METROLINE
Continued from page 16
of KPO Ventures, two former partners
at multi-billion-dollar hedge funds.
“Obviously, the current environment is
very conducive for private lending, due
to the fact that there’s no capital out
there,” says Daniel.
Concurrently, KPO’s principals
“believe very strongly in the opportunity
for real estate lending—acquiring
distressed notes, lending on distressed
notes, etc.,” he says. “They have put up a
lot of their own capital and have another
consortium of capital along with theirs to
go out and do deals like this. So they’ve
earmarked $100 million to get going and
see what we can do.”
For Silo and KPO, non-performing
loans represent two opportunities.
“One is that borrowers are afforded the
opportunity to get a discount on their
note,” says Daniel. “Assuming there’s
value in the real estate, they need capital
to take advantage of the opportunity.
That’s where we come in. We help them
refinance it at a discount, buy it at a
discount or whatever best fits the deal.”
In the second scenario, “we have
situations where banks or institutions
are selling non-performing loans. There,
we’re a direct buyer, or we’ll lend against
or participate in the acquisition.”
With the venture announced only a
few days ago, it hasn’t yet struck any deals.
“We think many people would agree that
up until now, everything has been in a
gridlock,” Daniel says. “We believe there
will be factors in the near term that are
going to cause a lot of transactions to
occur: institutions and banks that will no
longer hold onto these assets and need
to shed them, or borrowers that can no
longer hold onto properties, leading to
defaults in the commercial sector. So we
feel the gates will be opening soon, and
we’ll deploy this over the next nine to 12
months.”
Established in 2001, Silo specializes
in providing short-term bridge loans
secured by most types of commercial and
investment property, focusing on loans
from $750,000 to $20 million, including
special situation, time-critical and
difficult financing. Daniel himself has 15
years’ experience in this area.
LONG ISLAND
Kites for a Cure Raises $60K
On Memorial Day Weekend, 500 families
took part in “Kites for a Cure,” a family
kite-fly benefit on Coopers Beach in
Southampton, NY. Held May 23, the event
raised nearly $60,000 for Uniting Against
Lung Cancer, which raises awareness and
the Honorary Commodore of the event,
having lost his father to lung cancer five
years ago.
For a $25 donation, each guest received
a high-quality kite, which they decorated
themselves with drawings, pictures,
messages and names of loved ones who
are currently battling the disease or have
passed away from lung cancer. The money
raised will support Uniting
Against Lung Cancer’s national
lung cancer research grant
program.
“Through this uplifting and
fun family event, we hope to
raise awareness of the need for
research into diagnosis and
treatment for all those affected
by lung cancer,” says Susan
C. Mantel, the foundation’s
executive director.
Uniting Against Lung Cancer,
formerly Joan’s Legacy was
founded in 2001 in memory of
Joan Scarangello, a Southampton resident
and non-smoker who lost her battle with
lung cancer. In seven years, the foundation
has awarded $5 million in research grants
to identify the causes, new treatments,
and possible cures for the disease that will
claim an estimated more than 160,000
lives in the US this year.—RENY
From left: David Hidalgo, Mary Ann Tighe, Tom Scarangello and Bob
Dubner on the beach of Southampton during the third annual Kites for
a Cure benefit. (Photo: Olesya Medvedchikova)
funds innovative lung cancer research
around the country.
“The third annual Kites for a Cure
proved to be another huge success—the
hundreds of families flying kites on our
beautiful beach was a truly inspiring
sight,” says Mark Epley, mayor of the
Village of Southampton. Epley served as
AdIndex
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Alliance Building, Cover IV
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Benchmark RE Partners, 20
Benjamin Moore & Co., 41
BFI Real Estate, 44
Castle Oil Corp., 13
CoreNet Global NYC Chapter, 23
Downtown Alliance, 42
Epic Security, Cover II
G.E. Grace & Co., 19
Green Depot, 43
Herrick Feinstein, 18
Hidrock Realty, 34
Levien & Co., 32
Marcus & Millichap, 16
MERA, 44
Metro Fuel Corp., 29
Murray Hill Properties, 1
Newmark Knight Frank, 25
NRC, 24
NY Building Congress, 27
NYARM, 39
NYC EDC, 26
NYC Network Group, 26
NYU, 36
Ornamental Metal Institute, 11
Paladino Construction, 46
Plaza Construction, 10
Police Athletic League, 38
PWC, 33
Reed Exhibition/Buildings NY, 55
RELA, 37
REonomy, 14
Stalco Construction, 42
Steel Institute, 6
Time Warner Cable, 7
Usenergy Group, 15
Winick Realty Group, 51
Yardi Systems, Cover III
YMYWREA, 47
This advertising index is provided as an additional service. While every attempt has been made to make
this index as complete as possible, the accuracy of all listings cannot be guaranteed.
