{"version":3,"file":"ZbHEknoJ6-4.DiaEiChc.mjs","names":["t","o"],"sources":["https:/framerusercontent.com/modules/1Gg639euWZirXJvwVVrU/aYH1JVfnHdSmDvhzKnWZ/ZbHEknoJ6-4.js"],"sourcesContent":["import{jsx as e,jsxs as n}from\"react/jsx-runtime\";import{Link as t}from\"framer\";import{motion as o}from\"framer-motion\";import*as r from\"react\";export const richText=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"Debt-to-equity ratio (D/E), similar to \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/debt-ratio/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"debt ratio\"})}),\", calculates a company’s financial \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/leverage-in-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"leverage\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The formula for debt-to-equity ratio (D/E) is as follows:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Debt-to-Equity Ratio (D/E) = Total Liabilities ⁄ Total Shareholders’ Equity\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"This equation is most important in corporate \",/*#__PURE__*/e(t,{href:\"https://lev.co/category/financing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"finance\"})}),\". It measures to what degree a company is financing through debt rather than wholly owned funds. In the case of business dropping, this ratio shows to what extent a company can cover costs solely through shareholder equity. A low \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/d/debtequityratio.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"debt-to-equity ratio\"})}),\" would suggest low-risk, as the company has not been aggressive in financing its growth with debt. A \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/ask/answers/063014/what-considered-high-debttoequity-ratio-and-what-does-it-say-about-company.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"high debt-to-equity ratio\"})}),\" would suggest the opposite — being associated with high financial risk.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Just like with debt ratio, it’s hard to compare figures from industry to industry. If a company has a higher D/E ratio than its competitors, this should be cause for concern. If a company’s debt-to-equity ratio is below zero (negative), this could be a sign that the company is at risk of bankruptcy.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Examples in Commercial Real Estate\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"On average, the debt-to-equity ratio in the real estate sector is ~352% (3.5:1). Whereas, real estate investment trusts (\",/*#__PURE__*/e(t,{href:\"https://lev.co/tag/reits/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"REITs\"})}),\") are closer to 366%. Real estate management companies come in on the lower end of the scale at 164%. There are many reasons D/E ratios differ from industry to industry, one of the key reasons is the nature of business. Some businesses can manage a high level of debt, this could be due to stable income and demand in services regardless of the state of the economy (e.g. electricity utilities).\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Another reason for the variation in D/E ratios is the capital-intensive nature of an industry. The oil and gas refining industry, for example, demands high amounts of financial resources to produce their product. Whereas, office spaces, for example, do not require such a capital-intensive approach. These factors play a role in determining if a company’s debt-to-equity ratio is healthy.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Short or Long-term D/E Ratio\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Of course, short-term debt is part of a company’s leverage. However, due to these liabilities being paid in a year or less, they aren’t as high-risk. The more \",/*#__PURE__*/e(t,{href:\"https://studyfinance.com/long-term-debt-to-equity-ratio/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"long-term debt\"})}),\" you have, the higher your financial risk; despite maybe having the same D/E ratio as another company with less long-term debt.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The new formula for long-term debt-to-equity ratio (D/E) is as follows:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Long-term Debt-to-Equity Ratio (D/E) = Long-term Liabilities ⁄ Total Shareholders’ Equity\"})]});export const richText1=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Have you ever seen a bell curve before? Well, that is the graph form of normal distribution.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is Normal Distribution?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Normal distribution is a \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/p/probabilitydistribution.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"probability distribution\"})}),\" that shows data near the mean is more frequent than data outside of the mean. Hence why it appears as a bell curve when in graph form. All normal distributions are symmetrical. However, not all symmetrical distributions are normal distributions.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(t,{href:\"https://en.wikipedia.org/wiki/Normal_distribution\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Normal distribution\"})}),\" has two parameters: the mean and standard deviation. It is important to keep these figures in mind when determining if something fits normal distribution:\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"68% of observations are within (+/-) one standard deviation of the mean\"}),/*#__PURE__*/e(\"p\",{children:\"95% of observations are within (+/-) two standard deviations of the mean\"}),/*#__PURE__*/e(\"p\",{children:\"99.7% of observations are within (+/-) three standard deviations of the mean.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Applying the above will help you from confusing normal distribution from symmetrical distribution. Symmetrical distribution is where there is mirrored distribution on either side of a dividing line — this could be a series of humps rather than the singular bell curve of normal distribution.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Data in real life very rarely follows perfect normal distribution. The skewness and kurtosis coefficients calculate how dissimilar a distribution is from perfect normal distribution. Skewness calculates how symmetrical a distribution is. Perfect normal distribution has a skewness of zero — meaning it is symmetrical. When a distribution has negative skewness (less than zero), the left tail will be longer than the right tail. When a distribution has a positive skewness (more than zero), the right tail will be longer than the left tail.\",/*#__PURE__*/e(t,{href:\"https://en.wikipedia.org/wiki/Kurtosis\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" Kurtosis\"})}),\" calculates how thick the tail ends of a distribution are. Normal distribution has a kurtosis of three. When the kurtosis has a value above three (large kurtosis), tail data will surpass the tails of normal distribution (heavy tails). When the kurtosis has a value below three (low kurtosis), tail data will be shorter than those of normal distribution (thin tails).\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Does This Apply to Commercial Real Estate Finance?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In \",/*#__PURE__*/e(t,{href:\"https://lev.co/category/financing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"finance\"})}),\", normal distribution is used on asset prices as well as price action. This data allows investors to decide if an asset is being over or undervalued. It may also be used during a \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/commercial-real-estate-appraisals/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"commercial real estate appraisal\"})}),\". When it comes to commercial real estate, this distribution will show what \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/income-statement/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"income\"})}),\" the property is producing. Many real estate researches have assumed that real estate returns are normally distributed and have finite variance. Nonetheless, there are \",/*#__PURE__*/e(t,{href:\"https://www.researchgate.net/publication/290143938_The_distribution_of_commercial_real_estate_returns\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"some researchers\"})}),\" who strongly reject the use of normal distribution when it comes to commercial real estate, after evidence was found of time-varying heteroscedasticity and skewness.