Archive for 'Rental Property'

Claiming Tax Deductions for Your Rental Property

Investing in Real Estate has been around probably since the first tepee was built and it shows no signs for the moment of letting up in it’s popularity. The cable channels have about a dozen different shows on buying junkers, fixing and flipping for a profit. Seems like everybody is making a fortune but we all know that Uncle Sam gets his cut too. But there are a few things that you can do to make his cut a little smaller. Read on…

Single-family homes and small apartments or office buildings are popular investment vehicles for small investors. Many people consider owning rental houses not much different than owning their own home. Like owning a home, mortgage payments that finance the purchase of a rental property can eat up a large chunk of the rental income. To encourage housing availability for renters, the Internal Revenue Service allows tax deductions on a number of rental property expenses.

Rental Property Deductions

Similar to the home mortgage deduction, interest paid during the year on the mortgages of your rental properties are tax-deductible. The property taxes are also deductible. Unlike the home mortgage deduction, all rental property expenses are itemized on Schedule E. If you own more than one property, the form provides space for the itemization of expenses for each property separately. You can also deduct other rental property expenses, including utilities paid, landscaping, and maintenance and repair costs.

Active Investor

You can fully deduct your mortgage interest and many other expenses for each property if you actively engaged in the management of your properties. To be an active investor, you do not need to make all repairs or physically show the properties to tenants. You can hire a management firm and still be considered an active investor if, for example, you review and approve a tenant’s application or you approve repairs that exceed a certain dollar amount.

Limits

If you have a significant net loss on your rental properties, you may encounter limits on what you can deduct. The IRS allows an active investor to fully deduct the total net loss on rental properties up to $25,000 if your modified adjusted gross income is no more than $100,000, you participate in no other passive activities, and you have no current or prior year disallowed losses or credits from passive activities.

Passive or Personal Use

If you were a passive investor, you can deduct the expenses up to the amount of income you received for each respective property. You will also need to complete Form 8582 to determine what portion of the loss, if any, you can offset against other passive income. If you used the house for personal use but rented it out for at least 15 days, as with a vacation home, you can deduct mortgage interest and real estate taxes, but many of the other expenses may not be deductible.

Record Keeping

As with the mortgage for your personal residence, the lender must send you Form 1098, a mortgage interest statement, by January 31 following the end of the tax year for each property you own. Keep these and other property expense records to use for completing Schedule E and, if necessary Form 8582.

 

Rental Property Deductions

Multi-Family Property Report Card Just Released

RED CAPITAL GROUP Research Team shares latest multifamily market review and outlook online on its website, including rental rate and occupancy trends and outlooks and metro area conditions.

Daniel J. Hogan, Director of Research, RED CAPITAL GROUP, LLC

RED CAPITAL GROUP, LLC has posted on its website its Research Team’s most recent multifamily housing industry report entitled “Multifamily Housing Industry 2011 Mid-Year Review and Second Half Outlook Report”.

To access the report, log on to http://www.redcapitalgroup.com and scroll down to the “Recent Multifamily Housing Market Analysis” section to register for the download.

Researched and written by Daniel J. Hogan and Joseph M. Mandeville, both of RED’s in-house Research Team, the report is highlighted by the introduction of a fully-integrated occupancy, rent and cap rate forecasting model. The report provides a full set of 2011 to 2013 annual payroll projections and annual five-year rent growth and occupancy rate forecasts for 46 metropolitan markets across the country (the “RED 46”) as well as five-year total return and risk-adjusted return estimates and probability distributions of total return for each market. The study also engages in some “What If” modeling to help probe key questions confronting the multifamily housing space, such as the relative impact of accelerating inflation on asset performance and returns in different metropolitan markets.

