This is the Filing the REIT just filed. This means that NONE of the money raised is going to real estate. It means he took out loans, preffered loans, and outside investors (NOT THE REIT) to buy the property, and put in a few dollars from the REIT.
So you ask WHERE IS THE money Jake Frydman raises???????????
He pays it to his other companies.
United Realty Capital, United Realty Advisors, and all the other United Realty Companies he can suck cash from.
READ AND UNDERSTAND THE FINANCIALS OF THIS COMPANY
PLEASE PROTECT YOURSELF FROM FRAUD
Closing costs were approximately $669,700, prepaid expenses and escrows were approximately $196,000 and fees paid to the Advisor were approximately $248,000. Closing costs included $362,000 in supplemental transaction-based advisory fees for financing and equity placement paid to United Realty Partners, LLC (“URP”), an entity controlled and indirectly owned by the Company’s chief executive officer and secretary. We funded the acquisition as follows: (i) $10.3 million with a new first mortgage loan secured by the property; (ii) cash from our OP of approximately $3.2 million; and (iii) a $2.1 million preferred loan from a third party. The 10-year preferred loan yields a preferred return of 15% per annum, compounded monthly (increasing to 24% per annum upon the occurrence of certain events of default) and requires monthly distributions to the preferred lender. The property-holding entity must redeem the preferred loan by June 6, 2024, and has the right to do so at any time upon 30 days prior written notice. Additionally, the lender of the preferred loan may require the OP to redeem the preferred loan at any time after April 21, 2015 upon 30 days prior written notice. The cash from the OP included $1.7 million in proceeds from the OP’s issuance to two third parties of an aggregate of 17 class MB units (the “MB Units”) of limited partnership interest. The OP issued 12 MB Units to one of the two investors in consideration for a capital contribution of $1.2 million. Such 12 MB Units must be redeemed by the Company in November 2014 for $1.32 million. The OP issued five MB Units to the other investor in consideration for a capital contribution of $500,000. Such five MB Units entitle the holder thereof to an annualized preferred return of 10% on the amount of the capital contribution, and must be redeemed by the Company in May 2015.
The CEO has many lawsuits against him especially FRAUD.
One lawsuit alleges that Jacob Frydman defaulted on his personal guaranty of a $12 million loan PAF Capital made to his company. The suit claims that after defaulting on his guaranty, Mr. Frydman represented to PAF Capital that he could not afford to honor his guaranty and provided PAF Capital with what they now believe are fraudulent financial statements in an effort to get PAF Capital to settle with Mr. Frydman for a significant haircut.
Another Lawsuit his ex-CFO in his Lambdastar Infranstructure fund that failed in 2010 the CFO alleges that Jacob Frydman raided the company for his own benefit and left the company broke. The CFO won the lawsuit against them. The CFO writes in the lawsuit he used the company as a "personal piggy bank by siphoning investor monies from the company’s coffers to distribute money to Frydman”
A case filed in 2013 alleges that Jacob Frydman got caught moving nearly $7 million of investors’ funds to an account under Frydman’s control. The documents show how Jacob Frydman only returned the investor funds after being notified of the lawsuit.
Many lawsuits were filed in March of 2011 by Capital One Bank against Jacob Frydman and his entities for breaches of contract, recovery of funds owed under credit agreements, in the amounts of $637,982.85, $370,141.75, and $341,558.06.
United Realty Trust Inc Reviews
This is the Filing the REIT just filed. This means that NONE of the money raised is going to real estate. It means he took out loans, preffered loans, and outside investors (NOT THE REIT) to buy the property, and put in a few dollars from the REIT.
So you ask WHERE IS THE money Jake Frydman raises???????????
He pays it to his other companies.
United Realty Capital, United Realty Advisors, and all the other United Realty Companies he can suck cash from.
READ AND UNDERSTAND THE FINANCIALS OF THIS COMPANY
PLEASE PROTECT YOURSELF FROM FRAUD
Closing costs were approximately $669,700, prepaid expenses and escrows were approximately $196,000 and fees paid to the Advisor were approximately $248,000. Closing costs included $362,000 in supplemental transaction-based advisory fees for financing and equity placement paid to United Realty Partners, LLC (“URP”), an entity controlled and indirectly owned by the Company’s chief executive officer and secretary. We funded the acquisition as follows: (i) $10.3 million with a new first mortgage loan secured by the property; (ii) cash from our OP of approximately $3.2 million; and (iii) a $2.1 million preferred loan from a third party. The 10-year preferred loan yields a preferred return of 15% per annum, compounded monthly (increasing to 24% per annum upon the occurrence of certain events of default) and requires monthly distributions to the preferred lender. The property-holding entity must redeem the preferred loan by June 6, 2024, and has the right to do so at any time upon 30 days prior written notice. Additionally, the lender of the preferred loan may require the OP to redeem the preferred loan at any time after April 21, 2015 upon 30 days prior written notice. The cash from the OP included $1.7 million in proceeds from the OP’s issuance to two third parties of an aggregate of 17 class MB units (the “MB Units”) of limited partnership interest. The OP issued 12 MB Units to one of the two investors in consideration for a capital contribution of $1.2 million. Such 12 MB Units must be redeemed by the Company in November 2014 for $1.32 million. The OP issued five MB Units to the other investor in consideration for a capital contribution of $500,000. Such five MB Units entitle the holder thereof to an annualized preferred return of 10% on the amount of the capital contribution, and must be redeemed by the Company in May 2015.
The CEO has many lawsuits against him especially FRAUD.
One lawsuit alleges that Jacob Frydman defaulted on his personal guaranty of a $12 million loan PAF Capital made to his company. The suit claims that after defaulting on his guaranty, Mr. Frydman represented to PAF Capital that he could not afford to honor his guaranty and provided PAF Capital with what they now believe are fraudulent financial statements in an effort to get PAF Capital to settle with Mr. Frydman for a significant haircut.
Another Lawsuit his ex-CFO in his Lambdastar Infranstructure fund that failed in 2010 the CFO alleges that Jacob Frydman raided the company for his own benefit and left the company broke. The CFO won the lawsuit against them. The CFO writes in the lawsuit he used the company as a "personal piggy bank by siphoning investor monies from the company’s coffers to distribute money to Frydman”
A case filed in 2013 alleges that Jacob Frydman got caught moving nearly $7 million of investors’ funds to an account under Frydman’s control. The documents show how Jacob Frydman only returned the investor funds after being notified of the lawsuit.
Many lawsuits were filed in March of 2011 by Capital One Bank against Jacob Frydman and his entities for breaches of contract, recovery of funds owed under credit agreements, in the amounts of $637,982.85, $370,141.75, and $341,558.06.