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Old 09-28-2005, 08:41 AM
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Default Participation Debt for Either Acquisition or Development of Eligible Properties

Continuing on the HUD theme, a larger New York-based real estate company
(though active nationwide) invests in "participating mortgages" into garden
apartment projects--both acquistions or new developments

Basically (and no doubt over simplifying the structure), the concept is that
the Lender will provide a 5% to 15% uninsured loan in addition to the
underlying HUD loans in return for its receiving a negotiated portion of the
property's cash flows and residuals.

The underwriting arrangement contemplates the following :

* Property types : Multifamily garden apartments

* Sized at $2 million to $35 million.

* Types of undertaking : Acquisition or New Development

* Maturity of loan : Generally at 10 to 12 years.

If you wish to investigate the investment structure, please call Mr. Margolin
at 203-353-0897.

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