Results for ‘Debt’ category

Why we don’t have a long-term lending relationship

Got a call from a lender the other day. He had seen a loan broker with whom we work shopping one of our deals and was irked that we hadn’t come to him first. I get where he’s coming from, on one level. We’ve done several loans together, so he feels like he should have first

Thinking about the path not taken

Recently, I’ve been doing a lot of thinking about where we are in the cycle, debt, risk and asset allocation. You see, many of my contemporaries have been doing fairly high-leverage development deals and doing very well with them. We at Adaptive have shied away from those sorts of deals, for two, related reasons: You

Update on 830-832 N Beaudry

Today, we’re putting the finishing touches on 830-832 Beaudry, a 7 unit building we renovated through Adaptive Realty Fund 3. This project ran into some hurdles and was delayed approximately three months past its scheduled completion date. Some of the delay was unavoidable, but most of it was the contractor failing to supply sufficient labor

A gap in the lending market

Today I want to talk about a major gap I see in the lending market. As a real estate entrepreneur, your choices for loans generally boil down to: Bank loans, which cost in the range of 3.5-4.5% but are painful to get (because of the underwriting process) and take 30-60 days to close; or Private

What a good deal looks like

Sometimes, this is what victory looks like: That’s a wire from Crown Escrow (a Silver Lake-based, family-owned escrow company which I strongly endorse, fyi) for $2.59MM, the net proceeds of our refinance of 201 N Ave 55, a 12 unit building we purchased in Highland Park in June 2014. As I believe I’ve mentioned here

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