EFTA00836041.pdf

From: Richard Kahn • To: "Jeffrey E." <[email protected]> Subject: Re: AYH Banco Poplar Loan Date: Thu, 21 Jan 2016 18:46:36 +0000 spoke with jeffers this am after leaving message with him yesterday we have another call at 3pm est to review his figures Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Jan 21, 2016, at 1:45 PM, jeffrey E. <[email protected]> wrote: did we get a new ashpalt quote 9 On Thu, Jan 21, 2016 at 2:37 PM, Richard Kahn < wrote: attached is Banco Poplar term sheet which i just discussed with Mark Lande, IGY attorney. AYH plans to move forward with option 2 on attached term sheet which is as follows: a) 7 year extension of loan from date it is signed (projected - Feb 1, 2016) -> note original expiration was Sep 2017 so extension is approximately 5.5 years b) current interest rate is 1 month libor 0.3655 plus 235 basis points = 2.7155% -> that rate will probably increase in line with each fed increase (60-100 basis points targeted for 2016) c) interest rate per extension is 4.95% vs 2.7155% current rate = 2.2345% additional cost x 12,900,000 (approx outstanding balance) = 288,250 in additional debt service -> that difference will narrow as libor increases d) bank fee of 0.50% of 12,900,000 will cost AYH 64,500 Mark stated that Yacht haven loan is 6+% and he was very pleased with 4.95% rate He also stated that property has plenty of extra cash flow and they are not to concerned with additional debt service costs Please advise Thank you EFTA00836041 Per 2014 Financial statement footnote The Company obtained a $15,300,000 loan facility from a bank on August 23, 2007. Interest accrues at LIBOR plus 2.35%. Principal and interest are due monthly and the loan matures on September 1, 2017. At December 31, 2014 and 2013, the principal amount outstanding under the loan was $13,286,700 and $13,632,900, respectively. The interest rate in effect at December 31, 2014 was 2.58% (calculated based on a blended LIBOR rate of 0.23% plus 2.35%). The interest rate in effect at December 31, 2013 was 2.60% (calculated based on a blended LIBOR rate of .25% plus 2.35%). The loan is collateralized by the real property and improvements thereon, the Company's rights under its retail leases, certain cash accounts, and accounts receivable of the Company. As part of a security agreement with the bank, the bank has required that certain cash accounts of the Company be pledged to the bank. This amount is shown as restricted cash on the balance sheets in the amount of $1,856,705 and $1,238,200 at December 31, 2014 and 2013, respectively. The terms of the loan contain certain financial covenants, negative covenants, and other terms and conditions customarily found in loan agreements of this type. The Company has complied with the covenants and terms in all material respects. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 Begin forwarded message: From: "Lande, Mark" Subject: RE: 9.15 Reporting - American Yacht Harbor Date: January 20. 2016 at 10:10:32 AM EST EFTA00836042 To: Richard Kahn < Cc: Jeanne Brennan < >. "Greene. Jennifer" < "Brown, Luke" < >, "Lande, Mark (— Richard, Please find attached the term sheet. Yours, Mark Lande From: Richard Kahn [meth Sent: Wednesday, January 20, 2016 9:30 AM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark Subject: Re: 9.15 Reporting - American Yacht Harbor can you please send 12-31-2015 figures when ready in addition can you please send banco term sheet discussed on call last week thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Nov 20, 2015, at 5:11 PM, Lande, Mark > wrote: EFTA00836043 The extension would be from 2017. From: Richard Kahn [maitto: Sent: Friday, November 20, 2015 4:59 PM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark Subject: Re: 9.15 Reporting - American Yacht Harbor thank you for update would 2 year extension be from loan termination date in 2017? can you please keep up updated on loan and inform us before any decision is finalized with the bank thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Nov 18, 2015, at 9:56 AM, Lande, Mark < > wrote: Richard, Please find attached the Q3 2015 reporting. In response to your question, AYH recently signed a term sheet with Banco Popular that provided the following two options: Option 1 EFTA00836044 2 year extension with an interest rate of 2.83% Option 2 7 year extension with a fixed interest rate of 4.95%. Option 1 does not require an appraisal. Option 2 requires an appraisal showing a LTV Ratio of 75%. Both options would require amortization of $33,000 per month. IGY is in favor of option 2 and the lender has commissioned an appraisal which should be completed before Christmas. If that happens it is our hope to close the loan shortly after the new year. Please let me know if you have any questions. Yours, Mark Lande From: Richard Kahn rmailto Sent: Wednesday, November 18, 2015 7:23 AM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor Good morning Can you please update me on status if bank loan renewal / extension Thank you Rich From: "Lande, Mark" < Date: Wednesday, Jul 29, 2015 at 12:01 PM To: Richard Kahn Cc: Jeanne Brennan , "Greene, , "Brown, Luke" , "Lande, Mark EFTA00836045 Subject: RE: 6.15 Reporting - American Yacht Harbor 888-757-2790 550419# From: Richard Kahn [mailto: Sent: Wednesday, July 29, 2015 1:01 PM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Hanson, LJanne; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor will you call me or is their a dial in # you would like to use? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Jul 24, 2015, at 1:16 PM, Lande, Mark < > wrote: Does 1 pm Wednesday work for you? From: Richard Kahn fmailto: Sent: Friday, July 24, 2015 1:04 PM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Hanson, Leanne; Darren Indyke; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor can we schedule a call for next week to review some of my questions regarding financial statements EFTA00836046 tueday or wednesday would be best for me thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Jul 16, 2015, at 2:19 PM, Lande, Mark < > wrote: Dear Richard, Please find attached the reporting for Q2 2015 and the audit for 2014. Please let me know if you have any questions. Yours, Mark Lande From: Lande, Mark Sent: Friday, April 17, 2015 3:11 PM To: 'Richard Kahn' Cc: 'Jeanne Brennan'; Jennifer Greene; Brown, Luke; Hanson, Lianne; 'Darren Indyke' Subject: RE: 3.15 Reporting - American Yacht Harbor Dear Richard, EFTA00836047 Please see the attached reporting for American Yacht Harbor for the Q1 2015. Please let me know if you have any questions. Yours, Mark Lande, Esq. General Counsel Island Global Yachting Ltd. 717 Fifth Avenue, 18th Floor New York, NY 10022 Tel: (212) 70 Email: This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. <2014 AYH Financial Statements Final.pdf><AYH 6.15 Quarterly Financial Statements.pdf> EFTA00836048 This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. EFTA00836049  <AYH 9.15 Quarterly Financial Statements.pdf, This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00836050 EFTA00836051