Note that Glass House’s loan is 20% cash collateralized. I imagine that was part of getting that deal done. And they still have their really expensive preferred.
Great write-up. The future is bleak. Part of me wonders why some of these deals were put in place at such ridiculous valuations. The rental rates and interest rates put in place were poor decisions by both the lenders, REITs, and operators. Just really bad decisions. I'm hoping that moving forward we see more of what GlassHouse was able to accomplish with its debt makeover last month
Thanks!
Note that Glass House’s loan is 20% cash collateralized. I imagine that was part of getting that deal done. And they still have their really expensive preferred.
Great write-up. The future is bleak. Part of me wonders why some of these deals were put in place at such ridiculous valuations. The rental rates and interest rates put in place were poor decisions by both the lenders, REITs, and operators. Just really bad decisions. I'm hoping that moving forward we see more of what GlassHouse was able to accomplish with its debt makeover last month