Monday, November 30, 2009

$460MM Flagler Deal

Class Size ($MM) Ratign (F/S) WAL Px Talk
A $ 350 AAA/AAA 6.67 S+190-210
B $ 30 AA/AA 7.11 S+385-405
D $ 33 A/A 7.11 S+435-455
D $ 47 BBB-/BBB- 7.11

LTV= 51.48%
DSCR 2.10x


Office (65.6%), Industrial (11.8%), RoW/Excess Rail (22.6%). 44 Properties and multiple parcels.

Flagler's a subsidiary of Fortress, which bought it and affiliates back in 2007 for $3.5 bln. Obviously the WAL is longer than any TALF loan, so unlikely to get much TALF interest, if any.

1 comment:

Dark Space said...

Reuters is saying the deal priced with the A tranche going at N+225, wide of guidance.

I haven't seen it though.