Archive for July 2011 | Monthly archive page
In an article published Nov. 11, 2008, in the Daily Business Review, Andrew B. Hellinger, LPA’s CEO, is quoted in reference to soaring foreclosure rates. The headline reads: “Commercial Lending: For many developers loans are coming due”
Hellinger is quoted as saying: “Anybody whose loans are maturing in this market is at risk to losing the property to the lender.”
Daily Business Review: Credit Crisis: South Florida seeks solution for Lehman Brothers shortfalls
2011
In an article published Nov. 20, 2008, in the Daily Business Review, Andrew B. Hellinger, LPA’s CEO, is quoted in reference to the bankruptcy of Lehman Brothers Holdings. The headline reads: “Credit Crisis: South Florida seeks solution for Lehman Brothers shortfalls.”
Hellinger is quoted as saying: “No one wants the negative publicity that generates,” said attorney Andrew Hellinger of Hellinger and Penabad in Coral Gables. Hellinger and partner Coralee Penabad are working with several developers they declined to identify who were Lehman clients. The partners formed consulting firm Liberty Pointe Advisors to assist with workouts.
Click here to view the original article: Miami Herald, “Movers In South Florida”
Please click here to view the original article: Miami Herald, “Movers”
Please click here to view the original article: Palm Beach Post, “Foreign investors may help Miami real estate market”
Please click here to view the original article: “Foreign investors may help Miami real estate market”
In an article published Feb. 19, 2009, in the Daily Business Review, Andrew B. Hellinger, LPA’s CEO, is quoted in reference to lenders that hire third parties to handle projects in foreclosure. The headline reads: “Condo Meltdown: Some lenders forced to take role of developers.”
In the article, Hellinger says that he is not surprised that Cerberus is running its own operation to manage the former Boca Developers projects.
Hellinger is quoted as saying: “They are a diversified equity firm,” he said. “I don’t anticipate traditional lenders will start forming their own development groups like that.”
“It depends on the capital base of a particular lender and their philosophy of how to deal with a non-performing asset. Some have the philosophy of ‘let me sell the project and recoup whatever money I can get;’ and others have the philosophy that a complete asset has more value — but it does take more capital to finish it.”
Please click here to view original article: “My view: Miami needs an urban plan”
In an article published March 30, 2009, in the Daily Business Review, Andrew B. Hellinger, LPA’s CEO, is quoted in reference to completing the largest real estate deals of his life. The headline reads: “Top Dealmakers 2009: Distressed Real Estate.”
The article discusses Hellinger’s role in creatively crafting real estate deals to sell heavily financed Miami area real estate previously owned by Leviev Boymelgreen Developers.
Hellinger is quoted as saying: “This is the largest series of transactions I have ever been involved with,” said Hellinger, who was able to skirt the tightening real estate market by crafting deals where mortgages were assumed.
“There were lots of issues here,” Hellinger said. “We are unwinding essentially $1.5 billion in real estate holdings. Think about all the issues that go along with that. What can you do with it? What are the tax consequences? What are the liabilities associated with it? Who is assuming those liabilities?”
“We came back and said not only did we do all these refinances [with you but], we want to sell, and we want you to accept these new, controlling landowners,” said Hellinger, who served as president of Boymelgreen Developers of Florida between 2006 and 2008. “That provided a complication and took about a year to get done.”
In an article published April 1, 2009, in the Daily Business Review, Andrew B. Hellinger, LPA’s CEO, is quoted in reference to the Obama administration’s plan for the government and private investors to buy troubled assets from banks and other lenders. The headline reads: “Capital Sources: South Florida to be proving grounds for Obama’s toxic asset plan.”
Hellinger is quoted as saying: “Is the plan going to bring liquidity back to the marketplace, yes or no? At what price are the banks going to sell into this new plan? At what price are buyers going to buy? Will it close the gap between ask and bid? Which banks will participate?”
“It’s a start. … It worked before, and there’s no reason to doubt it will work again,” Hellinger said. “Except the question remains, is it enough commitment?”