\"]})]});export const richText2=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"When it comes to \",/*#__PURE__*/e(t,{href:\"https://info.lev.co/leverage?utm_source=leverage&utm_medium=types-of-commercial-real-estate&utm_campaign=evergreen\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"securing funding for commercial real estate\"})}),\", there are many different commercial property loan options available, depending on your specific needs. For starters, the \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/types-of-commercial-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"type of commercial real estate\"})}),\" you’re working with affects what kind of loan is best for you.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is a Commercial Real Estate Loan?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A commercial real estate loan is a type of mortgage used to finance commercial property purchases. Those types of properties include retail spaces, office spaces, industrial spaces, multifamily buildings and hotels. People take out commercial real estate loans to purchase property, renovate an existing location, or refinance real estate debt.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Types of Commercial Real Estate Loans Can You Get?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are three major types of commercial real estate lenders: institutional, noninstitutional, and government-backed.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"An institutional loan for commercial property comes from a large institution like a bank, credit union, trust company, or savings and loan institution. A noninstitutional loan is a loan from someone other than a federally regulated banking or financial institution. And a government loan is a loan coming directly from the government., which is given for certain types of properties.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"To get into more specifics, though, there are many different categories of commercial real estate financing that fall into those three major types of commercial loans.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Commercial Mortgage\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"A commercial mortgage loan includes financing secured by any business property or investment property, said Noah Grayson, Strategic Financing Advisor at \",/*#__PURE__*/e(t,{href:\"https://propertycashin.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"PropertyCashin\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Matt Wurtzebach, a Senior Vice President in the \",/*#__PURE__*/e(t,{href:\"https://draperandkramer.com/what-we-do/commercial-finance-group/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Commercial Finance Group of Draper and Kramer, Inc\"})}),\", added that a commercial mortgage is a loan on any income-producing property. He also noted that a “commercial mortgage” is more of a broad umbrella term covering other loan types as well. For instance, a \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/commercial-bridge-loan/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"bridge loan\"})}),\" and a \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/hard-money-bridge-loan/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"hard money loan\"})}),\" could both fall under the category of a commercial mortgage.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Commercial Mortgage Terms\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Commercial mortgage terms vary greatly, especially because they cover other types of loans. According to Grayson, terms can range from a one-year interest only loan to a 30-year fixed mortgage. Interest rates also vary and can start as low as 4% or as high as 12% or more. Many commercial mortgage loans also include a prepayment penalty, Grayson said. This dynamic means that if a borrower sells or refinances the secured property during the prepayment period, a fee must be paid to the lender.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. Commercial Bridge Loans\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A commercial bridge loan is a short-term, usually higher interest rate commercial mortgage, Grayson explained. A borrower would use a bridge loan when a commercial property does not yet qualify for permanent financing from a bank. The loan therefore bridges a borrower from their current situation into a more favorable one, until they can secure bank financing. “It’s a bridge from a current state to hopefully a permanent state after conducting some renovations or leasing,” Wurtzebach said.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“For example, a borrower may take out a bridge loan to pull cash out of his property to pay off debt obligations and improve a low credit score, so he can refinance into a fixed loan at more favorable terms,” Grayson added.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Bridge Loan Terms\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Bridge loan terms usually range from one to three years and are interest only, Grayson said. The interest rates typically range from 6% to 12% and are backed by \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/collateral/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"collateral\"})}),\". Interest pricing is usually commensurate with risk, meaning a lower credit score equals higher interest. Commercial bridge loans can also carry higher fees, added Grayson, including origination fees (when a percentage of the final funded loan amount is paid at closing) and exit fees (when a percentage of the remaining balance is paid at the end of the loan).\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Bridge Lenders\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/a10-capital/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"A10 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Commercial Hard Money Loans\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"A \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/hard-money-bridge-loan/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"commercial hard money loan and a commercial bridge loan\"})}),\" are interchangeable terms in most situations, Grayson explained. The main difference is that \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/real-estate-hard-money-lenders-who-close-quickly/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"hard money lenders\"})}),\" usually have higher rates, whereas “a bridge loan may be priced above conforming rates but may still be palatable,” Grayson noted. Essentially, not all bridge loans are hard money loans, but all hard money loans are bridge loans. Hard money loans are priced for a higher degree of risk, as they oftentimes come into play during transactions involving bankruptcy or foreclosure bailout. They are designed for borrowers who aren’t eligible for traditional mortgage loans and as such carry the highest fees.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Hard Money Loan Terms\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The terms of a hard money loan are similar to that of a bridge loan, Grayson said, but they “tend to veer toward the shorter end of the loan term spectrum and the higher end of the rate spectrum.