Commercial real estate development from Single Tenant to Power Centers focused on the Northeast, Southeast and Texas. 🇺🇸
Connecticut, USA
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- Followers 5,808
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A little about me:
- Over 10 years development experience at a small shop.
- I have done everything from acquisitions, to financing, leasing, entitlements, construction and dispositions.
- We have done everything from a 2,500 single tenant Starbucks to a 500,000 sf power center.
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A loan didn’t close today because FedEx failed to pickup the docs yesterday. Why in today’s age do banks still need originals of loan docs before closing? Is anybody working on a solution to this?
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😡 When you see a building you offered $2.2MM for sold for $1.8MM. Called the broker and asked what happened. Not happy with the answer. Very skeptical. 🧐
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You want to be a developer story #56:
Lock cut, $40,000 of wire stolen overnight. All the way to pole. 😡
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Construction Loan Terms
- $6,650,000
- 70% LTV / 75% LTC
- 18 Months I/O
- 10 Year Perm Option
- 1 Month SOFR + 2.75% (I/O)
- 1 Month SOFR + 1.75% (Perm)
- 0.75% Origination Fee
- New England Regional Bank
Received the appraisal today, good to go. 6 acre retail site.
#retwit
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Killed a deal today after discovering the site did not have easily accessible water. Decided it was better to lose $65,000 in earnest money. One of the risks in development.
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One of my favorite projects we did. We took a former Home Depot box, cut back the building, put PetSmart and Marshall’s in then made 4 pads up front. Before and after site plan. All on 3.5 acres. We sold the 13,600 STNL to lower our basis, but still hold the rest for cash flow.
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We acquired 5.9 acres in Mansfield, Texas (DFW) on Friday. Highway frontage with pads available.
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Construction loan closed today. Single tenant BTS with 2 other pads as collateral to get 100% LTC.
- $2,930,000
- 65% LTV
- 18 Months I/O
- 5 Year Perm Option (22 yr/am)
- SOFR + 2.85%
- 0.50% Origination Fee
- No Personal Guarantee
- No Prepayment Penalty
- Texas Bank
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Overdue Tweet:
My first Twitter (X) transaction has closed.
A follower reached out, we met at Vegas ICSC. Soon after he had a 1031 buyer with a need. We had a car wash property we were willing to sell that we had not marketed.
27 days from contract execution to close. 🙌🏼
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Land Loan Term Sheet
- $4,000,000
- 75% LTV
- 18 Months I/O
- Ameribor 30 + 3.00%
- 0.50% Origination Fee
- Texas Regional Bank
Banks are still lending.
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Hard to post this week. 5 loan closings scheduled in the next 45 days.
$6.6MM - Construction Loan RI
$6.3MM - Construction Loan TX
$4.0MM - Land Loan TX
$2.7MM - Loan Extension TX
$2.5MM - Land Loan TX
5 Different Lenders, all repeats.
4 Banks
1 Private
Questioning a sixth.
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For my apartment followers. This is a 208 unit Section 8 property we purchased and rehabbed in 2011. We refinanced in 2020 under HUD 223(f). Fixed at 2.43% for 35 years. It would be nice if we could still do that today.
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Just had a first. Attorney told me they would not let me talk to the title company. The sad thing. He’s my attorney. I told him we would not be using him next time.
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Just received LOI.
5.25% all cash offer on a $9MM single tenant retail property in Houston. Buyer is willing to close before rent commencement.
Not expected in todays market.
This was not marketed and few knew. Always trust those who have performed for you time after time.
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Costar rep calls. I haven’t priced it in years didn’t make sense for us. Might make some sense now. I say sure what’s the current pricing. Won’t give it to me without a demo. I say I’ve done the demo just give me a price. He won’t give me a price. He’s called back 3x and I ask is there a price yet? He still won’t give it to me. 🤦🏻♂️
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Construction loan terms on the recently posted Texas QSR photo:
- $2,000,000
- 80% LTV / 75% LTC
- 18 Months I/O
- 10 Year Perm Option (25 yr/am)
- WSJP + 0.50% (I/O)
- FHLB + 2.50% (Perm)
- 0.50% Origination Fee
- Texas Regional Bank
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🚨New Amendment Record 🚨
We just executed the 20th amendment to a PSA. I thought it was a typo in my email at first. We are the patient seller on this transaction.
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Loan 1 of 5 Cleared to Close
$6,310,000 Retail Construction Loan
Texas Regional Bank
Charges Summary:
Title Co $31,300
Origination Fee $31,550
Loan Fees $2,355
Appraisal $3,800
Lender Legal $3,900
Borrower Legal $6,765
Total $79,670
For those curios. Can share more in DM’s.
