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alberone
79 Posts |
 Posted - 06/19/2008 : 1:16:29 PM
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Hello all,
I have the basics of a what looks to be a commercial acquisition deal. A consortium of investors want to purchase a large block of condotel units in a building (might even be more than one building). Purchase price will be approx. $11.5 mil. I don't know much about commercial so I'm looking for some direction. Any help would be appreciated. Thanks! |
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PinnaclePeters
1022 Posts |
Posted - 06/19/2008 : 1:37:04 PM
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| Flagged condotel project? |
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alberone
79 Posts |
Posted - 06/19/2008 : 2:12:20 PM
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| Flagged? |
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Quicksilver
4458 Posts |
Posted - 06/19/2008 : 3:12:24 PM
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quote:
Originally posted by alberone
Flagged?
Flagged meaning is the hotel a national operation (i.e. stable), Ritz, Hilton etc. Or is it a non-flagged joe schmoe operation. If its non-flagged good luck, non-flagged projects are barely budging too much risk right now, investors rather see a stable structure in place or affiliate of a national company/franchise. |
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alberone
79 Posts |
Posted - 06/19/2008 : 3:14:10 PM
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| Thanks Quicksilver. I was able to determine that is is flagged, but I don't know the brand. |
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jaronparkin
219 Posts |
Posted - 06/19/2008 : 3:43:39 PM
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quote:
Originally posted by alberone
Thanks Quicksilver. I was able to determine that is is flagged, but I don't know the brand.
http://www.nycunderwriters.com/
Ask for Dan, please tell him i sent you.  |
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alberone
79 Posts |
Posted - 06/19/2008 : 4:00:41 PM
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| Thanks Jaron, I will follow up with Dan tomorrow. |
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jaronparkin
219 Posts |
Posted - 06/19/2008 : 4:02:50 PM
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quote:
Originally posted by alberone
Thanks Jaron, I will follow up with Dan tomorrow.
No problem  |
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sfedgar7
67 Posts |
Posted - 06/19/2008 : 5:10:41 PM
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quote:
Originally posted by alberone
Thanks Jaron, I will follow up with Dan tomorrow.
Dan is in the field this week performing site inspections. Best way to contact him at current time is dan@nycunderwriters.com. |
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alberone
79 Posts |
Posted - 06/19/2008 : 5:43:01 PM
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| Thanks Steve. |
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JoeKondo
7 Posts |
Posted - 08/25/2008 : 8:31:01 PM
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Quicksilver, the flag doesnt help in every scenario. In many cases, if we can grant what we call "resort condominium" classification to a condotel project, then we can offer excellent financing terms (basically priced as 2nd home condos instead of condotel). One of the few aspects that would kill the deal though would be if it is a flag hotel. I have personally helped two developers this year gain RC classification by making a few simple changes to their condo docs and we both enjoyed a skyrocketing in sales.
Sadly though, my bank decided to suspend our RC classification in anything that is considered a distressed market (declining value/6+mo.market time/oversupply on appraisal).
Very cool capability though, and I cant wait for it to come back! (We can still do it in a few states... SC being one of them).
Cheers,
Joe Kondo
Resort Condominium Specialist
[Big Lender]
Chicago, IL 60610
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PLCMarketing
1 Posts |
Posted - 08/25/2008 : 11:15:08 PM
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Why not look at overseas Condo Hotel investments ? ... www.lancastersuites.com
Regards
Beth |
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KHufford
5054 Posts |
Posted - 08/25/2008 : 11:37:22 PM
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quote:
Originally posted by PLCMarketing
Why not look at overseas Condo Hotel investments ? ... www.lancastersuites.com
Regards
Beth
Thats quite pathetic to hijack his thread to promote your companies listings...and has nothing to do with what he is asking. Very sly work..
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KevinCLC
6 Posts |
Posted - 08/26/2008 : 11:01:24 AM
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quote:
Originally posted by alberone
Hello all,
I have the basics of a what looks to be a commercial acquisition deal. A consortium of investors want to purchase a large block of condotel units in a building (might even be more than one building). Purchase price will be approx. $11.5 mil. I don't know much about commercial so I'm looking for some direction. Any help would be appreciated. Thanks!
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KevinCLC
6 Posts |
Posted - 08/26/2008 : 11:03:21 AM
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I am doing one of these now in SC for $11M. Are the units warrantable?
Kevin Currier ~ Account Executive
Cell - (586) 738-8449
Fax - (586) 247-1804
E-Mail: kevincurrier.clc@gmail.com
Website: www.clcnationwide.com
COMMERCIAL LENDING CAPITAL
“OVER 8000 PROGRAMS AVAILABLE”
We are a Direct Lender
Term Sheets/Pricing for most in 8 hrs
Expedited Closings – most in 45 days
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