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Hard Money Lenders\"}),/*#__PURE__*/n(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Fort Amsterdam Capital\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Bloomfield Capital\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Silver Arch Capital Partners\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"B&B Capital Group\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"TruStone Financial\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"4. Mezzanine Loan\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"A mezzanine loan or \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/mezzanine-financing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"mezzanine financing\"})}),\" is “an additional layer of financing or investor equity that takes a subordinate position to the senior debt or mortgage,” Grayson said. A mezzanine loan is used after a borrower has taken out a traditional loan but still needs more capital to fund a purchase or capital expenditures.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Mezzanine Loan Terms\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Mezzanine loan terms can vary greatly, Grayson said, but typically they’re short term, rarely ever exceeding five years. Mezzanine loans also come with a higher interest rate than traditional bank loans — sometimes around 9 to 16%, depending on the risk of the borrower and business plan.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"Mezzanine Lenders\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Arbor Realty Trust\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/ares-capital-real-estate-corporation-acre/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Ares Commercial Real Estate Corporation\"})}),\" (ARES)\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Aconic Capital\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Basis Investment Group\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Bridge City Capital\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/clarion-partners/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Clarion Partners\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/granite-point-mortgage-trust/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Granite Point Mortgage Trust\"})})})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/hickory-cre-lending/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Hickory CRE Lending\"})})})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"5. SBA 7(a) Loan\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"An SBA 7(a) loan is government-guaranteed small business financing provided by a Small Business Administration (SBA) approved lender. What this means is that the SBA 7(a) lender funds the full business loan, Grayson said. In the event of a default, the SBA will reimburse the lender up to 85% of the loan amount if that lender has followed the right protocol.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In some instances, high leverage financing of up to 100% of a property’s value is also available with the 7(a) program.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Through the 7(a) program, Grayson added, funds can be used for expenses like the purchase, refinance, renovation or ground-up construction of commercial real estate. Funds can also be used for expenses like working capital, equipment, inventory, partnership buyouts, debt consolidation, business purchases, leasehold improvements, expansions and more.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"SBA 7(a) Loan Terms\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Loans usually range from $25,000 up to $5 million, Grayson said. The rates can be fixed, but most lenders offer an adjustable rate, adjusted quarterly.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"SBA 7(a) Lenders\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(t,{href:\"https://southendcapital.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"South End Capital\"})})})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"6. SBA 504 Loan\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"An SBA 504 loan is another government guaranteed small business loan. In most cases, Grayson said, an SBA 504 loan will be funded 50% by the participating lender, up to 40% by a Certified Development Company (CDC), with the remaining 10% contributed by the borrower as cash or equity.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Unlike other SBA loans, funds cannot be used for working capital, inventory, debt refinancing, or investments. However, borrowers can use the money to purchase machinery and other equipment, business land or new facilities. They can also modernize existing facilities, land, streets or utilities.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"SBA 504 Loan Terms\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"SBA 504 loans range in size from $500,000 to $20 million+, Grayson said. And the loans are long-term, out to about 25 years and fixed interest currently in the 5% range.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h4\",{children:\"SBA 504 Lenders\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(t,{href:\"https://southendcapital.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"South End Capital\"})})})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Make Sure to Understand Your Financial Needs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Before seeking out commercial loans for real estate, it’s important to understand your own financial needs. A financial advisor is often recommended to help figure out what you can realistically borrow and what commercial real estate loan type you need. It’s also a good idea to talk to a \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/mortgage-broker-vs-direct-lender/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"mortgage broker\"})}),\" who can get you set up with the right lender.\"]})]});export const richText3=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"While many sustainable buildings are on the rise, one building in Denver takes its eco-consciousness to the next level.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(t,{href:\"https://metropolismag.com/projects/what-is-and-is-not-biophilic-design/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Biophilic design\"})}),\", as we know it, is nature-infused design. Imagine a long, wooden hallway of an office lobby lined with trees, hotel rooms with moss-covered walls or “green rooftops,” vegetation covering a flat roof. Basically, the best of biophilic design brings nature into buildings without it feeling like an untamed jungle or plant shop. With more commercial buildings ramping up their sustainable efforts, it makes sense that biophilic design will only grow in the coming years.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"250\",src:\"https://framerusercontent.com/images/QHW1w2CqPAtiNcQeuzNZAFqBF4s.jpg\",srcSet:\"https://framerusercontent.com/images/QHW1w2CqPAtiNcQeuzNZAFqBF4s.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/QHW1w2CqPAtiNcQeuzNZAFqBF4s.jpg 800w\",style:{aspectRatio:\"800 / 500\"},width:\"400\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"It’s called One River North, and it’s not your average biophilic designed building. Designed by Beijing-based team \",/*#__PURE__*/e(t,{href:\"http://www.i-mad.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"MAD Architects\"})}),\", this 16-storey building features 187 residential units and over 13,000 square feet of open-air environments. The renderings show the building draped with a ton of green plants, a glowing creek and a long walkway. This landscaped walkway winds up across several floors to a green rooftop terrace with a garden, spa and pool. On the ground floor, the building will have roughly 8,000 square feet of retail space.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Located in the RiNo neighborhood of Denver, the project is located at 3930 Blake Street. The construction began in the fall of 2021 and is expected to be completed before the end of 2023. 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MAD Architects is partnering with Denver-based \",/*#__PURE__*/e(t,{href:\"https://davispartnership.