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Developer Timeline:
After 4 years and 12 lease amendments McDonald’s waived contingencies on one of our Texas ground lease deals this week. 🙌🏼
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Appraisal bids today for STNL project in DFW.
A: $2,550 - 14 business days
B: $2,750 - 9 business days
C: $3,050 - 5 business days
One year ago similar project best price was $4,600 and 4 week turnaround. How times have changed.
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4,200 sf MOB complete. Fire inspection passed. Tenant responsible for their own fit-out now. Katy, Texas.
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What’s really happening out there with banks. Construction loan story 1 of 2.
September 2023 execute term sheet:
- $10,800,000
- 75% LTV / 75% LTC
- 1.25 DSCR
- 12 Months I/O
- 4 Year Perm Option (30 yr/am)
- WSJP + 0.25% Floating w/Cap
- 0.75% Origination Fee
- Texas Regional Bank
Closing was taking forever. We got to January 2024 and they pulled the loan without warning. 4 months wasted. Scrambling for other options. All of a sudden they came back with new non-negotiable terms:
- $8,700,000
- 50% LTV / 60% LTC
- 1.25 DSCR
- 12 Months I/O
- 2 Year Perm Option (30 yr/am)
- WSJP + 1.00% Fixed at Closing
- 1.00% Origination Fee
- 10% Compensating Balance
We couldn’t waste another 60-90 days with a new lender and had to close the loan to meet delivery demands. 7 months from receiving the initial term sheet we closed the loan.
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Retwit needs a live deal.
Construction loan terms set to close in December. 4 Tenant Deal on 10 Acres in Houston.
- $9,965,000
- 60% LTV / 75% LTC
- 1.25 DSCR
- 12 Months I/O
- 4 Year Perm Option (30 yr/am)
- WSJP + 0.25% Floating
- 0.75% Origination Fee
- Texas Regional Bank
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And some say you can’t build strip malls right now. Looking forward to delivering space to our tenants soon in Austin, Texas.
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You want to build ground up retail in Austin? Water/meter fees for one multi-tenant building and 3 pad sites $193,000! Pad 2 is a car wash but the others are not heavy water users.
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Our condo association requires the dryer vents to be cleaned every year. I think per insurance. That’s 160 units guaranteed every year from one complex.
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I’m genuinely curious, can someone explain how a parking lot is asking $12.8MM. This is New Jersey. Are parking lots in industrial parks trading for this amount?
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When you find a bank that can fund your construction draw within 24-48 hours do not lose them.
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It has been a busy 3 weeks. 4 single tenant retail deals sold in Texas:
1. $9,030,000 @ 5.00% 20 Year BTS
2. $7,775,000 @ 5.10% 20 Year BTS
3. $3,600,000 @ 5.30% 15 Year GL
4. $3,525,000 @ 5.35% 15 Year GL
These likely would have been sub 5 a year ago but we are happy. #1031
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New project underway! All ground leases. Pad delivery on us.
Retail $285,000
Gas $175,000
Carwash $130,000
One Pad Available
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Nothing like paying a $11,100 tree mitigation fee to the City of Austin to start your day. The fees are endless.
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This is 24 acres we purchased in November 2022. 4 of the 8 pads are spoken for. The interesting part of this deal is the water plant we have to build on site because no water is available nearby. There is also a 4 acre detention pond in back you can’t see. Big site work number.
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With less distractions today I took some time to review a 31 page ground lease with a potential car wash tenant of ours. It was refreshing to read a reasonable tenant drafted lease. Should only be some minor comments and hopefully a quick execution. 👇🏼
My favorite takeaway was the automatic renewals for up to 99 years if neither party terminates after options. I have not seen that before.
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Just reached out to our 6 go to banks in Texas for a new loan. Reasonable ask in todays market. Let’s see who’s lending.
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New QSR underway in Wylie, Texas. 2,800 sf with drive-thru. Proof roll passed, building pad is ready.
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What we’re seeing on steel.
Steel costs for a 4,500 sf building today are the same as what they used to be for a 14,000 sf building 4 years ago.
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This will be a fun one to watch. We have not done tilt-up for this large of a box in a few years.
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You want to be a developer story #45.
Email at 3:08 today for two checks (can’t wire) that have to be priority overnighted to keep our project on track.
$128,659.70
$19,919.10
Lesson: you always need working capital at a moments notice.
Thank you MUD! Love Austin, Texas.
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Approved a survey proposal today from a Twitter connection for a 29 acre site we put under contract in Houston. Thanks for reaching out @JHoebelheinrich This platform continues to amaze me. #retwit
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I’ll be at NY ICSC next week if anybody wants to meet let me know.
Retailers we are looking for deals and we have capacity. Let us build for you.
