24A — February 19 - March 12, 2021 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal One component of a multi-pronged approach to tenant support Kimco Realty’s TAP will help small businesses access PPP funding
J
For example, DSTs provide a solution that allows for portfo- lio diversification and passive ownership in real estate as well as income potential. Despite the longer timeline to complete a 1033 Exchange, the clock winds down quicker than many people realize. Some simply put off identify- ing replacement properties because they don’t know what to buy, or perhaps they are waiting out the market for better opportunities or pricing. So, it is not unusual for clients to focus on DSTs as replace- ment properties for their 1033 Exchange at the eleventh hour knowing they can reinvest proceeds in one or more DSTs in as little as a week’s time. About Kay Properties and www.kpi1031.com Kay Properties is a national Delaware Statutory Trust (DST) investment firm. The www.kpi1031.com platform provides access to the mar- ketplace of DSTs from over 25 different sponsor companies, custom DSTs only available to Kay clients, independent advice on DST sponsor com- panies, full due diligence and vetting on each DST (typically funding, even as many banks were unable to keep pace with the large volume of applica- tions. BlueVine will support Initial and Second Draw PPP loans for existing and new cus - tomers through their online dashboard. 1 For those tenants seeking more personalized assistance, Asset Enhancement Solu - tions, LLC (AES), a financial advisory firm that helpedmore than 800 small businesses access over $100 million in PPP funding last year, also is available to support tenants in evaluating their options, their eligibility, understanding loan terms and assembling the re- quired application materials. AES is an agent for a number of large banks and cn advise tenants on their options based on their individual business needs. The AES team will provide detailed assistance to tenants throughout the application process and can also pro- vide multilingual support for tenants speaking Mandarin,
20-40 DSTs) and a DST sec- ondary market. Kay Proper- ties teammembers collectively have over 115 years of real estate experience, are licensed in all 50 states, and have par- ticipated in over 15 Billion of DST 1031 investments. MAREJ This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Such offers can be made only by the confidential Private Placement Memorandum (the “Memorandum”). Please read the entire Memorandum paying special attention to the risk section prior in- vesting. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for de - tails regarding your situation. There are material risks associated with investing in real estate securities in- cluding illiquidity, vacancies, general market conditions and competition, lack of operating history, interest rate risks, general risks of owning/ operating commercial and multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, potential returns and potential appre- ciation are not guaranteed. Securities offered through Growth Capital Ser- vices, member FINRA, SIPC, Office of Supervisory Jurisdiction located at 582 Market Street, Suite 300, San Francisco, CA 94104. Spanish, Vietnamese and Portuguese. “Many of Kimco’s small business tenants are still in desperate need of additional funding, and it continues to be our top priority to do what we can to help them survive,” said Conor Flynn, Kimco’s chief executive officer. “While our Tenant Assistance Pro- gram helped tenants access approximately $20 million in relief funding earlier this year, we’ve taken the lessons learned from that experience and redesigned a program we think will eliminate many of the hurdles that small busi- ness owners faced in access- ing PPP loans the first time around. It is our goal that every eligible tenant in need of funding is able to secure a loan.” The Tenant Assistance Pro- gram is just one component of Kimco’s multi-pronged approach to tenant support throughout the COVID-19 crisis. Since the outbreak of the virus in the U.S., Kimco
