EXCLUSIVE MULTIFAMILY OFFERING...6 The Property BErKADIA T HE P ROPERTY LOCATION Property Porter...
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30 UNITS BUILT: 1920'S EXCLUSIVE MULTIFAMILY OFFERING PORTER HOUSE 209 E MAIN ST BELOIT, KS 67420 a Berkshire Hathaway and Jefferies Financial Group company
Transcript of EXCLUSIVE MULTIFAMILY OFFERING...6 The Property BErKADIA T HE P ROPERTY LOCATION Property Porter...
30 UNITS
BUILT: 1920'S
E X C L U S I V E M U LT I F A M I LY
O F F E R I N G
PORTER HOUSE 2 0 9 E M A I N S T
B E L O I T, K S 6 74 2 0
a Berkshire Hathaway and
Jefferies Financial Group company
OFFICE LOCATION
INVESTMENT ADVISORS
TIMOTHY BRACKEN DIRECTOR – AFFORDABLE HOUSING 303.689.8336 [email protected]
ALEX BLAGOJEVICH SENIOR MANAGING DIRECTOR 312.845.3088 [email protected]
BRETT MEINZER DIRECTOR 816.759.0366 [email protected]
JEREMIAH JARMIN DIRECTOR – AFFORDABLE HOUSING 404.654.2609 [email protected]
MICHAEL SULLIVAN SENIOR DIRECTOR 816.759.0369 [email protected]
DOMINIC MARTINEZ ASSOCIATE DIRECTOR 816.759.0368 [email protected]
DENVER OFFICE 1331 17TH STREET, SUITE 550 DENVER, CO 80202 303.607.0025 | FAX: 303.607.9024
ATLANTA OFFICE 3550 LENOX RD NE, STE 2600 ATLANTA, GA 30326 404.445.1066 | FAX: 404.445.1065
KANSAS CITY OFFICE 4800 MAIN STREET, SUITE 500 KANSAS CITY, MISSOURI 64112 816.531.5103 | 816.531.2884
TABLE OFCONTENTS
THE PROPERTY 4
THE LOCATION 9
FINANCIALS 13
MARKETING POSITION 19
TEAMS AND SERVICES 31
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ThE PrOPErT y
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The Property BErKADIA6
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LOCATION
Property Porter House
Address 209 Main St
City, State Beloit, KS 67420
County Mitchell
BUILDING
Units 30
Built 1920’s
Stories 4
Buildings 1
Style Midrise
Net Rentable SF 16,260
Framing Brick
Roofs Flat
Foundation Concrete
AMENITIES
Outdoor Patio Ground Floor Retail
Onsite Laundry Elevator
REGULATORY
Development Type 4% & 9%
% Units Affordable 100%
State Agency KHRC
Year Placed in Service 2004
End of Initial Compliance 2019
End of Extended Use 2034
Qualified Contract Eligible Yes
Section 8 No
Located in QCT No
Located in Opportunity Zone No
Qualified Contract Approved Yes, LURA removed in 2020
National Historic Register Yes
PROPERTY DESCRIPTION
Porter House Apartments is a 30-unit affordable community in Beloit, KS. Located on Main Street in downtown Beloit, the 4-story building is the restored Porter Hotel, which was placed on the National Register of Historic Places in 2004.
Later in 2004, the property was rehabbed and placed into service utilizing both the Section 42 LIHTC and the Historic Tax Credit programs, with 50% and 60% AMI set asides on all units. The LURA originally stipulated elderly and disabled occupancy, though these restrictions have since been removed and management now leases to family tenancy. Mitchell County’s area median income for 2019 is $66,100, and has grown 2.6% annually since 1999.
The initial compliance period expires in December 2019, while the extended-use period expires in 2034. In 2019, ownership initiated the qualified contract process with Kansas Housing Resources Corporation. As such, the LURA will be removed in January 2020, and the property will begin the 3-year decontrol period towards market-rate tenancy.
The property includes a 567-square foot commercial suite on the ground-floor that is leased to the Beloit Chamber of Commerce. The 5-year lease was executed in January 2017, and the tenant has an additional 5-year option upon lease expiration.
Property management services are provided by Weigand Omega, a Wichita-based management company. The onsite manager currently lives in the building.
