All Forum Posts by: David Miller

@Sitaram Koppaka  Are you asking for a mortgage broker?  Or a commercial real estate broker?  If the former, reach out to Bellwether Enterprise.  They have a huge Ohio presence.  

@Chris May What size multifamily assets are you looking to acquire?  

@Dan Bryant - Try Thomas Crawford with Thomas Judy & Tucker in Raleigh.  He does a lot of work with owners and operators of real estate assets.

The dangerous breed issue is very real and it does present a risk that owners/operators must manage.  If this bill does  actually gain traction, I would be surprised if it ends up as a blank prohibition...surely there will be some exceptions, carveouts, etc.  And due to the inevitability of unintended consequences, this type of bill becoming law would likely cause many planned communities to respond by instituting blanket bans on any type of animal...thereby decreasing the options available to pet owners and directly undermining the law's intent to increase availability.  

Consult an attorney on what rights you have. You may be able to require them to vacate immediately or, if they have some type of tenancy rights, you may need to give notice and follow some procedural guidelines in order to terminate their tenancy rights.

Brian Burke summed it well.

The cap rate for comparable assets in your market/submarket is what matters for your purposes.

@Stephanie Z. You will need a team to do this transaction well.  Commercial real estate broker familiar with your market/submarket development opportunities and buyers, commercial real estate attorney, CPA, etc.  Have you considered a subdivision of the land into two tracts?  It would consist of one tract of ~1 acre for the existing building/parking and a second tract for the remaining ~4 acres.  This route would allow you develop and/or sell the remaining 4 acres to a developer and either not sell your business or sell your business on the smaller tract.  If you have not developed property, you need professionals in this arena to assist you.  Development will require engineering, surveying, land planning and other professionals who can walk you through zoning requirements, site plan approval, construction drawing approval, stormwater, utilities, whatever other approvals are necessary for your jurisdiction, etc. etc. etc.  

Agency loan is probably your best bet, although recognize that there will be recourse carveouts for "bad boy" acts (i.e. fraud).  Try Bellwether Enterprises.  See https://www.bellwetherenterprise.com/product-overviews.

@Shaun R. I would suggest you reach out to a mortgage broker who can reach out to multiple lenders to find a bank that will do a straightforward refinance through your existing LLC. To simply facilitate a refinance in this situation, setting up a holding company, transferring title and creating additional LLCs seems burdensome and unnecessarily complex.