This link is really peeling off the layers on the chicanery underway, NOW, in relation to ANGLO and NAMA and the lines blurred between banking and politics in Ireland and internationally……,,//////
‘…..a regional business newspaper, of an attempted sale by Anglo of a USD $100m loan in respect of an office building at, 225 West Washington Street, Chicago, Illinois 60606. The loans were apparently advanced by Anglo to a group which included property giant Golub & Co and a group of Irish investors put together by what was Quinlan Private (now Avestus). It is reported that Golub is bidding for the loan (CRED citing Lee Golub) and it is speculated that it may sell for a 20% discount.
The building itself was built in 1987, offers 483,497 sq feet over 28 storeys. The anchor tenant is understood to be Allianz SE. There appears to be about 100,000 sq ft available for rent presently. CRED reports that the original loan was for USD $81m and was granted in 2005. This was topped up so that the loan today stands at a reported USD $100m. The building itself was bought for USD $100m in 2005 representing a €207 psf purchase price.
Two of the rage-inducing criticisms of the bailout of the banks and the creation of NAMA were that the developers would be able to buy back their assets at a discount at some future point and that the borrowers would not be pursued for the full value of the loans. The Irish Independent reported in June 2010 that the Construction Industry Federation had sought to lobby the government to allow NAMA developers to buy their own loans back – the Independent says that these overtures were rejected by government. At the Oireachtas Joint Committee on Fin/….. more