A S S E T S U M M A ry
I N V E S T M E NT h I G h L I G hT S• Opportunity to acquire 30 multifamily units in a
National Historic Register building
• 100% LIHTC/Historic Tax Credit property that will be
removed from the Section 42 LIHTC program via the
qualified contract process in January 2020
• Immediate ability to lease units to market-rate
tenants
• Immediate ability to reduce
$8,000+ of annual affordability-related expenses
• Ground-floor commercial suite with long-term lease
with the city’s chamber of commerce
• Located on Main Street in Beloit’s downtown
corridor
The Property BErKADIA8
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ThE LOCATION
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The Location BErKADIA 11
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PORTER HOUSE NEIGHBORHOOD QUICK FACTS
BELOIT, KSDEMAND DRIVER
Mitchell County Hospital Health System
FROM THE PROPERTY1.0mi
JOBS SUPPORTED270HOSPITAL BEDS77
CITYWIDE SHOPPING
Ace Hardware | Solmon Valley Home Center | Dairy Queen
SHOPS AND SERVICES20RESTAURANTS15
BeloitRetail
NEIGHBORHOOD CONVENIENCES
Within a two-mile radius of the property
JOBS SUPPORTED
SFPLANT
500 300k
DEMAND DRIVER
Sunflower Manufacturing Co.
FROM THE PROPERTY1.3mi
PRIMARY EDUCATION
Beloit ES (K-6) | Beloit JR-SR HS (7-12)
STUDENTS SERVED830SCHOOLS AND CENTERS2
DEMAND DRIVER
NCK Technical College – Beloit Campus
FROM THE PROPERTY1.8mi
STUDENTSENROLLED540ACRECAMPUS40
$93.1kMedian Housing Unit Value
(Within Three Miles)
$42.3kMedian Household Income
(Within Three Miles)
2.6%County Unemployment Rate
(June 2019)
3.7kPopulation
(Within Three Miles)
28%Renter Occupied Housing Units
(Within Three Miles)
P r O P E rT y N E I G h B O r h O O D D E S C r I P T I O N
The Location BErKADIA12
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P O I NT S O F I NT E r E S T
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FINANCIALS
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Financials BErKADIA 15
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Type # Phys Occ Sq FtAMI Set Asides Effective Rent $/psf
Max LIHTC Rent (Gross)
Utility Allowance
Max LIHTC Rent (Net)
Discount to Net Max
1 BR A 6 100% 518 50% $330 $0.64 $644 $65 $579 43.0%1 BR A 15 60% 518 60% $330 $0.64 $773 $65 $708 53.4%1 BR B 6 67% 563 60% $340 $0.60 $773 $65 $708 52.0%2 BR 3 100% 672 60% $365 $0.54 $928 $86 $842 56.7%
TOTALS 30 73.3% 16,272 $120,780 $274,572 $24,156 $250,416 51.8%AVERAGE 542 $336 $0.62 $763 $696
BY BEDROOM BY SET ASIDE
# % # %27 90% 6 20%3 10% 24 80%
30 100% 30 100%
1 BR 50%2 BR 60%
1 BR
2 BR
50%
60%
U N IT M I X
Financials BErKADIA16
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Mitchell County ‐‐ Kansas
Source: Novogradac
A r E A M E D I A N I N C O M E
Financials BErKADIA 17
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Unit Mix & Rent Schedule
TypeUnit Type
Count AMISquare
FootageEffective
Rent $/psfMax LIHTC
Rent(Gross)Utility
AllowanceMax LIHTC Rent (Net)
Discount to Max Net
Current Mkt Rents
1 BR 50% 6 50% 518 $330 $0.64 $644 $65 $579 43% $4301 BR 60% A 15 60% 518 $330 $0.64 $773 $65 $708 53% $4301 BR 60% B 6 60% 563 $340 $0.60 $773 $65 $708 52% $4302 BR 60% 3 60% 672 $365 $0.54 $928 $86 $842 57% $490
Totals 30 16,272 $120,780 $0.62 $274,572 $24,156 $250,416 52% $156,960Average 542 $336 $763 $67 $696 $436
IncomeBerkadia
Pro FormaJune 2019
T-3 Ann.June 2019
T-6 Ann.June 2019
T-12
Scheduled Market Rent $156,960 $120,780 $120,780 $120,780 Less: Loss to Lease 4.00% ($6,278) ($132) ($600) ($685)Less: Vacancy 7.00% ($10,987) ($29,424) ($28,138) ($25,294)Less: Concessions 1.00% ($1,570) ($2,320) ($1,640) ($1,300)Less: Non-Revenue Units & Bad Debt 2.55% ($4,000) ($4,080) ($4,080) ($4,080)Plus: Year-One Rent Growth 1.00% $1,570 $0 $0 $0
Net Rental Income $135,694 $84,824 $86,322 $89,421
Plus: Fee Income $478 $464 ($2,466) ($1,820)Plus: RUBS Income $0 $0 $0 $0 Plus: Other Income $12,957 $12,580 $13,809 $13,755
