目前的业主计划将建筑物重新开发为混合用途/办公室,公寓和零售建筑。目前的开发商将租赁转换为按月租约,不遵守租约的需要搬迁和/或终止条款。这将允许除零售以外的所有建筑物都腾空。现有业主愿意保留该建筑物20.1%的权益,并出售剩余的79.9%,并组建合营企业开发建筑物。合资协议草案可供查阅。 由KANN Partners编制的联邦税收抵免申请已获得国家公园管理局批准。根据联邦历史保护税收激励计划,它有资格获得与历史装修直接相关的合格费用的20%所得税抵免。所有此类费用必须经国家公园管理局批准。该物业有资格获得马里兰州国家税收抵免(最高$ 3,000,000.00),申请截止日期为8月,由国家颁发。该物业也有资格享受10年房地产税减免。 迄今为止的工作重点是完成建筑和工程图纸,从9号到17号,以提供的带家具的出租公寓。它还包括对现有办公楼层的有限改进和共享办公楼层的建议。范围包括升级所有建筑系统和主要与新出口楼梯和屋顶设施相关的结构工程。
The current owner has plans to redevelop the building as a mixed-use/office, apartments, and retail building. The current developer converted the leases to month-to-month and those that are not month-to-month have relocation and/or termination clauses in their lease. This would allow all of the building, with the exception of retail, to be vacated. The current owner is willing to retain a 20.1% interest in this building and sell the remaining 79.9% and form a Joint Venture to develop the building. A Draft JV Agreement is available for review.
The Application for Federal Tax Credits, prepared by KANN Partners, has been approved by the National Park Service. Under the Federal Historic Preservation Tax Incentives program it is eligible for a 20% income tax credit on qualified expenses related directly to the Historic Renovation. All such expenses must meet the approval of the National Park Service. The Property is eligible for the Maryland State Tax Credit (up to $3,000,000.00) with the Application due in August and subject to being awarded by the State. The Property is also eligible for the 10-Year Real Estate Tax Abatement for Real Estate Taxes.
The work to date has been focused on completing the Architectural and Engineering drawings for providing furnished rental apartments from the 9th through the 17th floor. It also includes limited improvements to the existing office floors and proposals for shared office floors. The scope includes upgrading of all the building systems and structural work primarily associated with the new exit stair and roof amenities. The total A/E fee for this work is in the range of $400,000.00 with approximately 60% - 70% complete to date (architectural complete - 90%; structural complete - 90%; and, MEP complete - 20%). Once all decisions are made regarding the details of the mechanical system the project could be ready for permit in 60 - 90 days.
A10 Capital is offering to help with financing (copy of letter is included in the financials folder). For a buyer, proof of experience as a developer as well as availability of required capital must be provided. For a JV, since RWN is already pre-qualified as a developer, evidence of sufficient Capital is required. A10 is an on-balance sheet lender, providing flexibility to make changes to your loan over the life, if warranted. The Loan Type would be a Bridge or a Bridge to Perm. The total amount of the loan would be 60% to 65% of the "as-stabilized" appraised value. The Initial Loan Amount would equal 60% to 65% of lower of "as-is" appraised value or purchase price. The Future Cap Ex Facility would be 60% to 65% of sponsors building upgrades budget. The Loan Term would be for three (3) years with two, one-year extensions. There is a non-recourse guaranty with the loan and standard bad act carve-outs. The amortization will be interest only. There are two options for loan payments: (i) a three (3) year fixed based on the like term swap index with spreads in the low to mid 5%'s range and an index floor of 1.25% and (ii) a floating over 90 day LIBOR with spreads in the mid 5%'s to low 6% range. There is a 1.0% Origination Fee and 1.0% Exit Fee. The Exit Fee will reduce by 50% if Borrower converts to an A10 Perm Loan. The loan can be prepaid at any time, with a minimum of 24 months' interest (waived if rolled into A10 Perm Loan). Upon reaching stabilization, A10 offers a seamless transaction into a permanent loan with a variety of cost saving benefits.
KANN Partners
Legg Mason Tower in Harbor East sells for record price This property will be auctioned on Monday, January 1 - Monday, January 1. For information and to register to bid on this property, please visit Ten-X.com.