| Partnership Formed: |
Carriage Lender, LP (3544492) |
| Loan Status: |
Paid |
| Borrower / Developer: |
1121 Walker Partners Ltd. |
| Develop / Project Stage: |
Downtown Garage (equity loan) 100% complete-existing downtown garage purchase |
| Project Name: |
1121 Walker Partners |
| Property Address: |
611 Fannin, corner of Capitol, Houston, TX |
| Guarantor: |
No personal guaranties. Klein and Kobernick pledged their partnership/ownership interests to the lender. Ownership of the borrower entity is pledged to the lender. Premiere partnership/ ownership interest in the borrower is pledged to the lender. UCC-1 filed 6/25/01 on all interests. |
| Loan Funding Term: |
18 months; due January 1, 2003 |
| Original Loan Amount: |
$1,950,000.00 15% (June 19, 2001) |
| Principal Balance: |
$1,465,973.44 (1/25/02) (paid) |
| Stage Funding Due: |
Lender has obligation to fund $150,000 for retail space buildout, not expected to be required until mid 2002. |
| Title of Property: |
Unknown |
| Lien: |
North Houston Bank 1st lien - $2,325,000.00 |
| Advances by Premiere: |
Unknown |
| Exit Strategy: |
To renogiate lease with Ampco, which is underway, and refinance. |
| General Partner: |
Roosevelt Advisors GP, LLC |
| Loan Maintenance by: |
Roosevelt Advisors GP, LLC |
| Opinion: |
H. Huvard, Harberg & Huvard, L.L.P. 6/19/01 |
| Description of Prop: |
A downtown parking garage. The garage is across the street from the downtown hotel which is the subject of an $8.5mm loan to 609 Fannin Funding made by New Have Mortgage L.P. The downtown hotel and garage are being developed and operated in conjunction with one another although each business will derive income not related from the other. Recently the G.P. signed an easment agreement to allow the hotel to use portions of the garage for its benefit. This was a necessary step in the development of each project. The current G.P. has a copy of the easement agreement for any limited partner to review. Ampco currently operating garage. 12 level, 6 story.
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