[AsburyPark] Re: more on the fund...
--- In AsburyPark@yahoogroups.com, oakdorf [EMAIL PROTECTED] wrote: Very interesting (maybe boring for some), but from this read, $60m (that number again) seems that was MM.s money, then this pension system, Jan 2007, kicked in $125m (25%). Dan would be the best to comment I guess. http://www.psers.state.pa.us/org/board/resolutions/2007/madison.pdf Some of their analyis on the economy and commercial vacancy rates from today's view, is off. That coincides with numbers on the commercial side predicting higher vacany rates even on commercial spaces. Like MM, I have a client with a shopping center half full, current tenants in a panic. They are ready to offer one year free rent to get new business in and/or a piece of the business. How many have egg on their faces? I thought the market was going to tank in 2005, 2006 and 2007. I was finally right. Tons of valuations were wrong. Big deals in NYC going/gone south. Macklowe destroyed (again). Tishman Speyer may not make it with their heady purchases of Peter Cooper Village and Stuyvesant Town. Archstone, Blackstone and others' deals unwinding. Everyone forming groups to assist in distressed properties. Ha! Sort of like the doctor being your undertaker too. Not only can we guard your health, but if you don;t make, don't worry, we can bury you too. Nothing like one-stop shopping. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: more on the fund... and on MM
We have to be careful what we wish for here. The disaster scenario would be MM pulls out of Asbury and nobody else steps up to take over the project because other real estate opportunities are trading at distressed prices now but don't have nearly the risk that Asbury has. Or MM funds for Asbury get diverted elsewhere because of the opportunities arising. I spent all day at a distressed conference today and spectacular properties are trading at enormous discounts. It becomes very difficult, virtually impossible to get funding for long term projects in this environment particularly ones that don't generate near term cash flow (asbury is a long tailed, long term cash flow play with big potential reward but bad near term economics). I wonder what the cotingency plan would be if MM backed out and cut its losses to focus elsewhere. This is probably a much more serious risk than most on this board perceive. Any thoughts? dan S. --- In AsburyPark@yahoogroups.com, dfsavgny [EMAIL PROTECTED] wrote: --- In AsburyPark@yahoogroups.com, oakdorf oakdorf@ wrote: Very interesting (maybe boring for some), but from this read, $60m (that number again) seems that was MM.s money, then this pension system, Jan 2007, kicked in $125m (25%). Dan would be the best to comment I guess. http://www.psers.state.pa.us/org/board/resolutions/2007/madison.pdf Some of their analyis on the economy and commercial vacancy rates from today's view, is off. That coincides with numbers on the commercial side predicting higher vacany rates even on commercial spaces. Like MM, I have a client with a shopping center half full, current tenants in a panic. They are ready to offer one year free rent to get new business in and/or a piece of the business. How many have egg on their faces? I thought the market was going to tank in 2005, 2006 and 2007. I was finally right. Tons of valuations were wrong. Big deals in NYC going/gone south. Macklowe destroyed (again). Tishman Speyer may not make it with their heady purchases of Peter Cooper Village and Stuyvesant Town. Archstone, Blackstone and others' deals unwinding. Everyone forming groups to assist in distressed properties. Ha! Sort of like the doctor being your undertaker too. Not only can we guard your health, but if you don;t make, don't worry, we can bury you too. Nothing like one-stop shopping. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: more on the fund...
--- In AsburyPark@yahoogroups.com, dfsavgny [EMAIL PROTECTED] wrote: No, you don't want them to leave town, otherwise you might wind up with the old beer banner signs that graced the buildings on the boardwalk... Very curious though on the terms of investments in the fund. There could be a clause whereby the funds invested less fee are returned if certain conditions are not met. If that is the case, then MM has to have their own contingency plans. Hopefully, they won't pull it's their fault... it didn't work. That one has been used before - sometimes right, sometimes not. If they don't have a plan for The Wesley end of town - the link between Cookman and Boardwalk then what? Look at who else has invested in their funds - where are they todaythemselves running for cover. HOV can't move. If you read that recommendation to invest in the fund, MM was looking at an IRR (Internal rate of return - which I still have a hard time understanding) is 18%. In the end, it all depends. Everyone should be thakful they had great weather this summer. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
[AsburyPark] Re: more on the fund... and on MM
--- In AsburyPark@yahoogroups.com, dsher4 [EMAIL PROTECTED] wrote: We have to be careful what we wish for here. The disaster scenario would be MM pulls out of Asbury and nobody else steps up to take over the project because other real estate opportunities are trading at distressed prices now but don't have nearly the risk that Asbury has. Or MM funds for Asbury get diverted elsewhere because of the opportunities arising. I spent all day at a distressed conference today and spectacular properties are trading at enormous discounts. It becomes very difficult, virtually impossible to get funding for long term projects in this environment particularly ones that don't generate near term cash flow (asbury is a long tailed, long term cash flow play with big potential reward but bad near term economics). I wonder what the cotingency plan would be if MM backed out and cut its losses to focus elsewhere. This is probably a much more serious risk than most on this board perceive. Any thoughts? dan S. very sobering posteven in a great market/ideal economic environment it would be difficult to pull off what MM is attempting. all I can say is I hope they stick it outthey have made a huge bet on AP and I hope it pays off for us all. Yahoo! Groups Links * To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ * Your email settings: Individual Email | Traditional * To change settings online go to: http://groups.yahoo.com/group/AsburyPark/join (Yahoo! ID required) * To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] * To unsubscribe from this group, send an email to: [EMAIL PROTECTED] * Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