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Davis Partnership Architects\"})}),\", and general contractors of the project are \",/*#__PURE__*/e(t,{href:\"https://www.saundersinc.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Saunders Construction\"})}),\".\"]}),/*#__PURE__*/n(\"p\",{children:[\"It’s not a traditional hike up, it’s more like a crack in the fa\\xe7ade that shapes the walkway up across 10 stories, all of which have organic shapes. These curvaceous shapes are inspired by Colorado’s nearby Rocky Mountain peaks. This side structure along the building also takes visual cues from the nearby trails and nature. Bringing nature into the urban landscape was key for this biophilic design. It’s what Kevin Ratner, co-founder of The Max Collaborative, called “blending nature and architecture to inspire a well-balanced life,” in his\",/*#__PURE__*/e(t,{href:\"https://www.globalconstructionreview.com/work-begins-on-mad-architects-cracked-denver-residential-tower/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/n(o.a,{children:[\" interview with \",/*#__PURE__*/e(\"em\",{children:\"Global Construction Review\"})]})}),/*#__PURE__*/e(\"em\",{children:\".\"})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"250\",src:\"https://framerusercontent.com/images/lp8JMZ2fBUdRWSkir7WLJ7Qj5jc.jpg\",srcSet:\"https://framerusercontent.com/images/lp8JMZ2fBUdRWSkir7WLJ7Qj5jc.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/lp8JMZ2fBUdRWSkir7WLJ7Qj5jc.jpg 800w\",style:{aspectRatio:\"800 / 500\"},width:\"400\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“One River North is the model for how we should be living, surrounding ourselves in the natural environment, bringing nature into our homes and creating authentic, biophilic experiences coupled with modern comforts and conveniences,” Ratner said in a statement. “The nature-inspired design by MAD Architects was influenced by Colorado’s legendary landforms and merges nature and architecture to inspire a well-balanced life,” he said. “It’s glass facade is likewise ribbed with louvers that regulate sunlight and soften its visual presence, shaping a serene retreat in the sky.” Biophilic design is not limited to just multifamily buildings, but office towers and hotels, too. Some of the best examples of biophilic design include those that use natural materials to give an experience that offers a connection to nature.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"250\",src:\"https://framerusercontent.com/images/fT5mmpS2lAwTgLbieHBBlcvSe6Q.jpg\",srcSet:\"https://framerusercontent.com/images/fT5mmpS2lAwTgLbieHBBlcvSe6Q.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/fT5mmpS2lAwTgLbieHBBlcvSe6Q.jpg 800w\",style:{aspectRatio:\"800 / 500\"},width:\"400\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"One example is \",/*#__PURE__*/e(t,{href:\"https://www.1hotels.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"1 Hotels\"})}),\", which has locations in New York and Miami. The company has filled its properties with plants and reclaimed wood, sustainably-sourced bedding and moss walls, and plant-based walls in\",/*#__PURE__*/e(t,{href:\"https://www.1hotels.com/central-park/hotel-rooms\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" several of their hotel rooms\"})}),\". Another trailblazing property is\",/*#__PURE__*/e(t,{href:\"https://secondhome.io/location/lisboa/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" Second Home in Lisbon\"})}),\", an apartment tower with over 1,000 plants throughout its premises, while\",/*#__PURE__*/e(t,{href:\"https://wardianlondon.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" the Wardian\"})}),\" in London is an apartment tower with its own private garden and greenery on each resident’s outdoor patio.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Offices have gone biophilic, too. Amazon built its futuristic headquarters in Seattle with enormous glass globes called biospheres, which are filled with trees and vines. These spheres are miniature, encased forests that some call utopian, as the property covers over three million square feet across three city blocks. Meanwhile, Apple Park, Apple’s headquarters — this round building, surrounded by trees — plants over 3,000 native California tree species, along with two miles of running tracks and outdoor space for staff.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"250\",src:\"https://framerusercontent.com/images/AjKbDb59VD74V5MhkGHBqZC4zY.jpg\",srcSet:\"https://framerusercontent.com/images/AjKbDb59VD74V5MhkGHBqZC4zY.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/AjKbDb59VD74V5MhkGHBqZC4zY.jpg 800w\",style:{aspectRatio:\"800 / 500\"},width:\"400\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"According to\",/*#__PURE__*/e(t,{href:\"https://store.living-future.org/product/creating-biophilic-buildings-ibook-/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" author\"})}),\" Amanda Sturgeon, who is an architect with \",/*#__PURE__*/e(t,{href:\"https://www.mottmac.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Mott MacDonald\"})}),\", we’re seeing a biophilic renaissance, as it’s “where people and nature can thrive together.” “For meaningful change to happen at the pace necessary, the built environment sector will have to transform holistically,” Sturgeon wrote in\",/*#__PURE__*/e(t,{href:\"https://www.architectmagazine.com/practice/amanda-sturgeon-we-can-save-the-world_o\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" a recent op-ed\"})}),\". “We will have to shift our fundamental relationship with nature to make whole systems change. Only then can we restore a positive and thriving relationship with the world. Only then can we solve the climate crisis.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"But how does biophilic design help with climate change? According to Alexander Verbeek, the policy director of the \",/*#__PURE__*/e(t,{href:\"https://www.edrc.net/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Environmental Development Resource Center in Brussels\"})}),\", biophilic design should not be just for wealthy homes, but in all homes. Biophilic design, he claimed, should include a synergy with nature, allowing us all to be\",/*#__PURE__*/e(t,{href:\"https://journalofbiophilicdesign.com/podcast-journal-of-biophilic-design/biophilic-design-solution-climate-change\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" closer to nature in our everyday lives\"})}),\", so we are prepared to deal with the demands of changing climate (more heatwaves and heavier downpours). So, to Verbeek, biophilic design should be a solution to help deal with the climate crisis. To architect Ma Yansong, who led the One River North project as the principal partner and founder of MAD Architects, the goal is to restore a spiritual quality that is lacking in today’s big cities. Each curve isn’t designed on a computer (he calls that “\",/*#__PURE__*/e(t,{href:\"https://www.denverpost.com/2021/11/09/one-river-north-denver-mad-architects-ma-yansong/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"computer geometry\"})}),\"”) but is all sketched by hand. It’s primarily inspired by Chinese gardens.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“If we regard modern cities as man-made landscapes on the earth, we need to design canyons, woods, creeks, and waterfalls, transforming concrete forests into second nature,” Yansong said.\"})]});export const richText4=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Variable costs are expenses that change based on how much a business produces or sells. In many cases, these are related to production. If a company is producing more, its variable costs increase, and if it’s producing less, its variable costs decrease.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"For example, if you own a business that creates wedding invitations and you have 200 more clients than you did last year, your variable costs will increase \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/year-over-year-yoy/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"year over year\"})}),\". This is because your production costs in paper, design, labor and postage will also increase. Other types of variable costs include packaging, credit card transaction fees, and shipping expenses.