In addition, the report contains a summary of the performance of metro markets during the first half of 2011, including:

  •     Apartment Demand & Occupancy Trends
  •     Apartment Rent Trends
  •     Metro Area Economic Conditions
  •     Macro-economic Outlook

Highlights of key points summarized in the report include:

  •     Abundant employment growth among Americans aged 20- to 29-years in the period May 2010 to May 2011 triggered the strongest apartment demand observed in a generation.
  •     Export-driven manufacturing revivals fueled stronger than expected hiring in corners of the Heartland, such as Nashville, Pittsburgh, Columbus, Louisville and Saint Louis.
  •     High tech hubs (Seattle, San Jose) and Texas metro areas (Dallas, Fort Worth, Houston, Austin) posted the strongest job growth in the spring, while Milwaukee surprised many by leading the nation in year-over-year job growth.
  •     With the exceptions of Seattle, San Jose, San Diego and Portland, Western Region economies continued to struggle with negative or flat results in the second quarter.

Operating nationwide since its inception in 1990, comprehensive debt and equity capital provider RED CAPITAL GROUP, LLC is recognized for its industry expertise, innovative and comprehensive structures, and consistently high lender rankings, including having closed more FHA Multifamily & Healthcare loans during HUD FY-2010 than any other lender and remaining active as a top Fannie Mae DUS® lender for both multifamily and seniors. Red Mortgage Capital, LLC’s nationwide agency platform includes Fannie Mae DUS, Freddie Mac Seller/Servicer for Seniors, and FHA MAP and FHA LEAN lending for multifamily, seniors housing and health care properties. RED’s Research Team supports the firm’s underwriting and lending functions, and provides unique intelligence and perspective.

RED CAPITAL GROUP, LLC is committed to being the nation’s premier provider of capital across the spectrum of asset classes.

About RED CAPITAL GROUP, LLC
RED CAPITAL GROUP, through three operating companies, provides integrated debt and equity capital to the multifamily, student and seniors housing, and health care industries. Red Mortgage Capital, LLC is: a leading Fannie Mae DUS® lender for both Multifamily and Seniors Housing; the nation’s most active FHA Multifamily/Seniors lender (MAP- and LEAN-Approved); a national Freddie Mac Seniors Housing Seller/Servicer; an active financier of Critical Access, community and rural hospitals; and services more than $14 billion of income property mortgage loans. Red Capital Markets, LLC (MEMBER FINRA/SIPC) is a leader in: the trading and distribution of Fannie Mae and GNMA Project MBS; the underwriting of developer-driven multifamily housing bonds; and also is remarketing agent for $1.5 billion in variable rate demand tax-exempt and taxable housing and health care bonds. Red Capital Partners, LLC delivers proprietary debt and equity to the multifamily and health care industries and provides asset management services for RED’s proprietary debt and equity investments.

RED CAPITAL GROUP is headquartered in Columbus, Ohio, employs more than 200 and maintains eight offices nationwide. Since 1990, the bankers of RED CAPITAL GROUP have provided over $52 billion in taxable and tax-exempt first mortgage debt, mezzanine level capital and equity to multifamily, seniors housing, health care, and other real estate properties nationwide. RED CAPITAL GROUP is a subsidiary of ORIX USA Corporation.

About Our Parent ORIX USA Corporation
ORIX USA Corporation (http://www.orix.com) is the U.S. subsidiary of ORIX Corporation, a publicly-owned Tokyo-based international financial services company established in 1964. ORIX Corporation is listed on the Tokyo (8591) and New York (NYSE:IX) stock exchanges. ORIX USA Corporation is a diversified corporate lender, finance company, and advisory service provider with more than $6 billion in assets and an extensive portfolio of credit products and advisory services. ORIX USA is headquartered in Dallas, Texas and has approximately 1,400 employees worldwide.

Red Mortgage Capital, LLC is a licensed FHA MAP and FHA LEAN lender.
DUS® is a registered trademark of Fannie Mae.

The National Multi Housing Council (NMHC) and the National Apartment Association (NAA) reiterate their calls to protect rental housing as lawmakers work toward enactment of a jobs bill.

The legislative language released by the Obama Administration once again includes a tax increase on carried interest(1) as a revenue raiser.  NMHC/NAA remind lawmakers of the devastating effect such a tax increase would have on rental housing.

