EFTA01039764.pdf

From: Richard Kahn <I MI > To: Jeffrey Epstein <jeevacation@gmail.com> Subject: Fwd: AYH Banco Poplar Loan Date: Mon, 04 Jun 2018 11:49:08 +0000 Attachments: IGY-AYH_ST THOMAS_HOLDINGS_LLC_COMMITMENT_LETTER_OCT_2015.pdf I nli ne-Images: pagel4image30240.png attached are the only two emails i found: I) below is email for bank refinancing in 2016 attached on PDF (page 4 C) bank required an updated appraisal however i was unable to find in all of my emails.. 2) next email which had 2007 appraisal of 21,000,000 Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 tel fax cel Begin forwarded message: From: Richard Kahn < Subject: AYH Banco Poplar Loan Date: January 21, 2016 at 1:37:55 PM EST To: "jeffrey E." <ieevacation@gmail.com> Cc: Darren Indyke < attached is Banco Poplar term sheet which i just discussed with Mark Lande, IGY attorney. EFTA01039764 AYH plans to move forward with option 2 on attached term sheet which is as follows: a) 7 year extension of loan from date it is signed (projected - Feb 1, 2016) -> note original expiration was Sep 2017 so extension is approximately 5.5 years b) current interest rate is 1 month libor 0.3655 plus 235 basis points = 2.7155% -> that rate will probably increase in line with each fed increase (60-100 basis points targeted for 2016) c) interest rate per extension is 4.95% vs 2.7155% current rate = 2.2345% additional cost x 12,900,000 (approx outstanding balance) = 288,250 in additional debt service -> that difference will narrow as libor increases d) bank fee of 0.50% of 12,900,000 will cost AYH 64,500 Mark stated that Yacht haven loan is 6+% and he was very pleased with 4.95% rate He also stated that property has plenty of extra cash flow and they are not to concerned with additional debt service costs Please advise Thank you Per 2014 Financial statement footnote The Company obtained a $15,300,000 loan facility from a bank on August 23, 2007. Interest accrues at LIBOR plus 2.35%. Principal and EFTA01039765 interest are due monthly and the loan matures on September 1, 2017. At December 31, 2014 and 2013, the principal amount outstanding under the loan was $13,286,700 and $13,632,900, respectively. The interest rate in effect at December 31, 2014 was 2.58% (calculated based on a blended LIBOR rate of 0.23% plus 2.35%). The interest rate in effect at December 31, 2013 was 2.60% (calculated based on a blended LIBOR rate of .25% plus 2.35%). The loan is collateralized by the real property and improvements thereon, the Company's rights under its retail leases, certain cash accounts, and accounts receivable of the Company. As part of a security agreement with the bank, the bank has required that certain cash accounts of the Company be pledged to the bank. This amount is shown as restricted cash on the balance sheets in the amount of $1,856,705 and $1,238,200 at December 31, 2014 and 2013, respectively. The terms of the loan contain certain financial covenants, negative covenants, and other terms and conditions customarily found in loan agreements of this type. The Company has complied with the covenants and terms in all material respects. Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell 1 Begin forwarded message: EFTA01039766 From: "Lande, Mark" < Subject: RE: 9.15 Reporting - American Yacht Harbor Date: January 20, 2016 at 10:10:32 AM EST To: Richard Kahn < Cc: Jeanne Brennan < >, "Greene, Jennifer" >, "Brown, Luke" >, "Lande, Mark )"< Richard, Please find attached the term sheet. Yours, Mark Lande From: Richard Kahn [mailto: Sent: Wednesday, January 20, 2016 9:30 AM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark ( Subject: Re: 9.15 Reporting - American Yacht Harbor can you please send 12-31-2015 figures when ready in addition can you please send banco term sheet discussed on call last week thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 On Nov 20, 2015, at 5:11PM, Lande, Mark < wrote: The extension would be from 2017. From: Richard Kahn [mailtod Sent: Friday, November 20, 2015 4:59 PM To: Lande, Mark EFTA01039767 Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark ( Subject: Re: 9.15 Reporting - American Yacht Harbor thank you for update would 2 year extension be from loan termination date in 2017? can you please keep up updated on loan and inform us before any decision is finalized with the bank thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 On Nov 18, 2015, at 9:56 AM, Lande, Mark t:I > wrote: Richard, Please find attached the Q3 2015 reporting. In response to your question, AYH recently signed a term sheet with Banco Popular that provided the following two options: Option 1 2 year extension with an interest rate of 2.83% Option 2 7 year extension with a fixed interest rate of 4.95%. Option 1 does not require an appraisal. Option 2 requires an appraisal showing a LTV Ratio of 75%. Both options would require amortization of $33,000 per month. IGY is in favor of option 2 and the lender has commissioned an appraisal which should be completed before Christmas. If that happens it is our hope to close the loan shortly after the new year. Please let me know if you have any questions. Yours, Mark Lande From: Richard Kahn [mailtod Sent: Wednesday, November 18, 2015 7:23 AM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor Good morning Can you please update me on status if bank loan renewal / extension Thank you EFTA01039768 Rich From: "Lande, Mark" <la Date: Wednesday, July 29, 2015 at 12:01PM To: Richard Kahn < Cc: Jeanne Brennan < :••, "Greene, Jennifer" , "Brown, Luke" le "Lande, Mark[ Subject: RE: 6.15 Reporting - American Yacht Harbor From: Richard Kahn [mailto: Sent: Wednesday, July 29, 2015 1:01 PM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Hanson, Lianne; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor will you call me or is their a dial in # you would like to use? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel 212-971-1306 fax 646-350-0954 cell 917-414-7584 On Jul 24, 2015, at 1:16 PM, Lande, Mark < wrote: Does 1 pm Wednesday work for you? From: Richard Kahn [mailto: Sent: Friday, July 24, 2015 1:04 PM To: Lande, Mark Cc: Jeanne Brennan; Greene, Jennifer; Brown, Luke; Hanson, Lianne; Darren Indyke; Lande, Mark Subject: Re: 6.15 Reporting - American Yacht Harbor can we schedule a call for next week to review some of my questions regarding financial statements tueday or wednesday would be best for me thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 EFTA01039769 On Jul 16, 2015, at 2:19 PM, Lande, Mark <M > wrote: Dear Richard, Please find attached the reporting for Q2 2015 and the audit for 2014. Please let me know if you have any questions. Yours, Mark Lande From: Lande, Mark Sent: Friday, April 17, 2015 3:11 PM To: 'Richard Kahn' Cc: 'Jeanne Brennan'; Jennifer Greene; Brown, Luke; Hanson, Lianne; 'Darren Indyke' Subject: RE: 3.15 Reporting - American Yacht Harbor Dear Richard, Please see the attached reporting for American Yacht Harbor for the O12015. Please let me know if you have any questions. Yours, Mark Lande, Esq. General Counsel Island Global Yachting Ltd. 717 Fifth Avenue, 18th Floor New York, NY 10022 Tel: Email: This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island EFTA01039770  Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. <2014 AYH Financial Statements Final.pdf><AYH 6.15 Quarterly Financial Statements.pdf> This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mall shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. <AYH 9.15 Quarterly Financial Statements.pdf> EFTA01039771 This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. EFTA01039772