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plus a $31.5 million loan), Cherry Creek National Bank (Travelers
provided $8.25 million plus a $19.95 million loan), the Stanford
Corporate Center (Travelers provided $43,612,622), and Boettcher
Building (a.k.a the Boston Building) (Travelers' contribution to
this project is not reflected in the record). For other Walters
projects brokered by Schaffel, Travelers provided financing
without becoming a partner in the underlying joint venture.
These projects included Orchard Place VIII (Travelers provided a
$9 million loan), Orchard Place VII (Travelers provided a $8.5
million loan), and Cherry Creek Place III (Travelers provided a
$10.8 million loan).
From 1984 through 1986, Schaffel paid a share of his fees on
Walters-Travelers transactions to Holding Co. in the following
amounts:
Year Amount
1984 $600,000
1985 1,160,000
1986 1,003,500
Total 2,763,500
3. FPC Subventure Associates Partnership
On March 21, 1980, Kanter acquired an 8-percent limited
partnership interest in Four Ponds Center Associates (Four
Ponds), a joint venture involving Schaffel and Torcivia. On his
1980 Federal income tax return, Kanter reported his share of the
partnership's losses.
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