While this proposal is being marketed as a “tax increase on hedge fund managers and other rich Wall Street executives,” the truth is that real estate partnerships—and the estimated 550,000 workers employed by the apartment business and the 16 million Americans who rely on our industry to provide them with safe, decent affordable housing—will be very adversely affected by such a change.

Carried interest has been a fundamental part of real estate partnerships for decades.  Increasing the taxes on carried interest would not only increase the cost of producing new housing, it would decrease the supply by making many deals financially unworkable.

A carried interest tax increase would have a devastating impact on our rental housing supply at a time when demand is increasing against the backdrop of a supply shortage.

It will also kill jobs and depress income for cities and counties.  In recognition of the serious harm this legislation could have beyond Wall Street to “main street,” in 2010 both the U.S. Conference of Mayors and the National Association of Counties adopted official positions opposing it and urged Congress and the Administration to maintain current law as it relates to real estate partnerships.

“The apartment industry supports sound economic policy that helps restore job growth, but a tax increase on carried interest is bad for our economy and bad for our housing supply,” noted Cindy Vosper Chetti, NMHC/NAA Senior Vice President for Government Affairs.

The National Multi Housing Council (NMHC) and National Apartment Association (NAA) operate a Joint Legislative Program and represent the nation’s leading firms participating in the multifamily rental housing industry.  NMHC/NAA’s combined memberships are engaged in all aspects of the development and operation of apartment communities, including ownership, construction, finance and management.  One-third of Americans rent their housing, and over 14 percent of all U.S. households live in an apartment home.  For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org or visit NMHC’s web site at www.nmhc.org.

(1) A “carried interest” (or “promote”) is an interest in the capital gain of a partnership when it sells its property.

http://www.nmhc.org

Multifamily Utility Company reports an untapped revenue stream that will increase multifamily cash flow and increase property value by allocating utility costs back to tenants through utility billing.

Over the past few years, apartment investors and property managers have had a plethora of issues. Downward pressures on rents, increased vacancies, persistent competition and decreased property values have impacted the multifamily market. Even more so, the soaring costs of utilities that continue to spike year after year. The EPA forewarn that the investment in U.S. drinking water infrastructure improvements from 2007-2027 are estimated to be $334 billion. Multifamily investors are looking towards ancillary income in defense against these rising costs and also increase their net cash flows. According to Brian Stone, President of Multifamily Utility Company, there is an untapped revenue stream many multifamily investors are turning to. That is, by allocating utility costs back to the tenants through utility billing.

Increasing multifamily cash flows can be as simple as increasing the property’s net operating income (NOI). For example, take a multifamily asset of 150 units with at value of $5 million with estimated monthly water/sewer bill of $5000, electric/gas bill of $7000 and a monthly trash bill of $1000. After removing the common area deduction (CAD) of 15%, the rest of the costs can then be reallocated to the tenants. Utilizing a resident utility billing service (RUBS) will increase the net operating income (NOI) by approximately $132,600 per year and $663,000 over 5 years.

The ancillary income from utility reimbursement can be added to the gross scheduled income (GSI); therefore increasing the net operating income (NOI), which in turn will increase the asset’s overall cash flows.

Mr. Stone recommends that a Ratio Utility Billing System(RUBS) is for situations where the constraints of space and/or construction do not allow a property to be submetered, and can be utilized for almost all utilities including water, wastewater, electric, gas and trash. It requires no initial capital investment and is based on a pre-calculated formula. The formula is determined based on several variables including the number of occupants and square footage of the unit. He also suggests that different variables may be used for different utilities and are typically determined by state and local regulations.

Increasing the NOI will also increase the overall Capitalization Rate (Cap rate). Let’s look at the difference before and after initiating a ratio utility billing service (RUBS) shown in the above diagram.

