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HomeMy WebLinkAboutM-97-0174F CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM TO: Comm. Humberto Hernandez Chairman Community Redevelopment Agency FROM: I Herbert J. Bailey Executive Director I Community Redev DATE : SUBJECT: REFERENCES: ENCLOSURES: March 18, 1997 FILE : Enclosed please find information you requested on refinancing of three housing projects, one of which directly impacts the SEOPW Redevelopment District. According to information we have been able to gather, the status of the loans is as follows: I. Indian River Properties - assumption of second mortgage by Sentra properties or Assigns. Original Borrower: Indian River Investments Original City Loan Amount: $850,000 City's Position: Second behind Community Reinvestment Fund First Mortgage approximate principal balance: $450,000 First Payment date: 6//90, last payment received: 12/93 Principal Balance: $740,788.08 Principal in Arrears: $125111.60 Interest in Arrears: $172,850.80 Sentra Properties or Assigns' offer: Loan Commitment from Ocean bank in the amount of $950,000 to be used in the following manner: $ 450,000 payoff first mortgage $ 400,000 Indian River $ 100,000 reduction of principal on City of Miami loan $ 84,000 payable in 84 monthly installments of $1,000, H. Subordination request by Ideal Rehab, Inc. and Liberty City Improvement, Corp. Original City Loan Amounts: $560,000 (Ideal) and $367,000 (Liberty) (Total: $927,000) Current Loan Balances: $499,060.50 and $364,000, respectively (Total: $863,060.50) City's Position: third behind Homes for South Florida and Miami Capital Approximate balance on First Mortgage: $470,000 Approximate balance on Second Mortgage: $69,800 Ideal Rehab/Liberty Improvement's request: Loan Commitment from Ocean Bank in the amount of $700,000 to be used in the following manner: b'7- 174 $ 470,000 -- payoff First Mortgage $ 100,000 City of Miami loans #3 and 45 principal reduction $ 22,500 Miami Capital loan principal reduction $ 107,500 payment of Metro -Dade Water and Sewer -Authority outstanding charges. III. Subordination request by Downtown Investments, Inc. Original City Loan Amount: $ Current Loan Balance: $1,685,283.00 City's Position: third behind First Union and Miami Capital Approximate balance on First Mortgage: $209,000 Approximate balance on Second Mortgage: $330,000 Downtown Investments' request: Loan Commitment from National Mortgage Acceptance Corp. in the amount of $950,000 to be used in the following manner: $ 209,000 payoff first mortgage $ 330,000 payoff second mortgage $ 411,000 Downtown Investments, Inc. residential project Please note that in the event that the amount of new financing exceed the outstanding principal balances of the existing loans secured by mortgages senior to the City's mortgage, a payment of 25% or any amount realized by the owner after satisfying the existing senior mortgages, in excess of 10% of the new financing will be required to be applied towards reducing the principal balance on the City loan. Additionally, a subordination fee of 1/2 point of the outstanding principal balance of the City loan will be charged in advance by the Department to process this type of subordination. Should you have any questions, please do not hesitate to contact with me at 579-6025 97- 174