Gee, I can't figure out why commercial real estate is such a mess... - DFWstangs Forums
 
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post #1 of 4 (permalink) Old 04-07-2009, 10:59 AM Thread Starter
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Gee, I can't figure out why commercial real estate is such a mess...

I get shit like this everyday. Keep in mind that we have never even heard of these people, obviously they are getting murdered and begging for money from anyone who might listen:


XXX:

Call me on my mobile (XXX-XXX-8678) this previous Lehman project. We have teamed up with the Canadian IB.

We are currently seeking hard construction financing for a landmark Canadian project located at the most important address in Canada, Yonge and Bloor. the development will emerge as the tallest residential condominium/hotel/retail development in the country. The project is 80% pre-sold with non refundable deposits and mortgage approvals in place.

Our funding request is in the amount of $350 000 000 for hard construction the deal is ready to go as we have full support from the local politicians and all permits,zoning,etc.. are approved and the site has already been demolished. Please review the executive summary and let me know if your firm would be interested.

1 Bloor Overview

Project: Residential Condominium/5 star Hotel/Retail development .Truly located at the epicenter of Canada at the most important intersection in the country Yonge and Bloor. In Toronto
Site area: 50,480,090 sq. ft.
491 units sold for $313,903,816/ $823.00/sq.ft $65 700 000 of deposits received to date (20% deposits on each purchase no bulk buyers).
Hotel component sold to Sofitel for $50, 755,000
Equity $55,000,000
Total Project $541,628,408.00
Total Funding Request: $312,000,000 USD
Lehman was the partner for this deal from day one. We have approached all five major financial institutions in Canada but due to current financial climate their mandate is now a maximum of $65 000 000 per deal. Also JP Morgan and Morgan Stanley have been approached.
The deal is a self liquidating deal as there is sufficient money in with the current amount of units sold to date along with the hotel sale it amounts to approximately $380 000 000.00


R XXXX, Manager
Blah blah blah Partners
Blah blah blah Construction Company
Las Vegas Office:
3993 Blah Drive
Las Vegas, Nevada 89103
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post #2 of 4 (permalink) Old 04-07-2009, 12:05 PM
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Sounds like a great investment... I will write him a check myself

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post #3 of 4 (permalink) Old 04-07-2009, 12:09 PM
duh...duh....duh
 
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Wonder if they can pro-rate a 10 dollar investment?

My '03 Sold.
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post #4 of 4 (permalink) Old 04-07-2009, 12:24 PM Thread Starter
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I'm just amazed that he rattles off all the investment banks that have already turned him down.
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