Track Record
Osprey Fund I - Osprey S.A.
Osprey Fund I was established in 1998 and implemented a buy-and-hold strategy consistent with the Capital Partners' wealth preservation goals. Initially seeded with a $42 million of industrial and office properties in Michigan, Osprey Fund I now consists of 20 properties located in Southeastern Michigan, Sarasota Florida and St. Petersburg Florida.
Osprey Fund II - Osprey East
Like Osprey Fund I, Osprey Fund II implemented a buy-and-hold strategy and was seeded with $35 million in office and industrial properties in Michigan at its inception in 2003. Currently, Osprey Fund II consists of 22 properties in Southeastern Michigan, Tampa Florida, Sarasota Florida and Charlotte North Carolina.
Osprey Investment Company - Debt Transactions
OIC has underwritten hundreds of whole loans offered in the private market over the past 18 months. While actively bidding on dozens of loans, OIC has reached terms and agreed to close transactions with a combined face value of $54 million, secured by 450,000 square feet of commercial properties. The OIC team has developed and refined its internal processes for loan screening and underwriting and, together with its 10+ year history of property underwriting, has established an efficient and effective loan acquisition process. In addition, with three former senior commercial lenders on staff, OIC has been able to establish a strong credit department to manage the loans after acquisition.
As a vertically integrated organization, Osprey takes an active, hands-on approach to every aspect of the real estate investment cycle: from acquisition / due diligence to financing and from property management to leasing. This has allowed Osprey to generate above market, risk adjusted returns.
Sample loan acquisitions are as follows:
| Original Loan Amount: | $27 million |
| Location: | Southeastern United States |
| Status at Purchase: | Performing |
| Rate Type: | Floating |
| Basis: | 30 Day LIBOR |
| Term: | Interest Only |
| Maturity: | May 2009 |
| Extensions: | One, 12 month, subject to covenants |
| Position: | Senior - 1st Lien |
| Recourse: | 50% |
| Current Status: | The loan continues to perform. A12 month extension was agreed to in coordination with a principal reduction, improvements to the property and a corresponding capital call. |
| Original Loan Amount: | $27.4 million |
| Location: | Mid-Atlantic United States |
| Status at Purchase: | Performing |
| Rate Type: | Floating |
| Basis: | 30 Day LIBOR |
| Term: | Interest Only |
| Maturity: | June 2009 |
| Extensions: | Two, 12 month, subject to covenants |
| Position: | Senior - 1st Lien |
| Recourse: | N/A |
| Current Status: | The loan continues to perform. A 12 month extension was agreed to based upon a 17% pay down of principal, an increased interest rate and a TI/LC commitment from the sponsors. |