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JMB Financial Advisors helps close refinance for 72-unit condo project in Kentucky

admin — Tue, 17 Jan 2012 09:15:40 +0000

JMB Financial Advisors arranged the debt to refinance a Tax Increment Finance Bond on a 72-unit high-end condominium project located inCovington, Ken.

The income stream derived from the real estate taxes paid by the condominium owners secured the bank financing. JMB sourced the debt from a suburban Chicago-based bank on behalf of the bond owner, who was not disclosed.

“Most conventional lenders would not have the ability to get a transaction like this done. We worked extensively to get the bank comfortable with the security of its collateral,” said John Pascal of JMB Financial Advisors, who secured the financing for the transaction. “We enjoy providing capital solutions to complicated transactions such as this one.”

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Sperry Van Ness completes $3.3M sale of failed condo building in South Loop

admin — Thu, 15 Dec 2011 09:54:14 +0000

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.

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Bernard Financial originates loan for luxury condo building in Michigan

admin — Sun, 19 Dec 2010 13:47:43 +0000

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.

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Are You Home or Ready to Go Condo?

admin — Wed, 21 Jan 2009 14:41:51 +0000

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.

As a condominium owner, you generally pay association dues to take care of maintenance, replacement of common area amenities, and occasional repairs like a new roof or paint. Association dues cover many of the individual expenses a detached homeowner pays, including insurance and general upkeep. If you are thinking about buying a condominium, closely examine the “Covenants, Conditions, and Restrictions” (CC&R’s) for the rules that govern the complex.

Also, closely examine the condominium association’s finances for large assessments or dues that increase more than standard inflation on a year to year basis.

A fixer-upper can be a great way to get into a larger house in a better neighborhood for a lower price. There is one catch: you have to fix the house up, which is not for everyone. If you are considering buying a fixer-upper, get a qualified contractor to help you review properties. Does a house need minor cosmetic remodeling like painting, yard maintenance and new carpet? Or does the fixer need a new electrical system and plumbing and have dry rot in the flooring?

These are important questions to ask and even more importantly, you need to figure out what they’llcost – and don’t forget what your time is worth! Does the fixer you’re considering cost $180,000 in a neighborhood of $220,000 homes? That’s good if the house only needs $20,000 or $30,000 in repairs, but if the
house needs $50,000 or $60,000 (or more) in repairs, then you may want to reconsider the purchase or offer a lower price.

Source: http://www.dre.ca.gov/pdf_docs/PropQuestwkbk_homeowners.pdf