Total Operating Income (EGI) $149,129 $97,868 $97,665 $101,356
Expenses Per UnitBerkadia
Pro FormaBerkadia
Pro FormaJune 2019
T-12June 2019
T-12
Administrative $150 $4,500 $4,500 $27,225 $27,225 Advertising & Promotion $50 $1,500 $1,500 $12,372 $12,372 Payroll $700 $21,000 $21,000 $21,216 $21,216 Repairs & Maintenance/Turnover $500 $15,000 $15,000 $25,148 $25,148 Management Fee 6.00% $298 $8,948 $8,948 $7,462 $7,462 Utilities-Electric/Gas $713 $21,391 $21,391 $20,768 $20,768 Utilities-Water/Sewer $210 $6,313 $6,313 $6,130 $6,130 Contracted Services $50 $1,500 $1,500 $1,911 $1,911 Real Estate Taxes $323 $9,691 $9,691 $8,810 $8,810 Insurance $200 $6,000 $6,000 $12,637 $12,637 Replacement Reserves $0 $0 $0 $0 $0
Total Expenses $95,843 $95,843 $143,733 $143,733
Per Unit: $3,195 $3,195 $4,791 $4,791 Per SF: $5.89 $5.89 $8.83 $8.83
Net Operating Income $53,286 $2,024 ($46,068) ($42,377)
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.
© 2019 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx
All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.
P r O F O r M A I N C O M E A N D E X P E N S E S
Financials BErKADIA18
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▪ Scheduled Market Rent in the pro forma scenario utilizes average rents from a market-rate comp survey
▪ Year-1 rent growth forecasted at 1% in coordination with an estimated inflation factor
▪ The commercial suite rental income of $500 monthly is captured in Other Income
▪ Existing administrative expenses include many compliance-related costs (audit, licensing fees, etc.) that will be eliminated once the property is removed from the Section 42 program
▪ Utilities were increased 3% over in-place levels
▪ Property taxes were increased by 10% over in-place levels
P r O F O r M A A S S U M P T I O N S
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MArK E TING POSITION
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SUBJECT: PORTER HOUSE 209 E MAIN ST BELOIT, KS 67420
1. BELOIT CENTER APARTMENTS600 N BELL ST BELOIT, KS 67420
2. BELLA VIST APARTMENTS 520 N WESTERN AVEBELOIT, KS 67420
3. MAVERICK APARTMETNS3068 US-24BELOIT, KS 67420
4. HERITAGE HIGH APARTMENTS 104 E ALLEN ST GLEN ELDER, KS 67446
5. ACORN VILLAGE APARTMENTS 918 E 7TH ST CONCORDIA, KS 66901
6. SAVANNAH PARK APARTMENTS 807 MATTHEW STCONCORDIA, KS 66901
C O M PA r A B L E r E NTA L P r O P E rT I E S M A P
SUBJECT: PORTER HOUSE 209 E MAIN ST BELOIT, KS 67420Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �30 Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �%
1. BELOIT CENTER APARTMENTS600 N BELL ST BELOIT, KS 67420
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/ADistance: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 0�5 Miles
UNITS TYPE UNIT SFMARKET
RENTRENT /
SF21 1/1 518 $330 $0.646 1/1 563 $340 $0.603 2/1 672 $365 $0.54
30 Weighted Average 542 $336 $0.62
UNITS TYPEMARKET
RENT12 1/1 $525 12 Weighted Average $525
UNIT MIX
UNIT MIX
n 1 Bedroom / 1 Bath – 90%n 2 Bedroom / 1 Bath – 10%
n 1 Bedroom / 1 Bath – 100%0+0+100+0++0+H
0+0+90+10++0+HC O M PA r A B L E r E NTA L P r O P E rT I E S
4. HERITAGE HIGH APARTMENTS 104 E ALLEN ST GLEN ELDER, KS 67446
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 100%Distance: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12�9 Miles
5. ACORN VILLAGE APARTMENTS 918 E 7TH ST CONCORDIA, KS 66901
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 79%Distance: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �32 Miles
UNITS TYPEMARKET
RENT12 1/1 $330 12 2/1 $360 24 Weighted Average $345
UNITS TYPEMARKET
RENT24 2/1 $440 24 Weighted Average $440
UNIT MIX
UNIT MIX
n 1 Bedroom / 1 Bath – 50%n 2 Bedroom / 1 Bath – 50%
n 2 Bedroom / 1 Bath – 100%0+0+0+100++0+H
0+0+50+50++0+HC O M PA r A B L E r E NTA L P r O P E rT I E S
THE PALMS AT CASSELBERRY
2. BELLA VISTA APARTMENTS 520 N WESTERN AVEBELOIT, KS 67420
