UC Funding closes $16.25 million loan for the 520-unit multifamily property: Seabreeze Harbor Apartments

UC Funding recently closed a $16.25 million bridge loan in connection with the acquisition of a 520 unit multifamily property known as the Seabreeze Harbor Apartments, located between the affluent communities of West Palm Beach and North Palm Beach. The transaction was underwritten and closed in under 21 days. The property has a substantial renovation component in order to bring apartment units online and refurbish others. The sponsors, Prospect Northlake LP, is a real estate investment and development firm based in Longwood, Fla. that currently owns approximately 1,650 multifamily units throughout Florida. They identified the Seabreeze Harbor Apartments as a strategic addition to their portfolio of value-add, multi family assets in Southern Florida. Dan Palmier, president and CEO of UC Funding, said, "The borrower came to us because they knew that we are entrepreneurial, aggressive, and would close this loan and do it quickly."

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Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer

Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4

Are appraisers on the same page as the assessor? - by Richard Seman

The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.

The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski

Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.

Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick

Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property