View full post on REJournals.com

Jeff Baasch, director of multifamily sales at Sperry Van Ness, has closed the sale of a 54,000-square-foot timber loft building at 2100-14 S. Indiana in Chicago’s South Loop neighborhood. The Property was a failed condominium conversation and had been tied up in the foreclosure process since 2008. The existing  building will be repositioned to house rental apartment units and retail on the first floor. The transaction also included an adjacent half acre parcel of land for future development.

The property was sold for $3,367,500 to an undisclosed buyer. Baasch represented both the bank and buyer in the transaction and believes the real estate freeze is beginning to thaw. “The significant interest in the opportunity from developers and investors reflects the improving market fundamentals in multifamily properties and the Chicago market” said Mr. Baasch in a release. “The city has really done an amazing job redeveloping the South Loop, so it is not surprising that there was this much interest in the property.”

Mr. Baasch has extensive experience working with bank owned properties and specializes in asset disposition solutions for distressed and non-performing assets. 2100-14 S. Indiana represents one of many bank owned transactions he has closed this year.

View full post on REJournals.com

Southfield, Mich.-based Bernard Financial Group recently arranged an $11 million CMBS loan for One North Main, a 114,750-square-foot, 11-story specialty retail, office and condominium building in Ann Arbor, Mich.

One North Main, LLC borrowed the money. Dennis Bernard and Kevin Kovachevich originated the loan, which was funded by JPMorgan Chas Bank’s conduit program.

View full post on REJournals.com

There are several types of homes that you can choose from when you start shopping. Among the choices are: new detached homes; used detached homes; new or used condominiums; and fixer-uppers.

A detached home, new or used, will typically provide you with a yard, garage and the like. This is a fairly standard set-up in California. Choosing from new or used depends on several factors. New homes generally cost a little more to purchase, are less negotiable on purchase price, but are less expensive to maintain and are more energy efficient. Used homes generally cost a little less to purchase and you have more room to negotiate on purchase price. In addition, typically you won’t have to landscape a yard. On the other hand, upkeep is generally more expensive. You may have to tackle dying appliances, cracks in the plaster, a new roof and other issues that face a house of a certain age.

A condominium, new or used, generally faces the same issues as a new or used detached home. The difference with a condominium is that you own only the interior air space and fixtures in your living space, plus a certain percentage of common areas and property.
(more…)