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12 Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 66%Distance::� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1�3 Miles
3. MAVERICK APARTMETNS3068 US-24BELOIT, KS 67420
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 12 Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/ADistance: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1�7 Miles
UNITS TYPEMARKET
RENT12 2/1 $602 12 Weighted Average $602
UNITS TYPEMARKET
RENT12 1/1 $39912 Weighted Average $399
UNIT MIX
UNIT MIX
n 1 Bedroom / 1 Bath – 100%
n 2 Bedroom / 1 Bath – 100%0+0+0+0+100+0+H
0+0+100+0+0+0+H
C O M PA r A B L E r E NTA L P r O P E rT I E S
THE PALMS AT CASSELBERRY
6. SAVANNAH PARK APARTMENTS 807 MATTHEW STCONCORDIA, KS 66901
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24 Occupancy: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 92%Distance::� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 32�6 Miles
UNITS TYPEMARKET
RENT12 1/1 $465 12 2/1 $61024 Weighted Average $538
UNIT MIX
n 1 Bedroom / 1 Bath – 50%n 2 Bedroom / 1 Bath – 50%0+0+50+50++0+H
C O M PA r A B L E r E NTA L P r O P E rT I E S
Marketing Position BErKADIA26
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$525
$465
$430
$399
$340
$330
Beloit Center Apartments
Savannah Park Apartments
Average
Maverick Apartments
Porter House
Heritage High Apartments
1 BEDROOM
C O M PA r A B L E r E NTA L P r O P E rT I E S
Marketing Position BErKADIA 27
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$610
$602
$490
$440
$365
$360
Savannah Park Apartments
Bella Vista Apartments
Average
Acorn Village Apartments
Porter House
Heritage High Apartments
2 BEDROOM
C O M PA r A B L E r E NTA L P r O P E rT I E S
SUBJECT: PORTER HOUSE209 E MAIN ST BELOIT, KS 67420
1. ACORN VILLAGEAPARTMENTS918 E 7TH ST CONCORDIA, KS 66901
4. ALLEGRO ON BELL1500 BRENTRIDGE DRANTIOCH, TN 37013
C O M PA r A B L E S A L E P r O P E rT I E S M A P
SUBJECT: PORTER HOUSE209 E MAIN ST BELOIT, KS 67420
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 30 Price / Unit: � � � � � � � � � � � � � � � � � � � � � $17,833 Price / SF:� � � � � � � � � � � � � � � � � � � � � � � � $32�88 Avg SF: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 542
1. ACORN VILLAGEAPARTMENTS918 E 7TH ST CONCORDIA, KS 66901
Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 24Price / Unit: � � � � � � � � � � � � � � � � � � � � �$52,083Price / SF:� � � � � � � � � � � � � � � � � � � � � � � � � � � N/AAvg SF: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 725Sold for: � � � � � � � � � � � � � � � � � � � � � $1,250,000Closed: � � � � � � � � � � � � � � � � � � � ON MARKET
C O M PA r A B L E S A L E P r O P E rT I E S
Marketing Position BErKADIA30
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JEREMIAH JARMIN, CCIMBerkadia Affordable Housing Director 404.654.2609 [email protected]
Three Alliance Center 3550 Lenox Rd NE, Ste 2600 Atlanta, GA 30326 Phone: 404.654.2609 Fax: 404.445.1065
Jeremiah Jarmin is the Director for the Berkadia Affordable Housing Team responsible for the brokerage of Section 42 and Project-Based Section 8 housing nationally. Prior to joining Berkadia, Jeremiah brokered multi-family properties out of Atlanta, Georgia at his previous firm where he was ranked as one of the top 10 producers and a candidate for the Atlanta Commercial Board of Realtors Million Dollar Club. In a former life, Jeremiah was a practicing attorney in the State of Georgia primarily handling commercial real estate transactions before making his way into real estate advisory. In addition to holding a license to practice law, Jeremiah is a Certified Commercial Investment Member (CCIM) designee.
Since joining Berkadia shortly three years ago, Jeremiah has closed over 4,400 units which involved some of the largest affordable housing operators in the country such as Glick Company, Alden Torch Financial and The Hallmark Companies.
