|
.. |
| WATERFRONT MORTGAGE LP |
HOME |
| AERO FBO (updated 2/27/03) |
UPDATE |
| Partnership Formed: |
Waterfront Mortgage, LP 7/20/2001 (7327199) EIN 68-0505876 |
| Loan Status: |
Principal paid in full |
| Borrower / Developer: |
Fort Worth Jet Center, Inc. and Casper Jet Center , LLC (Thomas Matthew, Pres) |
| Develop / Project Stage: |
None |
| Project Name: |
Aero FBO |
| Property Address: |
Tucson, Arizona; Casper, Wyoming; Austin and Ft. Worth Texas |
| Guarantor: |
Sterling REIT, Inc., 5065 Westheimer, Suite 745, Houston, TX 77092
Thomas Matthew, 201 Aviation Way, LOC 11N, Ft. Worth, TX 76106 |
| Loan Funding Term: |
12 Months |
| Original Loan Amount: |
$5,000,000 15% 8/9/200 - 18% default rate |
| Principal Balance: |
$0 |
| Stage Funding Due: |
None |
| Title of Property: |
Ft. Worth Jet Center, Inc. |
| Lien: |
Second (First lien to former owner $2,000,000); First against Thomas Matthew's stock and lien on certain municipal land leases |
| Advances by Premiere: |
None |
| Exit Strategy: |
$9,000,000 loan from third -party |
| General Partner: |
Jefferson Advisors GP, LLC |
| Loan Maintenance by: |
Jefferson Advisors GP, LLC |
| Description of Prop: |
Management buyout; Fixed base operations - Austin, Texas/Ft. Worth, Texas/Casper, Wyoming/Tucson, Arizona; subject to the seller's lien, collateral includes first lien on all non-real estate assets and second lien on real estate assets including facilities at airports and runway leases; pledge of all partner interests in the entities borrowing money.
11/3 Borrower has filed a law suit against the partnership for usury. Counterclaim has been filed.
12/1 Last week, the attorney's for the partnership sent out their first set of interrogatories. The borrower has indicated their intent to settle, and they are attempting a loan to pay all or most of the balance of the loan. In the event the entire balance cannot be paid, they wish to reduce the balance substantially, and become current.
2/9 The borrower is selling the business and has offered a settlement to pay the full amount of principal on the loan ($5MM), and to pay $425,000 (approx 6%) interest retroactive on all unpaid interest, on a 2 year note @ 10% interest, with acceptable collateral to the general partner. The limited partners have approved the measure.
2/21 The parties are expected to sign a settlement agreement on 2/24 and the borrower will pay $5,362,000 to settle the entire matter.
|
Photo of Property, if available:
Notice: The information contained in this summary has been acquired by several sources; there are no warranties expressed or implied as to its accuracy and completeness. All information should be independently verified. Nothing contained on this site should be construed as legal advice. If you have legal issues, you should consult an attorney.
 |