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Fixed Cost vs. Variable Cost\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Fixed costs are expenses that do not change regardless of production output. For a wedding invitation business, your fixed costs might include salaries for your full-time employees, insurance, and office supplies. Because fixed costs are difficult to decrease, when reviewing budgets, many companies seek to decrease their variable costs instead. Buying in bulk, streamlining processes to reduce overtime, and purchasing less expensive raw materials all might contribute to lowering the company’s variable costs without affecting its overall production numbers.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Variable Costs in Commercial Real Estate\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In commercial real estate, a common variable cost is property management. Many property managers are paid based on the money a property produces. So, the more tenants you have in your property, the more your property manager would get for their fee. Sales commissions, maintenance, repairs, landscaping, and parking are other variable costs in commercial real estate. Fixed costs in commercial real estate are expenses that don’t change based on the occupancy level. The main expenses here are property taxes and \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/commercial-property-insurance-101/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"insurance\"})}),\". These expenses will remain the same no matter how full a property is.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is Net Operating Income?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(t,{href:\"https://lev.co/financing/net-operating-income/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Net Operating Income\"})}),\" in commercial real estate is the gross operating income minus the operating expenses, including both the variable and fixed expenses. \",/*#__PURE__*/e(t,{href:\"https://www.thebalancesmb.com/how-to-calculate-gross-operating-income-g0i-2866789\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Gross operating income\"})}),\" is equal to the total possible profit from a rental property minus any vacancies.\"]})]});export const richText5=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"When deciding whether to invest in a property, investors need to calculate not only how much the property is worth now, but how much it will be worth in the future. The difference of just a couple of years in a property’s viability can determine if an asset will meet your business goals. To make your decision, you need to choose an appropriate discount rate and begin your cash flow analysis — only then can you decide whether a property’s value is worth your time and effort.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What is the Discount Rate?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In investment banking, the discount rate has two meanings. One is the interest rate charged to commercial banks for loans taken out of the \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/f/federalreservebank.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Federal Reserve\"})}),\". The other is the interest rate used in \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/d/dcf.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"discounted cash flow analysis\"})}),\" for calculating an investment’s current value and future cash flows. This second definition is what investors and investment firms use to decide which assets to take up to grow their holdings. Discounted cash flow analysis relies on the interest rate used to determine an investment’s present value and potential to make money in the future. A higher discount rate leads to a low present value, while a lower discount rate leads to a high present value.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Discount Rate in Commercial Real Estate Investments\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Discount rate can determine if any asset is a reasonable investment through a future-forward lens. This is especially important in the real estate market that relies on potential value assessment to anticipate the worth of a particular investment interest. Since discount rate can impact the \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/n/npv.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"net present value\"})}),\" of a property, it’s important to choose the right number for your calculations. For commercial real estate, you need to choose a discount rate that reflects the \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/o/opportunitycost.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"opportunity cost\"})}),\" of putting money in a different investment. For example, an investor can choose a discount rate that matches the rate of return that could be earned through a different property currently on the market of similar size and risk.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Discount rate is always dependent on NPV, so take into account the property characteristics, the macroeconomic situation of the property’s location, and any other risks that come up in effective property valuation, such as market direction and lease expirations. Discount rates are used in assessing investment properties to determine the viability of cash flows and present and future values. By understanding how this rate of return will influence your investment aspirations, you can choose the right properties to buy for future profit.\"})]});export const richText6=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"When leasing a commercial property, there are a number of different \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/types-of-commercial-leases/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"types of commercial leases\"})}),\" one could encounter. In some cases tenants may be looking for a property they can build on and create improvements that fit their specific needs. If this is the case, then a ground lease might be the best option.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is a Ground Lease?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"A ground lease is a type of lease agreement in which the tenant rents a piece of land and is permitted to develop that property during the period of the lease. During the lease term, the tenant owns any buildings, developments or improvements made on the land. Once the lease ends, the land and any construction or improvements on that land become the property owner’s. Usually, ground leases are long-term, with a lease period between 20 to 99 years, said Scott Miller, Senior Director of Land Services, and Jeff Peden, Executive Managing Director of Land Services at \",/*#__PURE__*/e(t,{href:\"https://transwestern.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Transwestern\"})}),\". Ground leases are typically \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/gross-lease-vs-net-lease/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"net leases\"})}),\", they added, in which the tenant is responsible for paying property taxes, \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/commercial-property-insurance-101/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"insurance\"})}),\" and maintenance.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What’s the Difference Between a Subordinated vs Unsubordinated Ground Lease?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are two types of ground leases: subordinated and unsubordinated. The difference between the two has to do with what happens if the tenant is dealing with financial trouble during the term of the lease.