Certified Commercial Investment Member (CCIM), 2016 Georgia Bar Member (inactive), 2007
Wagner College, B.S., FinanceAtlanta’s John Marshall Law School
AFFILIATIONS
EDUCATION
RECENT SELECTED TRANSACTIONS
PROPERTY NAME TYPE OF DEAL UNITS SALES PRICE
$30,000,000197 Units
$13,285,000
85 Units$5,877,000
162 Units
334 Units
603 Units
360 Units129 Units189 Units
Historic Tax Credit
LIHTC
Historic Tax Credit
LIHTC
LIHTC
Section 8
Section 8
Section 8
LIHTC
LIHTC
Section 8
182 Units
238 Units
$25,500,000
$32,500,000
$13,500,000
$6,700,000
$5,100,000
$42,150,000
Listing
West Village Lofts Lakes at Indian Creek Lofts of Greenville Johnston Mill Lofts The Park at Hairston RendantAshland Manor Tropical Manor Baymeadows Apartments River Walk Apartments Detroit Portfolio
$10,000,000 152 Units
A DV I S O r P r O F I L E - J E r E M I A h JA r M I N
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TIMOTHY BRACKENBerkadia Affordable Housing Director [email protected]
1331 17th Street, Suite 550Denver, Colorado 80202Phone: 303.689.8336Fax: 303.607.9024
Timothy Bracken joined Berkadia in 2018 to co-found the firm’s national affordable housing investment sales specialty group.He brings 15 years of commercial real estate experience in institutional equity and debt across dispositions, acquisitions, financing and asset management functions, with a focus on multifamily. During his career on the principal side, he acquired 22properties with 2,300 units for $141 million and disposed of 24 properties with 4,200 units for $199 million.
PROFESSIONAL EXPERIENCE
EDUCATION
Berkadia Real Estate Advisors – DirectorCo-founded the firm's national affordable housing group, focused on multifamilyinvestment sales and advisory of LIHTC and HUD properties.
2018-present
Alden Torch Financial – Vice PresidentPerformed dispositions, acquisitions, financing and asset management for thenation’s largest affordable housing investor. Executed the sale of 17 LIHTCproperties with 2,700 units for $99 million. Co-led a 16-property HUDrefinance using FHA 223(f) debt with total loan proceeds of $150 million.
2016-2018
JCR Capital – Director & Head of Asset ManagementFounded the firm’s asset management platform, overseeing 100+ preferred equityinvestments and bridge loans with AUM of $550 million. Executed the sale of sevenconventional multifamily properties with 1,500 units for $101 million.
2012-2016
Aviv REIT – DirectorPerformed acquisitions and asset management of senior healthcare properties.Executed the acquisition of 22 skilled nursing and assisted living facilities with2,300 beds for $141 million.
2007-2011
University of Colorado Boulder – M.B.A. 2009 - 2011
University of Illinois at Urbana-Champaign – B.S. Finance 1999 - 2003
A DV I S O r P r O F I L E - T I M OT hy B r A C K E N
OFFICE LOCATION
INVESTMENT ADVISORS
TIMOTHY BRACKEN DIRECTOR – AFFORDABLE HOUSING 303.689.8336 [email protected]
ALEX BLAGOJEVICH SENIOR MANAGING DIRECTOR 312.845.3088 [email protected]
BRETT MEINZER DIRECTOR 816.759.0366 [email protected]
JEREMIAH JARMIN DIRECTOR – AFFORDABLE HOUSING 404.654.2609 [email protected]
MICHAEL SULLIVAN SENIOR DIRECTOR 816.759.0369 [email protected]
DOMINIC MARTINEZ ASSOCIATE DIRECTOR 816.759.0368 [email protected]
DENVER OFFICE 1331 17TH STREET, SUITE 550 DENVER, CO 80202 303.607.0025 | FAX: 303.607.9024
ATLANTA OFFICE 3550 LENOX RD NE, STE 2600 ATLANTA, GA 30326 404.445.1066 | FAX: 404.445.1065
KANSAS CITY OFFICE 4800 MAIN STREET, SUITE 500 KANSAS CITY, MISSOURI 64112 816.531.5103 | 816.531.2884
The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.
This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.
Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.
All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.
The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.
For more information on these and other Berkadia® exclusive listings, please visit our website at www.Berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
© 2019 Berkadia Real Estate Advisors Inc.
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.
DISCLAIMER AND CONFIDENTIALITY AGREEMENT
a Berkshire Hathaway and Jefferies Financial Group company
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