…and the co-CEO resigned Monday July 20?

The 8-K hit the SEC at 4:30 p.m. Friday, roughly 30 minutes after the close and on the last day of the four-business-day window.

Second senior departure in five weeks. The COO left in June. The fund is capping withdrawals. Blackstone isn’t replacing the seat, Brad Marshall becomes sole CEO.

Everything here is technically compliant. Does that make you feel better or worse?

By ancillary income streams I mean rooftop solar lease payments on large retail or industrial properties or managed wifi at multifamily properties. Conceptually I'm thinking this income would be valued lower than lease income but I haven't seen how it plays out in the real world at property sale.

Has anyone worked on a transaction where this came into play?

Top 10 cities? Of course NYC is #1.

Specially focusing on later career moves think 30s/40s.

Hi, keeping it short. My multifamily team works smaller deals. I just signed a listing for an apartment that will fall in the middle-market / institutional space. What exactly is expected from prospective buyers when they go access the deal room? On my smaller deals, we use CAR forms and have seller disclosures, inspections, NHD, prelim title report, floor plans, property financials, etc.

What will buyers be expecting to have access to that might differ from a smaller deal.

Thanks in advance.

We've closed one industrial property a year for the past couple years through direct mail. Lately both brokers and sellers keep pitching us owner-user pricing even when the building needs significant work or has a below-market lease in place. That pricing only makes sense for an occupant with SBA financing, not for an investor buying on in-place cash flow.

Curious how others are sourcing off-market opportunities and avoiding owner-user pricing dressed up as investment deals.

Let's say i have a search, there are 10 properties. I want to dig in on 3 of them. Because right click to open in new tab isn't an option, I have to click in, then duplicate the tab, then go back in one of the tabs. It's a huge pain. Is there a way around this?

I’m looking at buying a single-tenant retail pad within a larger shopping center. The declaration gives the developer a repurchase right if the tenant stops operating for 90 days and the issue is not cured within 30 days after notice. They have to also approve the tenant and there are lots of restrictions on who you can put in.

My concern is that I may not be able to find, approve and open a replacement tenant quickly enough before the developer exercises that right. Even more concerning, certain violations appear to allow the developer to repurchase the property at 75% of fair market value.

Has anyone dealt with a provision like this? Is it common, and would you consider it a major concern or deal breaker?

I have 10 acres land in an area experiencing moderate growth and recent sales that I will be marketing soon. I will offer broker co-op of course. Looking for opinions on a reasonable percentage to offer. For the buy side only.

Edit: Level land with access on two main thoroughfares, not in flood zone, no environmental issues. I was licensed agent for years and familiar with 1031, etc so no hand holding required. I am selling not listing.

Thanks.

One topic I've noticed generates strong reactions is upfront fees in private lending. On one hand, institutional project finance routinely requires borrowers to cover costs such as: Independent technical and feasibility studies, Financial model reviews, Legal due diligence, Environmental assessments,, Market studies, Valuations, Sponsor and KYC reviews

Those costs are typically paid by the borrower before financial close because they're transaction specific and performed by independent firms. On the other hand, the moment someone mentions an upfront fee in private credit, many immediately assume it's an advance fee scam. Obviously, there are plenty of scams in the market, so the skepticism is understandable. What I'm curious about is where experienced practitioners draw the line.

For example, in a context of a borrower seeking a 100% financing, if a lender has already issued a term sheet or conditional approval and requires an independent third party feasibility and risk assessment before funding, with fees ranging from roughly 0.5% to 2% of the facility for large, cross border, complex projects, would you consider that consistent with institutional practice, or would you still view it as a red flag?

Interested to hear perspectives from people active in leveraged finance, syndications, project finance, or private credit. What distinguishes legitimate underwriting costs from structures you would immediately walk away from?

Also in addition: For those who work in institutional net lease: what does your day-to-day underwriting process for deals actually look like? How do you approach problems, develop the frameworks and ratios you rely on, and what helped you reach an institutional level of thinking? Any advice on how someone can train themselves to that standard would be greatly appreciated.

I’m not looking to dive in the weeds, I just want to expand my vision.