Property owners are always looking to reduce expenses, and utilities are one of the largest and fastest growing expense categories. The goal of RUBS is to help control the growth of utility expenses. A RUBS program provides investors the opportunity to control rising utility expenses. Once utility expenses are under control, apartment communities operate more efficiently. By making the residents responsible for their own level of consumption, they will conserve. Water consumption is typically reduced by up to 20%, as seen in some studies. RUBS can be initiated in as little as 30 days, providing an instant boost to your bottom line.

Multifamily Utility Company is an industry leader specializing in submetering and allocation of water, gas and electric utilities throughout the United States.

To Learn More about Increasing your Multifamily Cash Flow visit http://www.multifamilyutility.com or contact Tiffany Mittal at 1-800-266-0968 x721 for more information.

Buying Investment Properties in Australia

Buying Investment Properties in Australia-Image via Wikipedia

Buying an investment property in Australia is a fairly simple exchange provided that you know precisely what’s concerned and what your legal rights and needs are. Australian property possession laws are very different from the US laws, and plenty of the investment strategies used in the USA aren’t directly pertinent to the Australian market. Before you ever invest your money in Australian real estate, you need to invest some time and money in your own education.

Speak with Agents, Developers and Barristers

One system to learn as much as you can about the Australian property marketplace is generally to speak to industry leaders like real-estate agents, property developers and lawyers. Local real-estate agents can tell you about property values, fluctuations in the property market, and how to construct an offer to purchase the property. Dependent on what sort of property you’re looking for, property developers can tell you about the method of purchasing off the plan and will keep you up to date withnew properties under development.

Your lawyer will be able to answer any specific legal questions that you have relating to the preparation and exchange of contracts, title searches, zoning of the property and anything more legally required or regulation. If you’re wanting to use a less typical investment technique that you have learned about in a convention or book, your lawyer will counsel you about how that strategy can successfully be applied in the Australian market place.

Property Investment Seminars

Another technique to learn about the process of making an investment in property in Australia is to go to a property investment workshop. These types of workshop are held by the larger property companies and are often run on a regular timetable in the most capital towns and larger regional areas around Australia. This type of convention can be invaluable as they discuss the key points of the method of buying property, tell you about Australian property hotspots, and introduce investment concepts such as positive cash flow property, negative gearing, tax benefits, borrowing for your next property, using your equity and more.

Learn from the Gurus

Many Australian investors discover they learn many basic and advanced property investment strategies at workshops run by other property investors- the so-called ‘Property Investment Experts’. Such gurus are plentiful in nations like the US and many Australian Property Investors first get interested in property as a result of listening to a US-based Property Expert. Fortuitously there also are many wonderful Australian Property Investment Mavens, all of who will have their specific systems and specialities, and who will teach methods which will definitely work in Australia. A number of these gurus offer free or very inexpensive introductory workshops, and many have great content-rich web sites and books that provide a lot of information to folk fascinated by property.

Printed Media

Your learning will not be complete without newspapers and magazines. Subscribing to one or more of the many monthly property investment mags available will not just keep you up to date with current trends but also offer tips on mortgage lenders, current rates, expansion areas and new developments in major centers. Newspapers permit you to check the costs in your local marketplace, and to see what’s available for sale.

Invest in Your Own Education

The most outstanding property investors spend some time and some money making an investment in their own education- they are going to have their favorite books, subscribe to certain magazines and will follow an Expert or two. Why not copy success and do the same?

Real Estate Express is real-estate investing software that is a superb tool developed by John Bone to help Australian Property Investors when buying investment property.

Mortgage Giant Settles in Manhattan

Mortgage Master, Inc., one of the nation’s largest independently owned mortgage companies originating $6 billion in loans annually, has opened an office in Manhattan to serve the city’s vibrant housing market. The new office, which is licensed in New York, Connecticut and New Jersey, will handle the purchase and refinancing needs for thousands of residents in the Tri-State area.

“The Manhattan housing market has been remarkably resilient,” said Marc Kunen, head of Mortgage Master’s Manhattan office and a veteran mortgage specialist. “Establishing a foothold in the city will allow us to compete as one of the lowest cost providers and avail those savings to our customers.”

