CASE STUDIES
Spring11 has the scale to support the world’s largest commercial real estate transactions and the flexibility to provide customized solutions for our clients at a cost that’s lower than our competitors.
CMBS Underwriting
Underwrote a $400 million loan secured by an 864,000 SF Class A office building with ground-floor retail in Manhattan
Built detailed reimbursement calculator based on CAM recs, leases/abstracts, and manager feedback during the budget review
Reviewed third party reports and provide commentary
Completed detailed credit committee memo and supported b-buyer questions and securitization team in circulating ASR
Balance Sheet Underwriting
Underwrote a $225 million condo-inventory loan for the unsold portion of a newly redeveloped, 167-unit luxury residential building located in Manhattan. The loan was collateralized by 71-unsold residential units and 20,000 square feet of commercial space as well as a parking and storage component.
Managed receipt and tracking of due diligence items and the corresponding checklist.
Abstracted purchase contracts and actively tracked sales activity for the purpose of determining pricing trends and the final collateral at closing.
Reviewed and abstracted third party reports.
Completed a detailed credit committee memo highlighting underwriting and due diligence findings that were supported by unit pricing sensitives, select sellout and breakeven analyses, market research, etc.
CLO
Provided re-underwriting of seasoned loans, data tapes, securitization ASRs, and term sheets for a $1.2bn CLO comprised of 25 loans
Compiled inventory of files and setup/managed Intralinks
Aggregated prelim data tape and comforted accounting tape and term sheets with attorneys, clients, and accountants to clear exceptions
ARGUS Audit and Update
Reconciled the Rent Roll / Argus Rent Roll / Lease Abstracts for a 16-property portfolio acquisition with over 300 tenants
Performed a comprehensive Review of the Recoveries which will include a full review of the Seller's source documents and billings to tenants. Includes pro rata shares, Base Years and Amounts, Caps, Gross-Ups and exclusions against the Lease Abstracts. Review the Argus model to be certain the future recoveries and pools are working properly.
Identified Termination and Contraction Options and below market Renewal Options.
Document/quantify the results of any discrepancies in supporting Excel Audit Schedule.
B-Piece Underwriting
Underwrote 110 loans across all asset classes for a $1.5bn securitization in a three-week timeframe
Conducted extensive due diligence, including site visits to each property and local broker interviews for each market represented
Presented each deal to the client's in-house credit committee
Asset Management, Loan Servicing, and Treasury Services
Provide high-touch debt and equity asset management services for a broad range of both institutional and non-institutional clients spanning billions in invested capital across all commercial real estate asset types.
Client engagements are customized to meet clients specific needs, including, but not, limited to:
Full service asset management and loan servicing on a construction debt portfolio with total capitalization over $2 billion made up of large, syndicated loans on trophy assets
Full service asset management and asset reporting for a portfolio with UPB of $6.7 billion made up primarily of bridge debt
Equity asset management services for a client portfolio made up of predominantly multi-tenant office/retail assets. Services include property management oversight, generate CAM recs and lease abstracts to manage tenant billings, and leasing oversight.