Bridge was able to convince the special servicer to forego foreclosure and conduct a note auction instead. This enabled the client to participate in the auction process, which would have been forbidden if the property was REO. The resulting transaction price represented a 78% discount to the outstanding loan balance and was done in a tax efficient manner. The client was then able to adjust its basis and now has the chance to profitably reposition the property.