M S

Oct 28, 2018

In one deal with Hayman - an office property in Denver. It performed for a few months and then started to tank heavily for no clear reason - didn't lose any major tenants - they just can't bring any new tenants in. The property is significantly underperforming the very hot Denver market in general, but Hayman is still taking hefty management (property and asset) fees, and sinking a ton of money into renovating the project because their plans to bring new tenants in have failed.  So more money going to capex.  Distributions have halted entirely for quite some time.  No light at the end of this tunnel.  

Side note - not that it's terribly important - but they were several months late on K-1 distributions, which is always a headache for investors/accountants.

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