Based in Walpole, MA, Mortgage Master continues to see strong demand as low mortgage rates spur homeowners to refinance and renovate their homes. Kunen also expects to see more customers take out new loans as housing prices in the Tri-State area begin to firm. “There are an awful lot of people poised to buy right now,” he said.

The company, which is licensed in over 20 States with branches in 9, funded approximately $6 billion in 2010 and continues to expand its reach in the mortgage market.

“Our company has been successful because we open offices in markets like Manhattan where we know we are dealing with a stable, reliable community of borrowers,” said Mortgage Master CEO Leif Thomsen.  “The housing market is growing in the Metropolitan area, and we want to contribute to that growth by offering low cost loans to the community.”

Prior to joining MMI to open the Manhattan office, Marc was with GFI Mortgage Bankers as a managing director where he built their Manhattan branch into a $200 million residential mortgage division.  He also worked for Preferred Empire Mortgage Company as a senior loan officer and was ranked among the top loan officers in the U.S. by MOM.  He holds an MBA from NYU’s Stern School of Business and graduated with a B.S. in Business from SUNY Buffalo.  Marc is a native New Yorker, and is exceptionally familiar with the local real estate market and its financing nuances.

The new Mortgage Master office is located at 590 Madison Ave., New York, NY 10022.

About Mortgage Master

Mortgage Master, Inc. (www.mortgagemasterinc.com) is a Massachusetts Company founded in 1988 by Mr. Leif Thomsen. Since then, the company has grown to become the largest volume lender of mortgages in Massachusetts. Mortgage Master is the country’s largest independently owned mortgage company, consistently lending over $6 billion each year. Mortgage Master employs more than 500 employees nationwide, with approximately 240 loan experts providing loans and services in approximately 20 states.

The corporate headquarters is located in Walpole, MA, with satellite offices in California, Connecticut, New Hampshire, New Jersey, New York, Pennsylvania, Maryland, and Rhode Island. Mortgage Master employs more of the top 200 loan officers in dollar volume than any other lender in the U.S.

http://www.mortgagemasterinc.com

Real Estate Group Calls for Reinstituting Federal Tax Credit

Real Estate Group Calls for Reinstituting Federal Tax Credit-Image via Wikipedia

The National Mortgage Complaint Center is warning of further US residential real estate valuation declines, based on new information related to US foreclosures. The group worries if the US residential real estate markets do not soon stop their declines, a second recession might be a optimistic thing. The group has called President Obama’s, or former House Speaker Pelosi’s attempts to help homeowners in foreclosures, or loan modifications, an utter failure, and a waste of taxpayer money. The group says, “We desperately need to stabilize the US residential real estate markets, and we think restoring the Federal Tax Credit for a home purchase would a huge step in the right direction. However, this time the Congressional Federal Tax Credit should be increased to $15,000, and it should be inclusive of not just first time home buyers, it should apply to every qualified home buyer, including investors.” The National Mortgage Complaint Center says, “With the enormous devaluations we have seen in most US residential markets, we need to stop the hemorrhaging, and do something meaningful to stabilize one of the most vital aspects to the US economy-our residential real estate markets.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is urging US House of Representatives Speaker John Boehner to introduce immediate legislation that restores the Federal Tax Incentive Plan for home buyers. However, the group says, “the Federal Tax Incentive Home Purchase Program should not be limited to first time home buyers only. We believe a more robust federal tax incentive plan is called for, to include not just first time home buyers, but all qualified home buyers, including investors. Someone needs to step up to the plate to rescue the US residential real estate markets, and leadership is needed-now.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center is now warning, “If someone in the federal government does not exert some leadership immediately, it might be too late for the US residential real estate markets, and our economy. We appreciate the concept of free enterprise, and or risk, and return is lost on President Obama, but someone in DC had better start thinking outside of the box now, or it could be too late to do anything about the sinking US residential real estate markets.” The National Mortgage Complaint Center is also warning, “Now would not be a time for the US Congress to allow President Obama, and former House Speaker Pelosi to make an Economic Social Statement, with another insane program that allows individuals not qualified to buy a home, to get one. Now is the time to let the free enterprise system work, for qualified buyers, with tax credits being the incentive for participation.” http://NationalMortgageComplaintCenter.Com