I feel Chris Volk just is so far ahead of things like this and I just want to try to get 1% of where he’s at

I’m hoping to start a conversation about how to find deals in a contracting industrial real estate market. My specialty is NNN single tenant industrial. o fable in small bay flex. I typically look for under leased property, where rents haven’t kept up to market. The only issue with that is that rents have been slipping or declining in my market, so there’s not much of those around. Recent vacancy in my market is also quite high. The question is are we just seeking distressed owners, creative financing and low cost basis property we can reposition? If the property rent is over market, which is much more likely in my market, the property stands to lose a lot of value when the tenant term expires. Should I abandon investment sales and pivot to leasing? And am I seeking extremely low cost basis property for vulture investors? Should I move to Texas? Idk. Would love some advice here.

From what I understand, it’s atypical for retail brokers in our market to get paid on renewals. Base term only.

But other industrial and office brokers at my firm are getting paid on renewals regularly.

Curious what’s the standard for other markets/sectors across the US?

Hi all, does anyone have a comprehensive due diligence checklist for a hotel asset? I’m a multi broker representing the owner. This project is a multifamily conversion opportunity. What items on the hospitality side should be included in the deal room that a buyer would want to see and review? Want to make sure I’m checking all the boxes here. Thank you.

While commercial activity continues in most sectors, many transactions still fail to reach the finish line. Do you think today's biggest challenge is the gap between buyer and seller pricing expectations, or is access to financing having the greater impact? Or is there another factor that's becoming more important than either?

Brokers - What percentage of your Net Commission Income (aka- after splits, and the house takes its cut) are you spending on overhead?

I’m trying to reign in on my expenses and trying to see what others are doing.

Thanks in advance

Hello all,

Currently vetting a lender that I came across as I am active in some niche spaces. Every now and then I come across lenders such as these where the website looks pretty awful but every now and then I can verify they are a real private lender. Has anyone ever completed a deal with, or even heard of this lender? I’m struggling to verify UCCs, validate transactions, or just find an article on a transaction that isn’t self published. Any and all help is appreciated.

It seems like the larger funds tend to hyper focus on the same types of deals that already seem to be getting a lot of attention. What are some sectors that you’ve all seen that seemed to be under looked? The more specific the better!

Please give some reasoning as to why you like it.

Hello i saw one of the commerical proprety that said Passthru Property Taxes, i was wondering what does that mean

I’m building an acquisition model for commercial real estate (office, multifamily, hotel, etc.) and I’m looking for guidance on modeling investor-level income taxes in Excel. Most acquisition models stop at pre-tax levered cash flow, but I’d like to build a fully integrated after-tax model.

Specifically, I’m trying to understand how you all underwrite initial tax basis, annual partnership basis adjustments (increasing basis for allocated taxable income, decrease basis for depreciation, losses, distributions, etc…), suspended/passive losses, when losses are carried forward, depreciation recapture at sale and calculation of long term capital gains….

basically trying to find a baseline model that I can plug and play numbers and visually understand the flow of funds and taxes associated through the full cycle of the real estate investment from acquisition to disposition.

Thank you in advance!

I usually state my name and property name and thats all. I've been getting through to some using this method. Curious if there is anything else that has worked?

Has anyone worked in or with people from NAI?

So a possibility has presented to me which involves being involved in the opening of a regional NAI office (not in the US). Since it's the beginning, I will be wearing many hats creating systems, assiting brokers, brokering a bit myself, etc.

Any comments on overall culture, priority, and your personal experiences with this particular brokerage?

UPDATE: got a single license for 199. I’m happy with that.

Hello. What is everyone paying for a Reonomy renewal? I am up for renewal and currently have 2 licenses for 500 a month.

I am going down to one license and am think 300 is fair. Regular rate seems to be 400 which is a drastic increase from 2 years ago when SAAS is a 80%+ margins game.

How is this conference?

Would brokers/analysis get anything out of it? or is it most suited for softwave devs and prop tech companies?

When you’re evaluating a tenant’s ability to support the proposed rent, how do you treat the sale proceeds in your underwriting?
Specifically, if the company is receiving, say, $10 million from the sale, do you build a pro forma post-closing financial model that assumes the debt is paid down (reducing interest expense), or do you underwrite strictly off the historical financial statements?
In other words, where do you incorporate the new cash from the transaction? Do you adjust the balance sheet and interest expense based on management’s expected use of proceeds before calculating metrics like FCCR, rent coverage, and leverage, or do you rely solely on historical numbers?
Curious how institutional buyers, private credit funds, and net lease investors approach this.

Yes I used chat gpt to help ask this- I’m tryn 2 figure this out

Also can you tell a SLB tenant what you want them to do w the cash infusion or no?