Third Coast Commercial Real Estate

Third Coast Closes New Market Tax Credit Transaction

admin — Tue, 01 Nov 2011 17:00:01 +0000

Third Coast Commercial Real Estate is pleased to announce the successful closing of a New Market Tax Credit transaction for a recycling facility to be located in Hamtramck, Michigan. Third Coast, led by principal Jon Roberts, served as Financial Advisor to the transaction.

Despite the added complexities involved with qualifying the QALICB through the use of certain ‘targeted populations’ provisions allowed under IRC 42D, this to-be-built recycling facility is anticipated to be a huge success.

While the business is expected to deliver economic returns, other significant benefits of this facility will be its contribution to enhancing green efforts throughout the Detroit metropolitan area, adding economic stability in a distressed area of the community and serving to employ persons most in need of employment — those from low-to-moderate income households.

Regarding the closing, Roberts stated, “This type of economic support is exactly why the NMTC program was created. We thank our client, American Community Developers, Inc. for inviting us to participate in the financing of such an interesting and vital community asset.”

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Third Coast Commercial Real Estate is a professional firm which offers financing, brokerage and consulting services to commercial real estate owners, investors, developers and end-users. Third Coast serves clients nationwide from its offices in Detroit, Michigan and Cleveland, Ohio. For more information about Third Coast, please visit their online home at www.thirdcoastcommercial.com.

Third Coast Closes Tax-Exempt Bond Financing Transaction

admin — Fri, 15 Apr 2011 17:00:44 +0000

Third Coast Commercial Real Estate is pleased to announce the successful closing of a tax-exempt financing to support the construction of a new outpatient clinic for the United States Department of Veteran Affairs. Third Coast, led by principals Walt Johnson and Jon Roberts, served as Financial Advisor to the transaction.

Third Coast determined the structure, size, and timing for the issuance of privately-placed Recovery Zone tax-exempt bonds. The 18,153 square foot building located in Saginaw Township, Michigan will house a special mental health clinic. Once completed, it is anticipated to receive LEED Silver Certification from the U.S. Green Building Council.

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Third Coast Closes Sale of Longview Apartments

admin — Tue, 01 Mar 2011 17:00:23 +0000

Third Coast Commercial Real Estate is pleased to announce the successful sale of Longview Apartments, a 40-unit multifamily investment property comprised of two buildings in Detroit, Michigan. Third Coast, led by principal Bill Vogel, served as the Seller’s broker in the transaction.

At the close of the transaction, the property was approximately 85 percent occupied. Third Coast’s marketing exposure time (from listing to contract) was less than 30 days. At the request of the Seller, the final sale price is not being disclosed.

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Third Coast Helps Borrower Avert Bank Action

admin — Mon, 01 Feb 2010 17:00:58 +0000

Third Coast Commercial Real Estate is pleased to announce a successful consulting assignment which prevented a bank from taking negative action against an investor/owner. Third Coast, led by principals Walt Johnson, Jon Roberts and Bill Vogel, was engaged as a consultant to the investor/owner.

The assignment involved a sizable property occupied by a a major manufacturing company. The owner/investor developed the property for the corporation several years ago as a build-to-suit/credit-tenant lease investment.

As a result of an increase in capitalization rates due to the global economic downturn, the bank began to apply pressure on the owner/investor without any meaningful cause or provocation — no material financial or credit change had occurred with the owner/investor or the corporation. Third Coast assisted the owner/investor in its dealing with the bank, and the intervention paid dividends: the bank extended the term of the loan without forbearance or any other punitive consequences to the owner/investor.

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Third Coast Deal Makes News

admin — Tue, 15 Sep 2009 17:00:25 +0000

Third Coast’s recent office lease transaction with the Barbara Ann Karmanos Cancer Institute made headlines in a recent edition of Crain’s Detroit Business. To read the a PDF copy of the article by Crain’s Detroit Business real estate reporter Daniel Duggan, CLICK HERE.

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Third Coast Inks Major Lease With Karmanos Cancer Institute

admin — Mon, 01 Jun 2009 17:00:05 +0000

Third Coast Commercial Real Estate is pleased to announce the successful lease of over 20,000 square feet of office space at MidMed Plaza in Detroit, Michigan to the Barbara Ann Karmanos Cancer Institute. The long-term lease will allow Karmanos to re-locate several administrative and clinical research offices from its main hospital campus in order to make space for additional hospital beds. Third Coast, led by principal Bill Vogel, served as the Landlord’s broker in the transaction.

The Tenant committed to the entire third floor of MidMed Plaza, as well as a portion of the garden level. MidMed Plaza, which was formerly named MidMed Lofts, is a five-story historic property in Detroit’s Midtown district which was re-built by the Landlord in 2005 as a condominium loft development. At the onset of the housing crisis, Third Coast’s consulting efforts with the Landlord resulted in a turn-around plan for the property which re-positioned the property as an office building. The Karmanos lease marks a final chapter in the re-birth of the building.

Third Coast’s marketing exposure time (from listing to contract) was approximately six months. At the request of the Landlord, the financial terms of the lease are not being disclosed.

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