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Little Friday afternoon update on our current STNL build. The rain has slowed this project a bit but walls are complete, roof deck going on.
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These Costar calls need to stop. No I don’t have time to explain how I can pay you to help me. I give them credit they do a good job changing where they call from everytime and making it look legitimate. Retwit says answer every call so I do.
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We have paid this vendor over $300,000 on one job and this is how they treat us after missing one small payment. 😡
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My @ICSC is complete. I got to meet the incredible @realEstateTrent today and discuss a deal. All possible because of #retwit Do not underestimate this platform. @Twitter is amazing. 🙌🏼
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Another permitting timeline:
Travis County, TX (Austin ETJ)
By right retail building and 3 pads.
Submitted for permits in June 2021.
Just received.
If you are not budgeting 12-18+ months for permitting in Austin you will be surprised.
We lost 2 tenants because of this.
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Demo update on everyone’s favorite tunnel. It was directly under the future car wash tunnel. Can’t make it up. 🤷🏻♂️
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We have a little race on our hands. Two separate QSR projects started going vertical at the same time.
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Hard to leave my 1 year old but excited to meet many new #retwit contacts at @ICSC this year.
@TeamHerrold
@paytonjkelly
@michaelwatson2
@1031_forever
And to catch up with old friends.
@peoplesdevelpr
@tfidelnnn
If I missed anyone from the DM’s let me know to meet up.
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I’ve had some great Twitter calls over the past week.
@3NDeveloper (Must Follow)
@Snowball_Dev (Industrial Guru)
@TheNNNGuy
@jlight_14
@DispositionGuy
@TheWolfofREI
The connections are great. Keep them coming.
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Deed restriction dating back to the early 1900’s that wouldn’t let a certain race acquire the property.
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Back from break inbox is flooded with:
- Price Reduction
- New Price Reduction
- OFF-MARKET (Ok)
- Irreplaceable
- MOTIVATED SELLER
- PRICE IMPROVEMENT!
- PRICED TO SELL
- Register to Bid 🤦🏻♂️
- New Pricing
- Recently Reduced
- Call for Offers
- Generational Pride of Ownership
- Submit Offers
- Pride of Ownership
- Reduced Pricing
- Updated Pricing
What’s your favorite?
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Another insane Austin permitting timeline. Submitted May of 2021, received January 2024. This is just for a driveway and to bring utilities to the site. Nothing out of the ordinary.
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Developing in Austin, Texas keeps getting more fun. Four, yes four parties now need to inspect one fire line.
1. Travis County Fire Marshals Office
2. City of Austin Development Services
3. Austin Fire Department
4. Travis County ESD 11
What could go wrong? @atxREpodcast
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I deal with a lot of regional and mid-size banks. None have stopped lending and none seem concerned after conversations over the past week. Limited office/hospitality exposure. No crypto or tech exposure. We’ll see where this week goes. 🤷🏻♂️
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Haven’t updated this STNL build in a while. Roof is on, waterproofing complete, mechanical and electrical rough-ins under way along with metal stud framing.
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One of my highlights at ICSC this year was having @TheCREStudent shadow me for a couple hours Tuesday morning. He is the real deal and gave me hope for the future of our industry. I don’t know many students going in to Junior year of college already having 2 internships lined up.
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Wrapping up Tuesday @ICSC
It was great seeing many new and old friends from #retwit
@paytonjkelly
@TeamHerrold
@peoplesdevelpr
@michaelwatson2
@realEstateTrent
@tfidelnnn
@TheBoulderGroup
@SacksRealEstate
@1031_forever
@Lsully0
@Andre__Walters
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Permitting story:
Hays County, TX (Outside Austin)
Property Purchased 2016
Two successful deals done with pharmacy and coffee user.
3rd lease executed in April 2019 with QSR.
We just received our permit today! April 2023. Yes 4 years and 9 lease amendments later. ⬇️
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Looking back at a Starbucks build to suit lease we did in Houston in 2020. Rent was $116,000 and we built the 2,256 sf proto at the time. We could never make that work today @NNNIncome
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The #retwit connections are getting stronger. Great catching up with @jandreini1 today.
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Just received an apartment listing. First paragraphs says 99% occupied. Bullet point says 97% occupied. Always amazing to me how many blasts have simple errors like this.
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I was reading a brokers bio today and they still highlight Blockbuster as a tenant they have worked extensively with.
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I have seen them open several new units with more under construction, but they don’t seem to have that same buzz unless I don’t see it.
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Texas passed a 30 day shot gun clock law in 2019 for approving plats and site plans. Unfortunately we have not seen this help speed up timelines on any approvals. You’ll just get a disapprove until they figure out what they want you to change. Great concept, bad gov’t execution.
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