HOUSTON, June 21, 2017 /PRNewswire/ -- National Asset Services (NAS), one of the Country's leading commercial real estate companies, has successfully delivered a lending source for refinancing an 18-member, tenant-in-common (TIC) multifamily property, preserving the co-owners original 1031 Exchange benefits and options.
With a reputation of developing loan maturity options for commercial real estate investors, NAS assumed management responsibility of Chartwell Court Apartments in 2015. Company executives immediately initiated a multi-faceted strategy to increase the property's revenue by increasing occupancy through aggressive leasing, while creating a better living experience by addressing deferred maintenance issues. The property's exterior was also painted.
The property's occupancy and revenue growth, along with NAS' strong reputation for closing, were key factors in securing a capital source for refinancing the asset.
NAS worked with Keystone Mortgage Corporation in securing financing for Chartwell Court Apartments. The Southern California-based company, known for its expertise as a commercial financing advisor, is an example of NAS' network of highly reputable industry resources.
Obtaining refinancing for a property, with a small number of TIC co-owners is uncommon in today's environment. Securing capital for a large TIC group is an even more highly unusual event.
"Karen Kennedy and the entire NAS team worked tirelessly to make the Chartwell Court refinance a reality. Their management of the property is the best I have ever experienced; they are my safety net!" commented Ralph O. Farinas, a Chartwell Court TIC Co-owner. "We spent about two years in court to replace the previous manager and engaging NAS made it all worthwhile. They have that very rare combination of honesty and results."
Chartwell Court Apartments was one of hundreds of properties purchased by TIC investors in the mid 2000's during the wave of financing with highly leveraged, 10-year CMBS loans. As the commercial market began contracting in 2009, many properties faced economic challenges, due to market conditions as well as mismanagement. With the industry still experiencing the wave of CMBS loan maturities, capital sources are reluctant to refinance a tenant-in-common property, unless the TIC structure consolidated into one legal entity. Refinancing a property with the TIC ownership structure in place, ensures that the investors original 1031 Exchange options remain intact after close of the refinancing.
"Our ability to leverage our strong industry relationships made the possibility of refinancing an 18-member, tenant-in-common property a reality," commented Karen E. Kennedy, President and Founder of National Asset Services. "The option to refinance, while keeping the existing TIC structure in place was the very best possible outcome for our clients invested in this property."
Originally built in 1995, a group of TIC investors purchased the apartment community in 2007. Chartwell Court is located about two miles west of Interstate-45, approximately 17 miles north of downtown Houston. The 253,553 square foot complex consists of 243 units housed in 20, two-story buildings, a leasing office and clubhouse. All units have an attached garage and community amenities consist of a fitness center, business center, cyber cafe and coffee bar. There is a resort-style pool with an outdoor grill.
About National Asset Services (NAS)
NAS is a commercial real estate management that works with over 90 investment groups in properties of a nationwide portfolio valued at over $2 billion. The company manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages solely owned and multi-owner properties. NAS offers a wide-range of asset management capabilities. They include: Real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.
Headquartered in Los Angeles, California, NAS operates regional offices in Chicago, Illinois, and Austin, Texas.
For more information about NAS, visit www.nasassets.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/national-asset-services-delivers-lending-source-for-refinancing-of-18-member-tenant-in-common-multifamily-property-300477325.html
SOURCE National Asset Services