You are correct. The statement that ENN own 50.1% of Harris Street fund was misguided. It clearly states in ENN reports the % held directly by them. The rest as you said is held by their "wholesale capital partners".
If not sold already that 13.7% will be up for grabs- at a discount.
The capital stack at Harris St is something like this:
$25m bank debt $40m capital notes ($39m owned by ECF) $xx Original equity investors
I've said before this was a poor acquisition by them at the top of the market and rock bottom yields.
I encourage everyone to read the agreement between ECF RE and Lederer. It signals a possibility of ECF looking to combine with other Lederer offices properties AND Lederer can fund a buyback that ECF will use to buyout other investors.
ECF Price at posting:
54.5¢ Sentiment: Buy Disclosure: Held
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