Five Mile Capital Partners related stories
All articles and analysis
Normandy, Five Mile buy John Hancock TowerThe Boston skyscraper was sold for a reported $20.1m, plus the assumption of a $640.5m mortgage, after Broadway Partners defaulted on a loan. Broadway paid $1.3bn for the skyscraper and two other buildings in 2006.
- Broadway cedes control of San Francisco office
The troubled private equity real estate firm has lost control of 120 Howard Street to mezzanine note holder, Prudential Real Estate Investors. PREI financed $23.2m in mezzanine loans at the time of the deal in May 2007.
- Report: PE group targets Extended Stay
Starwood Capital, Fortress, DE Shaw and Five Mile have offered $3.5bn for the hotel group’s $4.1bn first mortgage, according to the WSJ.
- KKR-backed Capmark eyes bankruptcy after $1.6bn loss
A Capmark bankruptcy could lead to one of the biggest private equity losses ever. KKR, Five Mile Partners and Goldman Sachs invested $2.1bn in equity in the company in 2006.
- KKR writes to ‘nil’ some $4bn in equity
While the equity in Capmark Financial and ProSiebenSat is valued at or near zero, the mega-firm wrote up several investments, including IPO-bound Dollar General.
- PREI finalises high yield debt platform
The real estate arm of insurance firm Prudential has hired Jack Taylor, Steven Plust and Stephen Alpart as it builds its debt investment operations. Taylor will be head of PREI's global high yield debt business.
- Normandy co-founder says Hancock Tower deal was messy
Normandy Real Estate Partners’ David Welsh admitted the firm was not prepared for ‘everything’ as it positioned itself to take over the Boston skyscraper. More than $600m of equity and debt was wiped out on the deal after Normandy and Five Mile Capital Partners won the foreclosure auction for the landmark tower.
- KKR PEI writes down $251.8m
The global buyout firm’s listed fund’s net asset value declined, but its share price remained steady narrowing its substantial trading discount.
- KKR Euronext vehicle in wave of write-downs
In what could be a bellwether for interim valuations in large private equity funds, publicly traded KKR Private Equity Investors has announced a round of significant write-downs in its portfolio of direct investments, in line with fair-value accounting rules that GPs around the world are facing pressure to adopt.