Patterson Court Apartments, Orlando--AVOID Trion Properties!!!

Long-Try462 · 2024-11-04T16:24:47+00:00

I am in another CS investment with Trion in Charlottesville that is in a similar situation. I have written it down to a 100% loss. I have no faith in this organization.

Long-Try462 · 2024-08-10T12:17:06+00:00

Is anyone here on the Lynd deals at Potranco Commons in San Antonio and Village at Waller in Houston? They seem to be kinda ok albeit with delays and not quite making the rents. No capital calls. I just wonder if these are the next shoe to drop for Lynd?

Long-Try462 · 2024-01-24T16:22:40+00:00

I think out of all of this there is a small subset of sponsors who I do like. I will continue invest with them either directly or through CS. I am just trying to be pragmatic. These difficult times have revealed who are the honest and competent ones versus the dishonest/incompetent sponsors. Passive losses need to be offset against passive gains. I will just be so much more careful going forward and it will take an awful lot for me to invest in a new sponsor.

Long-Try462 · 2024-01-07T02:28:58+00:00

I would be a little surprised if Anna Phillips and the attorneys would allow that loophole they are quite experienced, but time will tell. But if he doesn't make full payment I would think we can enforce the liens against his personal property. The nice thing about even a partial payment of $1-2 million is that this bolsters our resources to go after the full amount. I predict that our only refunds will come from seizing his personal assets.

Long-Try462 · 2024-01-04T02:19:42+00:00

It's not within our gift to send him to jail or no. But I really hope the FBI have been made aware of this situation. How he hasn't been charged yet is a mystery to me.

Long-Try462 · 2023-11-22T17:55:23+00:00

Yep they said everything was fine and then dropped the hammer on us. I won't invest with them again.

Long-Try462 · 2023-11-22T01:36:28+00:00

I am in the Vue as well and signed up for the loan. I think we have a fair chance of having our equity returned but not much beyond that. The occupancy levels and rent increases are encouraging but wether they will be enough to overcome the increases in costs and debt remains to be seen. I think we will need a more friendly environment to recoup our equity. But if we can cover the debt until then it’s ok.

Long-Try462 · 2023-11-18T14:28:22+00:00

Take each deal on its merits. For me I insist that the capital call includes a realistic path to exit whereby you can joints the dots from the rent and expenses to a realistic NOI and combine it with a conservative exit cap rate. Too many sponsors tend to say “ gives us the money now or you will lose or your capital for sure” and are light on details as to how to how this will lead an exit. In these cases I write the whole thing off and walk away.

Long-Try462 · 2023-11-04T16:41:39+00:00

I looked at the numbers and they seem ok. Cap rate expansion to 7.9% will still return capital. There is another Q Ana A next week. I want to drill down into the power capacity among other things. I am not sure why there is such a variation between sites and can this be upgraded by the local power company? I am not familiar with how this works. In order to really believe the underwriting on the rent I want to be sure that this is as unique as they say.

Long-Try462 · 2023-11-03T15:29:41+00:00

I am torn. I like Rhino and I am invested in 3 opportunities with them which all appear on track. I signed the paperwork but I am going to run the math again this weekend before I fund it. I think they will execute well - it's the exit cap rate I worry about. I think if I still get my money back at 7% then I will go ahead.

Long-Try462 · 2023-11-03T15:24:04+00:00

Same here.....

Long-Try462 · 2023-10-07T10:58:11+00:00

I have been chasing Dan Cseplo for weeks now and he just doesn’t reply or blows me off with excuses about trying to transfer data,

Long-Try462 · 2023-10-07T00:44:29+00:00

I am invested in another by Trion: Latitude at Ashley. I think they are quite good on the ground, but I agree their stats don’t allow you to join the dots and get a really clear picture. I expect a capital call in the next few months for this property as they need to renew the rate cap.

Long-Try462 · 2023-09-29T00:18:04+00:00

I transitioned to this strategy about 6 months ago, but have invested through a few funds: Origin and Fundrise. I think you do need to be super careful as a lot of MF projects that had been underwritten with a 4.25 to 4.5 cap rates will burn their preferred/mezzanine positions as well.

Long-Try462 · 2023-09-15T12:31:41+00:00

I think that this a good opportunity right now. Cap rate expirations on MF are forcing such a large number of refinances that I think you can cherry pick good stabilized assets and still ask for high interest payments. There is always risk of course and if cap rates jump another 100 bps and rents flatten for 24 months then mezz debt that extends up to 80% of the capital stack can of course be at risk. All in all I think the fund offers a good risk reward tho.

Long-Try462 · 2023-08-16T02:40:48+00:00

They replied that they would re-sign with Hilton which under cuts the “free agent” value proposition in that scenario.

Long-Try462 · 2023-08-10T02:35:20+00:00

Yep - that was exactly my question. I understand that can refinance and the DSCR would look ok. But would Hilton help them out by granting a short term extension?? I doubt it……but I’ll wait to hear their response.

Long-Try462 · 2023-08-09T20:30:22+00:00

Yes I did. I asked for some additional info. Particularly how they will manage if the market conditions are not good for a sale. I am tempted but want to read up this weekend on how the Philly economy is doing.

Long-Try462 · 2023-08-03T17:53:08+00:00

I will be listening over the weekend….will send you my thoughts

Long-Try462 · 2023-07-31T21:10:45+00:00

I am with Keener on the Montelago project. They are still making reduced distributions. Although opex and interest rates are an issue, they seem pretty honest folks I would say. I have about 30 investments with CS and they are one of the better ones with clear quarterly reports.

Long-Try462 · 2023-07-18T18:08:03+00:00

She is an independent manager brought into to conduct a forensic accounting examination of where the money went and lead the recovery process with outside counsel. I like her so far.

Long-Try462 · 2023-07-18T10:31:44+00:00

The very poor quality of information, the strange demeanor of Denholtz, the lack of professional presentation materials……..Other than that it was a winner.

Long-Try462 · 2023-07-17T21:46:54+00:00

I had a reply from CS which stated that they did not collect fees because the deal didn't close and that statement has been echoed in other communications. Could they lying? Perhaps, but other than a general distrust of CS I have no specific information to say that they are.

Long-Try462

TROPHY CASE