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Subordinated Ground Lease\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"With a subordinated ground lease, the landlord agrees to be a lower priority with regards to any other financing obtained on the property. If a tenant takes out a loan to build on the land and then defaults on the loan, the lender can go after the property, including the land, as \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/collateral/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"collateral\"})}),\". For instance, a tenant who signs a subordinated ground lease might take out a loan for $400,000 to build a retail property. However, if that tenant runs into financial trouble and is unable to make loan payments, the \",/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"lender\"})}),\" can go after the building and the land.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“Typically, this is done to facilitate debt financing to construct buildings on the property,” Miller and Peden said. In many cases with a subordinated ground lease, the landlord might require higher rent payments because they’re taking on some amount of risk.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Unsubordinated Ground Lease\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"With an unsubordinated ground lease, the landlord retains higher priority than the lender. Lenders are not able to foreclose on the land or use it as collateral if a tenant is unable to make their loan payments. Rather, if the tenant defaults on the loan, the lender can only go after their business assets. Some lenders may be unwilling to give out a mortgage to tenants who have signed an unsubordinated ground lease. Because of this added difficulty for the tenants, landlords will usually charge lower rent.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Pros and Cons of Ground Leases for Tenants\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Like all leases, ground leases come with their advantages and disadvantages, for both tenants and landlords. For tenants, the pros and cons may vary depending on what you’re looking for in a commercial property.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Pros\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Location: \"}),\"With a ground lease, tenants can build a property in a location of their choosing, without being bound to pre-existing buildings in a location that might not be ideal for their specific business needs.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Lower Taxes: \"}),\"For both federal and state taxes, the rent paid on a ground lease is tax deductible. The tenant is paying less taxes than they would be if they simply purchased the land.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"No Down Payment: \"}),\"With a land purchase, the tenant would be paying a large down payment to buy the land, after which they would still need to build on that land. However, with a ground lease, there is no downpayment, and more money can go toward building on the land instead.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Reduced Lease Payments: \"}),\"If the tenant were renting both the land and the building, then lease payments would be much higher. With a ground lease, the tenant is making lower monthly payments.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Building Customization: \"}),\"When leasing an already existing space, the tenant is not able to customize the building to fit their specific needs. However, with a ground lease, tenants are only leasing the land and can customize the property as they see fit.\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Cons\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Some Higher Costs: \"}),\"Developing a property is costly, and although tenants are able to customize their building as they see fit, sometimes the financial costs might outweigh those benefits.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Doesn’t Retain Ownership After the Lease Expires: \"}),\"After putting money and time into building a property and making improvements, the tenant will have to give up ownership of the property once the lease expires, if they choose not to renew the lease. At that point, the landowner stands to profit from the improvements the tenant made.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Responsible for Fees: \"}),\"The tenant has to pay property taxes, insurance and maintenance expenses on the property for the term of the lease.\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Pros and Cons of Ground Leases for Landlords\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"For landlords, a ground lease could be beneficial for a number of reasons, but of course it comes with both advantages and disadvantages.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Pros\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Lower Taxes: \"}),\"With a ground lease, landlords do not have to report any \",/*#__PURE__*/e(t,{href:\"https://www.investopedia.com/terms/c/capitalgain.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"capital gains\"})}),\" as they would with a land sale. On top of that, the tenant is responsible for property taxes.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Steady Income: \"}),\"Landlords have the benefit of receiving monthly rent on the land, thereby granting them a steady income stream. In addition, many ground leases also include an escalation clause, which guarantees a rent increase and eviction rights in the case of a tenant defaulting on payments.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Retains Ownership of Improvements: \"}),\"After the lease period ends, the landlord retains ownership of any improvements made on the land and can therefore sell the property at a profit.\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Cons\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Lack of Control: \"}),\"In the situation where a landlord doesn’t include certain clauses in the lease, they might not have any say in what the tenant does with the land.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Higher Income Tax: \"}),\"Although a landlord won’t have to pay capital gains taxes, the rent they receive from the tenant counts as income, and so they will have to pay higher income taxes.\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Example of a Ground Lease\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In Houston last June, Peden and Miller \",/*#__PURE__*/e(t,{href:\"https://transwestern.com/news-detail/transwestern-and-henry-s-miller-negotiate-ground-lease-for-2-45-acres-of-land-in\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"negotiated\"})}),\" a 20-year, 2.64-acre ground lease for a new automotive dealership. The land was leased to \",/*#__PURE__*/e(t,{href:\"https://www.grubbs.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Grubbs Automotive\"})}),\", with plans to convert the existing structures into a new Volvo automotive dealership. In this example, Grubbs Automotive is leasing the land but has the freedom to build new properties and make improvements on the land and any existing buildings as they see fit. Once the lease term ends, if they do not renew, then all of those improvements become the property of the landlord.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What’s the Difference Between a Ground Lease vs Leasehold?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"A \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/leasehold-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"leasehold estate\"})}),\" is very similar to a ground lease, in that with a leasehold estate, the physical structures are owned by the tenant, and the land is owned by another party, from which the tenant is renting. The party that is leasing the land from the landowner has the right to use the land for the duration of the lease. When the lease ends, the building and any \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/tenant-improvements/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"improvements\"})}),\" become property of the landowner, similar to a ground lease. See also \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/appurtenance-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"appurtenance\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"However, according to Miller and Peden, “With a ground lease, you essentially have the rights as an owner of the land and the property or buildings that are on it for the period that has been agreed to. With a leasehold, there is an agreement between the owner of the property and the lessee with typically more restrictions on the lessee on what can be done with the property.” Essentially, leasehold agreements come with more restrictions than ground leases but are otherwise fairly similar.