Sentences with word «mezz»

As regulatory requirements on the banking industry develop further and the lending demand goes unfulfilled, opportunities for mezz lenders in both commercial and residential real estate are on the rise.

Newman Financial, which provides debt primarily for multifamily deals, completed $ 75 million in mezz loans in 2003, up slightly over 2002.

Uncertainties over projected property values and interest rates are a concern as mezz debt comes due over the next couple of years.

Indeed, a growing number of mezz lenders are competing for debt placements throughout a deal's capital structure: Debt providers with certain risk tolerances are joining with appropriate borrowers and leverage levels.

In 2002, New York - based Trizec Properties used $ 40 million in mezz debt as part of a $ 120 million loan package when it bought out Whitehall Street Real Estate Fund's 75 % interest in the 915,000 sq. ft. Ernst & Young Plaza office building and a 330,000 sq. ft. attached mall in Los Angeles.

Rising real estate values and first - mortgage lenders who are applying strict loan - to - value (LTV) underwriting standards have propelled the burgeoning mezz market.

Today's senior lenders are putting more of a premium on mezz providers who have proven real estate operating capabilities.

Davidson Hotel Co. in Memphis, Tenn., has used mezz for a decade to buy and add value to hotels, which it typically holds for three to seven years.

Also, I've never heard of mezz financing, so could you fill me in?

New players are also getting in the game: Office developer Shorenstein Co. and multifamily developer Camden Property Trust both recently launched mezz programs.

«Everybody and their aunt and uncle are becoming mezz providers,» says Richard Mandel, a former Kennedy - Wilson executive.

More mezz sources are surfacing, too.

The increased demand for alternative financing is encouraging more lenders to include mezz debt as an option in their loan packages.

The decadent Room Service menu offers traditional mezzes, classic Pad Thai noodles and French and Italian delicacies 24/7.

«And that may provide companies like ours with an opportunity to step into mezz positions that could very well turn into ownership positions.»

The remaining gap is filled by mezz debt.

In some cases, REITs are even becoming mezz borrowers.

Open six days a week for lunch and dinner, The Deck at Island Gardens will feature a globally sourced menu with delicacies including mezzes inspired from Chef Alvarez's visits to Greece, the finest fish, prosciutto, risotto and pasta imported from Italy, all brought to life with locally sourced produce and meats.

For dinner, Sumahan's ultra-chic waterside Tapasuma restaurant features fresh fish and Turkish mezzes displayed tapas - style on a 26 - foot marble bar.

That means mezz lenders could wind up owning and operating a large amount of real estate over the next few years.

Once a tool to simply fill a small gap between senior - note financing and equity, mezz now has turned into an omnipresent crowbar to ratchet up debt to well above 90 % of property value — a level rarely matched, in the last 15 years.

Using mezz also gives property owners more control over their real estate — less equity translates into fewer business partners, if any at all, with whom to share profits.

Targeting and financing different levels of leverage in a property's capital structure isn't the only characteristic that sets mezz lenders apart.

Rather than use equity, however, borrowers can fill a lot of that gap with less costly mezz that typically has terms of three to five years.

The company, which purchased the struggling former Sheraton in the fall of 2001, financed the acquisition and rehab with the help of $ 6.5 million in mezz furnished by RockBridge Capital of Columbus, Ohio.

In addition to positioning themselves to potentially take over ownership of properties, REITs that supply mezz debt are generating returns on their cash in a market with few acquisition opportunities.

By combining mezz and senior loans — the interest rate on 10 - year, fixed - rate debt was approximately 5.7 % in mid-February — borrowers usually pay a «blended rate» on all their debt, ranging between 6 % and 10 %.

The diverse ways in which lenders dole out mezz mirrors the growth of the broader trend toward securitization.

Although the changes have created pricing disarray in the capital markets that likely won't settle for months, mezz experts anticipate a slight jump in returns as the cost of subordinated capital grows between 25 and 200 basis points, depending on several factors including risk, project type, and the borrower's track record and relationship with the lender, experts say.

That's because mezz and other subordinated debt providers typically secure their loans with an interest in the property's ownership group.

Prudential predicted further mezz originations of between $ 13 billion and $ 27 billion annually.

Experts also anticipate spreads increasing in the commercial real estate collateralized debt obligation (CDO) market, where lenders frequently pool and sell mezz, bridge and other loans.

Borrowers then scrambled to find mezz or other subordinated financing to make up the funding shortage.

Then again, bankrupt owners could force mezz lenders to restructure loans and reap less of a return, says Mike Straneva, a partner at Ernst & Young.

He then saw Scarlett Johansson in «Cat on a Hot Tin Roof» — I know because I could peer down on him from from mezz seat — so there could be some truth to the play story!

Case in point: Last year bridge and mezz loan provider Mountain Funding of Charlotte, N.C., took over four failed condo conversions in Florida from Boca Raton - based Bay Communities Real Estate.

In today's market, mezz providers are generally generating returns ranging from just below 10 % to the mid-teens, depending on risk, the project type, borrower and other conditions.

Trizec opted to use mezz as it worked to renew leases and keep occupancy at 90 %.

«The demand for mezz has gone up,» Mazzarelli says, «but whether you can underwrite it is a different story.»

There are plenty of dining options in the Red Sea, from atmospheric rooftop restaurants serving traditional mezzes and kebabs to stylish eateries serving the best in international cuisine.

These expanding opportunities are attracting alternative competition in specialty lenders and online platforms to the space, so to combat the rising costs of mezz and competitors vying for deals, lenders are looking further into secondary, tertiary, and value - add assets.

Dominion provided some $ 28 million in mezz debt to fund those projects and $ 55 million to finance five others.

Still, the brimming coffers of mezz lenders should provide enough competition to prevent dramatic price swings (see sidebar p. 35).

Moaaoya Hamoud, 26, another Syrian refugee and a onetime journalist who also has restaurant cooking experience, makes the mezzes.

But it's not uncommon for statistics sites and TV networks to misinterpret formations (for the second leg against Spurs, for example, WhoScored listed Juve's formation as a 4 -1-2-1-2 with Khedira in the hole and Costa as a mezz» ala), and I think a lot of games where Juve has been listed as using a 4 -3-3 or 4 -4-1-1 have seen them behave far more like a Christmas tree in actual practice.

First of all, what exactly is a mezzanine (mezz) loan?

As part of a country famous for its divine olive oil and mezzes, one of the top Mykonos attractions is to sit back, relax, and enjoy the food.

Advising Korda Mentha, as receivers and managers and advisors in relation to multiple corporate groups - eg: Midwest Vandium — in relation to the $ 140m restructuring and recapitilisation of the group, including senior and mezz debt