RETWITGUY.com

Seeking multifamily properties (100 units minimum) in TX and FL. Send me deals! Not financial advice. All posts are for entertainment purposes only.

[Shashankh Aryal @aryal1994]

🚨𝗡𝗲𝘄 𝘄𝗮𝘁𝗰𝗵𝗹𝗶𝘀𝘁 𝗵𝗼𝘁𝗲𝗹 𝗹𝗼𝗮𝗻.

The Grand Wailea in Maui.

From @cred_iq:

- 776 keys

- Unpaid balance of ~$800mm / ~$1mm per key (including mezz)

- NOI is currently ~$53mm

- Occupancy is ~46%

-0.9x DSCR

For more distressed RE alerts, follow @aryal1994

[Shashankh Aryal @aryal1994]

Hawaii shopping center handed back to lender (REO).

Per @cred_iq:

- Hawaii Kai Shopping Center at 377 Keahole Street in Honolulu

- 83% occupancy

- 0.57x DSCR

- ~$27mm loan amount / $191 PSF

For more distressed real estate alerts, follow @aryal1994

[RETWITGUY.com @RETWITGUYdotcom]

@MattByroncom Absolute beast! #retwit

[Shashankh Aryal @aryal1994]

🚨New hotel bankruptcy.

122 key hotel in Chicago.

Selina Hotel, at 100 East Chestnut Street.

Asset was purchased in 2018 for $22.5mm (~$184K per key).

It was formerly known as the Tremont Chicago.

Hotel closed after the pandemic.

After the pandemic, it was leased to a hostel operator.

It is reported that the hostel operator became delinquent on rent.

Owner took the asset back, and leased it to the city of Chicago as a migrant shelter.

Loan amount appears to be $19.5mm (~$160K per key).

Owner filed for bankruptcy to block lender's foreclosure process.

Source: The Real Deal

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For more distressed real estate alerts, follow @aryal1994

[MattByron.com @MattByroncom]

We are #buyinghotels! We close quickly, discreetly and in cash. Off-market deals welcome! Locations: #Tahoe #Aspen #Vale #Boulder #JacksonHole. Private message me. #TahoeRealEstate #AspenRealEstate #ValeRealEstate #HotelBuyer #PrivateEquity #PE #CRE #Retwit

[RETWITGUY.com @RETWITGUYdotcom]

@MattByroncom I love the scale and intensity of your deals! Good luck! #retwit #1031exchange #multifamily

[RETWITGUY.com @RETWITGUYdotcom]

@MattByroncom Holy $#@&! what portfolio? I’ll ask around.

[Shashankh Aryal @aryal1994]

🚨Foreclosure sale: 228 apartment units.

Midtown Crossing apartments in Raleigh, NC just transacted at a foreclosure auction.

Lender purchased via credit bid of $30.5mm (~$134K per unit).

Asset was purchased in 2022 for $54.6mm (~$239K per unit).

Other details:

- 1996 vintage

- It appears that Raleigh may be overbuilt, and an outsized amount of supply is putting pressure on rents.

- Raleigh's multifamily vacancy rate is ~8% (1)

- ~8% of current multifamily supply will be delivered in 2024 in Raleigh (1)

-Studio/one-bedroom units in Raleigh saw a decline in annual effective rent growth at -3.9% (2)

For more on distressed CRE, follow @aryal1994

(1) Source: Marcus & Millichap Raleigh Metro Area Report 2024

(2) Source: Avison Young Raleigh-Durham Multifamily Market Report Q4 2023

[Shashankh Aryal @aryal1994]

🚨New hotel bankruptcy.

Ontario Airport Hotel - between San Bernardino and LA.

10-story, 309-key hotel adjacent to Toyota Arena.

There is at least $13.6mm of debt on the asset via a construction loan that was originated in 2019.

Brokers if you have any distressed / hairy hotel deals (equity or debt), PLEASE DM me.

Follow @aryal1994 for more distressed RE.