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is a Ground Lease Right for You?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"While a ground lease comes with its advantages and disadvantages for both the tenant and the landlord, it’s important to know what you’re looking for in a rental agreement before deciding on a type of lease. Ground leases are beneficial because of their longevity and guaranteed income for landlords. And for tenants, ground leases allow you to build a property that fits your custom needs. However, there are many different lease structures. Before deciding on what fits your needs, make sure to do your \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/commercial-real-estate-due-diligence/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"due diligence\"})}),\" and learn about the different types of commercial leases in existence.\"]})]});export const richText7=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"In the early 2000s, then-banker Eric Birnbaum was working at Bear Stearns in New York City but wanted to do something more creative. He learned how creative developers are, after watching his father-in-law \",/*#__PURE__*/e(t,{href:\"https://www.communitynews.org/princetoninfo/business/fastlane/remembering-alan-landis-1942-2018/article_ab486195-9588-5ad5-864c-dc8be108260d.html\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Alan Landis\"})}),\" work on properties across New Jersey. Birnbaum became fascinated by how the development process included everything from vision to blueprint, architecture to finance, interior design, marketing and sales, all rolled into one.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"After working with experts across the field on several projects and companies, it led him to creating his own dream project in 2019, a real estate development firm called \",/*#__PURE__*/e(t,{href:\"https://dreamscapecos.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Dreamscape\"})}),\". Over the past three years, he has raised over $1 billion for its development fund, focusing on entertainment and gaming venues, multifamily properties, hotels and residential projects. Some of his most high-profile projects include the Pod Hotel in Times Square and the upscale Henry Hall apartments in Hudson Yards.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"“From finding a site and thinking about what it could be, to assembling a team and watching the process unfold into something that you create and bring to life, there is nothing more satisfying,” said Birnbaum. Some of his most notable projects include The Goodtime Hotel in Miami, a stylish, pastel-hued hotel project that includes an all-star team Birnbaum put together: singer-songwriter Pharrell Williams, interior designer Ken Fulk, \",/*#__PURE__*/e(t,{href:\"https://ma.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"architect Morris Adjmi\"})}),\" and nightlife impresario David Grutman.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“They genuinely care about producing the best possible product for people to experience, and that’s the most important thing — not just lending your name to something but actually rolling up your sleeves and doing the hard work,” he noted. Birnbaum is currently working on renovating the Rio All-Suite Hotel and Resort in Las Vegas. The goal is to renovate over 2,500 hotel rooms, since Dreamscape acquired the property from Caesars Entertainment Corp in 2019 for $575 million. “We want to tap into what made The Rio so successful in the first place and simultaneously update it,” he said. Birnbaum spoke to lev.co about his projects, a forecast for 2022 and why Vegas needs a slice of Brooklyn.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How did your development firm Dreamscape all begin?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Where do I begin? In 2019, I was running a company with a business partner from 2014 to 2019 and our partnership had run its course. It was time to step up and do my own thing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Why did you start the company?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"We focus on multifamily, residential, hospitality and lodging, and gaming. As far as our projects in Las Vegas go, what sets it apart is that we’re hoping to make it approachable luxury. We’re giving people a sense of aspiration but at an affordable price.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How do you feel about how hotels are doing right now?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"I don’t think there’s one blanket answer. Parts of tourism and travel are doing really well, others are lagging behind. Corporate travel has been lagging. At some point, the pandemic will abate, and we will turn to some sense of normalcy. Those markets will come back.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How do you incorporate being “stewards of creativity” as you claim on your website? What’s your definition of that?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The creative part is like this: It’s very easy to hire the same architects and same designers, like rinse and repeat. But I’d like to think that we try to challenge that a little bit and go a bit further. We create spaces that don’t feel so commodified and commercial. But we’re still fiduciaries at the end of the day. It’s about making good investments, but those two things can go hand in hand.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"320\",src:\"https://framerusercontent.com/images/gm3Y1aQrTKZWeIv6Yk39ZWeQg.jpg\",srcSet:\"https://framerusercontent.com/images/gm3Y1aQrTKZWeIv6Yk39ZWeQg.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/gm3Y1aQrTKZWeIv6Yk39ZWeQg.jpg 1024w\",style:{aspectRatio:\"1024 / 640\"},width:\"512\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"One of your popular projects is the Goodtime Hotel in Miami, you partnered with Pharrell Williams and it has a retro look. How did it come together? You got serious star power on board for this hotel.\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"We brought on David Grutman to do our food and beverage program first, then it morphed into him introducing us to Pharrell and all of us getting together and saying, “Lets create this brand together.” We needed a face for this new hotel. The face of it is David and Pharrell. It worked out well.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How is the Rio renovation in Las Vegas coming together?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"We haven’t started the renovation yet. We’re still in pre-development. What you see has been there for a while. We’re gearing up for the renovation this summer. It’s a big project, 2,500 rooms. It’s a city. It will take time. But it’s going to happen over time. It’s not where you shut it down and do your renovation all at once. It’ll be phased in.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"320\",src:\"https://framerusercontent.com/images/PNsImpf78OZ0neMIW68wu9Ls.jpg\",srcSet:\"https://framerusercontent.com/images/PNsImpf78OZ0neMIW68wu9Ls.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/PNsImpf78OZ0neMIW68wu9Ls.jpg 1024w\",style:{aspectRatio:\"1024 / 640\"},width:\"512\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What’s the vision for the Rio?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"It’s evolving as we speak. It’s going to be cool and authentic. We like to think of it as left of center, a bit more Brooklyn to Vegas. We think they need that there.