Fitch Downgrades 1 Class of LB 2006-LLF C5; Assigns Outlooks
"The Praedium Rental Portfolio's I, II, and III (8.0%) are primarily secured by 27 five and six story multi-family properties built in the early 1900's and located throughout the northern Manhattan markets of Hamilton Heights, Morningside Heights, and Harlem. The current sponsor acquired the properties in August 2005 and budgeted $19.5 million ($14,275/unit) in renovation costs to improve the portfolio. Based on mid-year 2008 financials, the properties have not experienced the increase in rental income expected at this point in the sponsor's business plan."
The above paragraph was really the only one NYC The Blog understood in this hot mess of a Press Release.
Curbed, The Real Estate, The Real Deal, Dealbreaker, Clusterstock...Are you there? Internets? Can any of you help us understand this barrage of numbers and math equations, and what it might mean?