俺比较感兴趣的是这个项目的钱从哪里来得。
如果这个asset只值25mil, 什么样的傻瓜PE firm会出55mil做这个项目。
http://www.treasurer.ca.gov/cdlac/staff/20090923/093.pdf
THE CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE
Tax-exempt: $14,400,000
Project Name: Dana Strand Senior Apartments
http://www.treasurer.ca.gov/ctcac/staff/20091022/856.pdf
CALIFORNIA TAX CREDIT ALLOCATION COMMITTEE
Tax-Exempt Bond Project
ROEM官方网站
http://www.roemcorp.com/about/news-details.cfm?news_id=173
其中有几段话耐人寻味。
The Housing Authority of the City of Los Angeles entered into a limited partnership with Dana Strand Senior LLC to develop the community.
Dana Strand Senior Apartments was financed with 4 percent low-income housing tax credits and tax-exempt bond financing made possible by Freddie Mac Credit Enhancement Program. Dana Strand has partnered with the Citi Community Capital and the Los Angeles Housing Department for financial support on this $22.3 million. Additionally, the project was awarded 99 Project Based Section 8 vouchers through HUD.
结论:
这个项目本该25mil搞定了。 结果是55mil。 这多出来的钱肯定不是ROEM出的。 这么慷慨的傻瓜公司早就S完了。 现在股市上不去,就是因为有钱的傻瓜太少。 跑题了。
JY的assumption不对。 ROEM并没有自己掏钱。 最后还是tax payer接单。 不过tax payer也不是没有出路。 实在还不了债,default就是了。 所以最终是bond investor埋单。
加州的muni bond我是绝对不碰的。 加州今年已经有三个city default了。 好像最近Fresno也倒了。 无独有偶, ROEM在Fresno也搞过项目哎。