Comments on: Northstar is Running out of Time; is Hamamoto Outside the Tent?

By: nik

nik — Thu, 11 Mar 2010 18:04:42 +0000

Hey!

Reitwrecks, can you spend time (if you have interest) analysing the recent restructuring of the centerline holdings company.

Thanks

By: The Wikinvest Daily Angle » Northstar is Running out of Time

The Wikinvest Daily Angle » Northstar is Running out of Time — Tue, 09 Mar 2010 08:06:19 +0000

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By: REITWrecks

REITWrecks — Tue, 09 Mar 2010 07:31:42 +0000

Thanks crabsofsteel (if you please). I got a number of emails on NCT while they were tendering for their preferreds last quarter, but my shoulder was broken and typing wasn’t the pleasurable activity it normally is. I will definitely be taking a closer look at their 10K once the renovation here is finished. Also, thanks for registering and contributing your experience with DL and non-traded REITs. It’s simply amazing what’s going on in that market!

daan – sorry, I don’t know the name of the retailer. I will post anything I learn though. I would also be interested in knowing the terms of that loan. What could have possibly drug NRF across the Atlantic?? If it’s levered up retailers you want, there’s certainly no need to break out your passport…

By: daan

daan — Tue, 09 Mar 2010 00:20:01 +0000

Do you know the name of the German retailer that collateralizes a NRF 72.5mm euro mezzanine loan? Apparently they have filed for bankruptcy (page 19 of the 10k).

By: crabsofsteel

crabsofsteel — Fri, 05 Mar 2010 17:43:46 +0000

great post RW. I'ld love to see similar analysis of the other CRE CDO bigshots: Newcastle, Sorin, Guggenheim, etc. I also wonder how much exposure Wachovia retained.

By: REIT Wrecks

REIT Wrecks — Fri, 05 Mar 2010 02:11:50 +0000

Hah! Not picking on Bobby Van's - I just mentioned them because used to work at 399 Park (not on 18 though), and I know it's a quick trot down the street. Personally I hate the bar, but if you want a man steak I think it's worth the trouble.

Still rooting for NRF on this end, by the way. But time is a wastin', and the value add/opportunity play is not the smorgasbord everybody (myself included) thought it would be.

Not saying they can't make it, just that it's much closer to a crap shoot than I ever imagined it would be. NRF is no Alesco, and I'd really hate to see them them meet the same fate given the quality of their portfolio.

By: Anonymous

Anonymous — Thu, 04 Mar 2010 22:19:24 +0000

Informative post, esp in light of your former enthusiasm for NRF.
But why are you picking on Bobby Van's?