[MattByron.com @MattByroncom]

#buyinghotels #hotelswanted #cashforhotels #realestatewanted #floridaCRE #CREFL #CRE #hotelier #hotelinvesting #hotelbroker #Hotelforsale

[MattByron.com @MattByroncom]

#dealflow #realestate #retwit #investing #401k #syndication #hotels #hotelinvesting #buyinghotels #sellinghotels #hotelnotes https://t.co/loiOsXK4nw #privatemoney #hardmoney #PE #privateEquity #bridgeloan #mezz

[RETWITGUY.com @RETWITGUYdotcom]

@MattByroncom #cre is toast!

[MattByron.com @MattByroncom]

Just received an updated list of $103B in distressed #commercialrealestate! What deals will we find today! #hotelier #buyinghotels #multifamily #CRE #PE #privateequity #REIT #CMBS #REPE

[Shashankh Aryal @aryal1994]

‼️𝗧𝗵𝗶𝘀 𝗖𝗵𝗶𝗰𝗮𝗴𝗼 𝗼𝗳𝗳𝗶𝗰𝗲 𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘀𝗼𝗹𝗱 𝗳𝗼𝗿 $𝟭𝟰 𝗽𝗲𝗿 𝘀𝗾𝘂𝗮𝗿𝗲 𝗳𝗼𝗼𝘁‼️

...Purchase price of $2.6mm.

185K SF.

Before this sale, the building last sold in 2013 for $22.3mm / $120 PSF.

The recent sale price is ~12% of the 2013 price.

For more on distressed RE, follow @aryal1994

[RETWITGUY.com @RETWITGUYdotcom]

@MattByroncom Can you go over $50mm?

[MattByron.com @MattByroncom]

We're buying oceanfront hotels in #Florida. Send me your deals! https://t.co/jpgFbQ60FP #hotelinvesting #PE #CRE #realestate #retwit #realestatewanted #MiamiRealEstate #SouthBeach #BalHarbour #Brickell

[Shashankh Aryal @aryal1994]

‼️FORECLOSURE SALE: BRAND NEW MULTIFAMILY ASSET‼️

110 units.

Delivered in 2022.

400 Florida Ave. NE in Washington DC.

The $44.4mm mortgage ($404K per unit) was recently sold.

It is unclear if the note sale transacted at or below par.

Current NOI is ~$1mm, and stabilized is estimated to be ~$2mm.

Even at the $2mm of NOI, debt yield is only ~4.5%.

Assuming the $2mm stabilized NOI is accurate, the value of this asset is likely in the low to mid $30mm range.

The foreclosure sale bypasses the Tenant Opportunity to Purchase Act—a law in DC that grants tenants the right of first refusal to buy their property, which would normally be activated during an open market sale.

Foreclosure auction scheduled for May 23rd.

Follow @aryal1994 for more commercial foreclosure sales and distressed real estate.

[RETWITGUY.com @RETWITGUYdotcom]

@aryal1994 @cred_iq LOI here we go!!!

[Shashankh Aryal @aryal1994]

New watchlist loan: 𝗙𝗼𝘂𝗿 𝗦𝗲𝗮𝘀𝗼𝗻𝘀 𝗥𝗲𝘀𝗼𝗿𝘁 𝗠𝗮𝘂𝗶 𝗮𝘁 𝗪𝗮𝗶𝗹𝗲𝗮.

From @cred_iq:

- 383 keys

- $234mm loan amount (~$610K per key)

- Loan matures on 5/9/24

- 0.93x DSCR in 2023

- 63% occupancy in 2023

Follow @aryal1994 for more on distressed RE.

[Shashankh Aryal @aryal1994]

This office complex in Hartford is facing foreclosure. 

1, 10, 100, 250, 260, 280, 290 and 292 Constitution Plaza in Hartford.

$55mm CMBS note originated in 2018.

Complex includes office, retail and garage space.

The loan matured on May 6, 2023.