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News: Front Section
Posted: January 12, 2012
Red Mortgage Capital provides $28.169 million loan to refinance Drake Tower
Red Mortgage Capital, LLC, the mortgage banking arm of comprehensive capital provider Red Capital Group, LLC, provided $28.169 million of Fannie Mae DUS Choice Refinancing for a 284-unit Class A multifamily property.
Financing for The Drake Tower was provided to sponsor Forest City Enterprises, Inc. (Forest City). Forest City originally acquired the property in 1998 and began a major historical renovation. The current transaction completed by Red Mortgage Capital, LLC refinanced both the existing first and supplemental second financings associated with the property. The new loan has a ten-year term and 30-year amortization.
The Drake Tower, a former hotel, is located at the corner of 15th and Spruce Sts., next to the Kimmel Center for the Performing Arts. Built in 1929, the 30-story architectural gem of Spanish Baroque and Art Deco design once was the tallest building in Philadelphia and today is listed on the National Register of Historic Places.
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McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Quick Hits
Columns and Thought Leadership
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To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
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Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
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Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