The National Mortgage Complaint Center says, “On the topic of the US Federal Government, mortgages, and failure, we have a gigantic problem in Florida, and the extreme US Southeast involving imported toxic Chinese drywall, and probably 200,000+ homes. Typically these homes turn into foreclosures, because of homeowner fears about health effects to themselves, or their children. These fears are not unfounded. In a typical Florida home, or condominium, that contains toxic Chinese drywall, the electrical wires turn black, and copper tubes, or pipes also turn black, get pitted, and leak. The astonishing thing to us is in many to most cases US Taxpayer owned Fannie Mae gets the house as a foreclosure, and simply resells it to a new home buyer, with the only disclosure being As Is. As soon as the Florida, or Gulf States foreclosure buyer discovers the home contains toxic Chinese drywall, the home becomes a foreclosure all over again. And President Obama is contemplating getting the US Federal Government into the mortgage business? Has everyone in Washington, DC lost their minds? President Obama has yet to mention the toxic Chinese drywall disaster in Florida, or US Gulf States one time in public, after nearly three years in office?” http://NatonalMortgageComplaintCenter.Com

For more information about the imported toxic Chinese drywall disaster please visit http://ChineseDrywallComplaintCenter.Com

 

Foreclosure Attorney Files Suit Against Bank of America for Alleged Scheme

Foreclosure Attorney Files Suit Against Bank of America for Alleged Scheme-Image via Wikipedia

Lawsuit filed on behalf of homeowners allegedly injured by the mortgage practices of Bank of America.

On Wednesday August 17, 2011, United Foreclosure Attorney Network (UFAN) filed suit in Superior Court in Sacramento, CA (case number 34-2011-00109314) on behalf of over 100 homeowners against Bank of America and others alleged by Plaintiffs to be involved in a scheme to defraud and otherwise take advantage of American homeowners.

According to UFAN’s managing attorney Kristin Crone, “This is a chance for homeowners to fight for their rights. And, it will be a fight.” The complaint details how a vast number of homeowners nationwide are facing mortgage debts far greater than the value of their homes. Some homeowners lost what equity investments they had in their homes when the housing market crashed.

The lawsuit levies blame for the crash of the mortgage market against big banks and mortgage lenders. According to the complaint, between 2000 and present, mortgages were packaged up in pools and the pools were sold to investors. Because a bank could quickly recoup amounts spent issuing mortgages by the sale of these pools of mortgages (otherwise known as Residential Mortgage Backed Securities, or RMBS), the banks incentivized mortgage brokers and lending institutions with high fees for origination (yield spread premiums, origination fees, and discount fees). These fee incentives encouraged the origination of highly predatory loans to individuals who could not afford the loans long term, the complaint alleges.

The complaint alleges that the terms of the loans were complex and difficult to understand even for sophisticated borrowers. Many of the loans had a two to five year period of a low fixed interest rate and interest only payments. Most homeowners were promised a refinance prior to the increased payments due at the end of the fixed rate period. But, when the time came to refinance, despite the fact that the financial situation of the borrower many times remained the same, no refinance was given. In some instances, refinances or “loan mods” were granted but they actually increased the borrower’s monthly payment and/or required a large cash payment up front of $10,000 or more.

Court documents show that the lead Plaintiff in the case, like many others, was told by Bank of America to stop her mortgage payments in order to be considered for a loan modification. The homeowner stopped her payments and began negotiations for more fair terms with the bank. Smartly, the homeowner saved money so she could bring her loan current if negotiations were not fruitful. The complaint alleges that she was promised her home would not be foreclosed while she was being considered for a loan modification. She told bank representatives that she could bring her loan current if it was going to sell. Court documents show that the bank promised her the foreclosure would be postponed. It was not. This client has now permanently lost her property to a third party buyer.