mon theme emerged that shaped Rose Real Estate’s business model: small-to-mid- sized multifamily properties are the dominant housing type in New Jersey and, as such, are an extremely important in - vestment vehicle that require highly specialized market knowledge and expertise,” said Federgreen. In addition to serving clients that include individuals and families, as well as investment syndicates, Rose Real Estate also provides customized ser- vices to well-established devel- opment, property owner and management entities. In terms of the latter, the company has closed transactions on behalf of Alfred Sanzari Enterprises and J.G. Petrucci Company, Inc. In fact, for the 256-64 Bel- leville Ave. property, it was Federgreen who represented the building owner of the Park Belleville apartment- rental community when it was acquired by J.G. Petrucci in 2016. Subsequently, she represented the owner – J.G. Petrucci – in the recent dispo- sition as well. has focused on regular com- munication with tenants via both email and through the company’s COVID-19 Re- sponse webpage, where the company continues to share information on federal and local funding programs as well as proprietary initiatives such as Kimco’s Curbside Pickup program and the fast-tracking of outdoor dining approvals for restaurant tenants. EDISON, NJ — Bussel Realty Corp. (BRC) re- newed the lease of Kalustyan Corp. at 70 East Willow St. in Millburn. The company will continue to occupy the entire 53,500 s/f industrial property. Steve Bussel, SIOR , pres- ident, and David Blitt , se- nior vice president, of BRC, represented the owner, Bin- yan Realty, in the transac- tion. The property features 16-
“Our client and industry relationships run deep. As a result, a high percentage of Rose Real Estate’s transac - tions involve repeat business, as reflected in our fourth quar - ter transactions,” added Fe- dergreen. “The quality of our services, level of attentiveness and enthusiasm for a listing are never scaled based on a property’s unit count or po- tential sale price. Instead, we give each and every client our undivided attention, superior investment advisory services and unfettered access to a full scope of institutional-grade brokerage expertise.” Established in 2015, Rose Real Estate is a leading bou - tique multifamily investment brokerage firm specializing in urban and suburban sub- markets across Central and Northern New Jersey. Since its inception, the company has orchestrated more than 40 deals nearing $100Mwhere the average deal range is $1M to $5M. The Rose Real Estate team concentrates on garden- style and low-rise multifamily investment properties of 75 units or less with property val- uations of up to $20M. MAREJ foot clear ceiling heights, 4,000 s/f offices, ten tail- boards, heavy power, and is situated on 2.3 acres. Kalustyan has been a global industry leader in ethically and sustainably sourced herbs and spices for over 70 years. What started as a specialty goods importing and merchan- dising business in New York City has now become one of the world’s most established herb and spice producers. MAREJ 1 Paycheck Protection Pro- gram (“PPP”) loans through BlueVine are made by one or more approved U.S. Small Business Administration (“SBA”) lenders. Loan agree - ments identify the issuing lender to small businesses at signing. Approval and loan forgiveness are subject to an applicant’s ability to meet government-set eligibility requirements. MAREJ
identify for their exchange. In contrast, 1031 Exchanges have reporting rules that re- quire that a limited number of replacement properties be identified within a 45-day window. • No need for a qualified intermediary. In a 1033 Ex - change, funds do not need to be handled by a qualified intermediary (also known as an Exchange Accommodator or Facilitator) as is the case with a 1031 Exchange. In fact, funds can even be placed into shorter-term investments, such as a bond or CD, until they are needed to close on the purchase of 1033 exchange replacement assets. Do investors utilize DSTs for 1033 Exchange replacement property? Yes, DSTS are commonly used in 1033 Exchanges. DSTs work just like other invest- ment real estate, the differ- ence being that it is fractional ownership. All of the same reasons why a DST work well for a 1031 Exchange also apply to cases of eminent domain where an owner is conducting a 1033 Exchange. Kimco has identified two forms of assistance to choose from for tenants interested in applying for PPP funds, both completely complimentary. First, BlueVine, a leading provider of small business banking solutions and an of- ficial direct non-bank PPP lender, created an online PPP application for tenants that uses advanced technology to expedite and automate the application process. The com- pany reported that it delivered nearly $4.5 billion in PPP loans to 155,000 small busi- nesses during the previous funding rounds, with some applicants receiving same-day ERICHO, NY — Kimco Realty Corp. announced that the company has once again deployed its Tenant Assistance Program (TAP) to assist small business tenants in applying for a share of the $284 billion in Paycheck Pro- tection Program (PPP) funds recently approved under the latest federal COVID-19 relief bill.
Bussel renews 53,500 s/f in Millburn, NJ
Understanding the potential advantages of the 200% Rule . . . continued from page 23A
continued from page 2A Rose Real Estate LLC’s Q4 Multifamily Sales Span . . .
Made with FlippingBook - Online Brochure Maker