Foreclosure, Deed-in-Lieu
Acquiring long-term, bond net leased, credit tenanted properties, provides an excellent solution to certain 1031, 1033, foreclosure, or deed given in lieu acquisition requirements. Depending on the debt and equity characteristics of your client's relinquished property, it could be the best approach to use in order to extract significant equity, on a tax-deferred basis, or to solve a foreclosure or deed given in lieu capital gains tax event.
Your clients can withdraw substantial funds - safely deferring the tax consequences of the gain, while securing properties, free of management worries that, through amortization, will regain their full value over time. With certain clients, this approach provides an estate planning alternative that addresses the needs of family members lacking commercial real estate interest or expertise.
Prime Net, in partnership with Roger Stern, has participated in over a billion dollars of such transactions, ranging from $3 million to $150 million each. Through long-standing relationships, we are able to minimize the required cash investment. Our clientele crosses the spectrum from large institutions to high net worth individuals.
Another way we can be of service to you is with clients who are acquiring performing, under-performing or non-performing mortgages, specifically mortgages on properties that have been heavily depreciated. We can assist the borrower to structure a "Deed in Lieu" transaction, thus helping your client to avoid the costly and time-consuming foreclosure process.
Roger Stern, a graduate of Columbia College and Law School was a practicing real estate attorney for over thirty years specializing in the negotiation, contract and closing of complex commercial real estate transactions, with an emphasis on single tenant net leased properties. Roger has established enduring relationships with attorneys and accountants. Some of the firms that have worked with Roger, on behalf of their clients, are: Eisner, LLP; David Berdon & Co., LLP; Arnold & Porter; Greenberg Traurig; Jones, Day; Phillips Nizer; and Saul Ewing.