UFAN plans to bring claims against all of the major banks on behalf of homeowners within the next few months. “Our clients want to fight for their rights and they are just asking for a fair shake,” says Ms. Crone. “We are trying to give them the chance to be heard and to try to stay in their homes under reasonable loan terms. The banks have been giving everyone the runaround through loss mitigation departments that repeatedly lose documents and claim to work with homeowners while selling their homes out from under them. Filing suit was a last resort for many of our clients, but the bank made it seem as if it was the only way to really get their attention.”

ABOUT UNITED FORECLOSURE ATTORNEY NETWORK

The United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm practicing on the cutting edge of mortgage fraud and foreclosure defense. UFAN represents clients who have been victims of predatory lending and/or wrongful foreclosure. The dedicated attorneys and staff at UFAN work tirelessly to seek justice for fraudulent mortgage practices and fight for the rights of American homeowners. For more information call toll free 1-866-400-4242.

This release may constitute attorney advertisement. The information in this release and on the United Foreclosure Attorney Network (TheUFAN.com) website is for general information purposes only. Nothing in this release or on the United Foreclosure Attorney Network (TheUFAN.com) website should be taken as legal advice. Prior successes are no guarantee of future performance. Litigation is inherently uncertain and results in litigation are never assured.

Foreclosure on Florida Shopping Center Complete

Foreclosure on Florida Shopping Center Complete

Foreclosure on Florida Shopping Center Complete

 

Global Fund Investments and MMG Equity Partners have completed the foreclosure on Harbour Village, a 112,886 square-foot shopping center anchored by The Fresh Market and Stein Mart. The property is located at the northwest corner of Atlantic Boulevard and San Pablo road and is conveniently situated near the entrance to Queen’s Harbour Yacht and Country Club, one of Jacksonville’s most affluent communities. Over 53,000 cars pass the shopping center daily, and the three mile population and average household income are estimated at 66,000 and $77,594, respectively.

After acquiring the conduit loan from a special servicer in an off-market transaction in April, the Global / MMG partnership set about the foreclosure process to take title to the property. The center is currently 86% leased, and the joint venture will focus on managing and leasing the property to stabilization. Global will assume the daily management and leasing functions for the shopping center.

Global’s Managing Partner, Doron Valero, stated, “Our team is pleased to have successfully completed another foreclosure process and take title to such a high-quality, core asset. We look forward to implementing our business plan and unlocking value from the property.”

MMG Principal, Gabriel Navarro, added, “We’re happy to have completed the foreclosure process and take title to one of the best-built and well- located shopping centers in Jacksonville. This transaction is another example of our ability to move very quickly and work within non- traditional transaction guidelines and timeframes. We look forward to continuing to work with lenders and servicers looking to quickly resolve troubled situations with a certainty of close.”

To learn more about Harbour Village, please visit – www.gfinvestments.com

For leasing opportunities at Harbour Village, please contact Kevin Buth at (321) 696.4383

For loan sale and property acquisition opportunities, please contact:

MMG Equity Partners: Gabriel Navarro (305) 637.7312

Global Fund Investments: John Strzalka    (305) 535.6305

About MMG Equity Partners – MMG Equity Partners is a privately-owned real estate investment company focused on long-term ownership, management, development, and acquisitions of shopping centers in Florida. For more information about MMG Equity Partners, please visit www.mmgequitypartners.com

About Global Fund Investments – Global Fund Investments, LLC, is a real estate investment company headquartered in South Florida. The company acquires, develops, redevelops, manages, leases, and finances retail shopping centers across the Southeastern United States, with a core focus on Florida and Texas. To learn more about Global, please visit the company’s website at www.gfinvestments.com

Media Contact: Gabriel Navarro MMG Equity Partners, 305.637.7312, gnavarro@mmgequitypartners.com
http://www.mmgequitypartners.com
http://www.gfinvestments.com

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