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"319\",src:\"https://framerusercontent.com/images/7p77yZYDBE6yoicaP7eSIJVpTU.jpg\",srcSet:\"https://framerusercontent.com/images/7p77yZYDBE6yoicaP7eSIJVpTU.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/7p77yZYDBE6yoicaP7eSIJVpTU.jpg 1024w\",style:{aspectRatio:\"1024 / 639\"},width:\"512\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How did the Warwick hotel go in Philadelphia?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"We were able to buy that at a time when the world was crumbling, and people were panicking. It’s an iconic asset. It doesn’t need a lot of work. It’s just riding the recovery, if you will.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How do you see hotels bouncing back considering the state we’re in with the pandemic? Will things get better for the summer?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There’s no crystal ball. If you believe the pandemic is going to abate, the recovery is going to happen quickly. I’m certainly not a fortune teller. It’s so hard to know if another variant is going to come, how people are going to react. So many hinge on that. You must stay nimble. You have to over-lever. Hopefully asset prices will rise as the recovery ensues.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What about entertainment spaces?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"I see Vegas as that. They’re all tied together. People like to live and experience, do things. We’re social creatures. Once everyone is out of their house in full force, you’re going to see these types of assets do better and better.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"How did you approach the multifamily property you created, which was featured in The New York Times?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"It’s just an extension of my personality. I just wanted to create a multifamily property, a place where I would want to live. If I was 25, just graduating from college, I would want to live somewhere fun. So, for this building, we gave it a boutique hotel kind of vibe to the multifamily space. We did that well. It has been well-received.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What do you have coming up this year?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The acquisition business is unpredictable, you never know what will come up. Our focus is on the day to day, but we always have our eye up for new stuff. We buy stuff when we see an opportunity. We want to be in growth markets we feel are on the upward trajectory.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"We have been inquisitive in Nashville, we bought a few things in Charleston, we’re doing stuff in Las Vegas, doing a project in Los Angeles. Good cities with good growth potential are key. Then you have to get into the micro, the neighborhoods and the specific locations that you think will escalate.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"320\",src:\"https://framerusercontent.com/images/tHvFc1xs3sRLClqzZfvjMd2354.jpg\",srcSet:\"https://framerusercontent.com/images/tHvFc1xs3sRLClqzZfvjMd2354.jpg?scale-down-to=512 512w,https://framerusercontent.com/images/tHvFc1xs3sRLClqzZfvjMd2354.jpg 1024w\",style:{aspectRatio:\"1024 / 640\"},width:\"512\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"When you get to the point of being in a desirable neighborhood in a good city that’s ripe for growth, how do you find the right building?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"You don’t want to buy commodities. Then you’ll just be a commodity. It’s important to find something that is differentiated. We know it when we see it. It’s a gut feeling. Everything is driven by math, so at the end of the day, the math must make sense. But you know when something feels different and special. Or if you know you can create something different and special out of something that’s existing. We do ground up, as well. It all depends.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"The building you created, Hudson Hall, came before Hudson Yards became Hudson Yards. Am I right?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Yes. For sure, but we knew what was going on and where things were headed. That was all part of the thesis.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What other part of New York is exciting you as an up-and-coming area?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"New York is tough right now. There is no specific area that I look at in New York City and think is not overplayed. New York is retrenching a little bit. Things may evolve. Maybe they’ll become more interesting. New York has gotten a little over-gentrified if you will. A lot of neighborhoods are losing a lot of their character.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"})]});export const richText8=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"Post-pandemic, Texas commercial real estate is on the rebound. Texas is number one for population growth in the U.S., growing over \",/*#__PURE__*/e(t,{href:\"https://houston.innovationmap.com/2020-census-population-surge-texas-2652813819.html\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"16% between the 2010 and 2020 census\"})}),\". With that growth comes the need for apartment complexes, offices and retail storefronts. The opportunities are there. And so is the financing, thanks to bridge loans in Texas.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is a Bridge Loan?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"A \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/commercial-bridge-loan/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"commercial bridge loan\"})}),\" is short-term financing that helps a commercial property owner bridge the gap between the purchase and the monetization of the asset. It’s essentially a \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/hard-money-bridge-loan/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"hard money loan\"})}),\"; the cash you need to convert your commercial real estate property into a cash flow machine while arranging more permanent lender financing.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A bridge loan is based on the future view of the asset you’re buying, not it’s cash flow. It’s also different than a mezzanine loan where you would give up a portion of your company in the form of equity rather than using the building as collateral. If you’re considering a bridge loan vs. a mezzanine loan, the bridge loan has a lot of positives.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Pros and Cons of Using a Bridge Loan for Commercial Property in Texas\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Before taking out a bridge loan for your commercial property in Texas, you need to weigh the pros and cons.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"On the positive side, commercial bridge loans:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"are based on property value rather than cash flow. This quality makes bridge loans ideal for new construction after receiving a construction loan and for turn-around projects, as rather than being based on debt-to-income, it’s based on loan-to-value (LTV).\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"have a faster closing time due to limited underwriting analysis.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"offer flexibility for cash. Depending on the structure of the loan and what you specify in your application, you can use a bridge loan to fund payroll or pay for remodels as a draw.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[\"offer higher leverage. Traditional loans are limited to 65% of the purchase price. Bridge loans in Texas can go \",/*#__PURE__*/e(t,{href:\"https://smallbusiness.chron.com/commercial-bridge-loan-terms-62531.html\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"up to 80 or 85% of the purchase price\"})}),\", freeing up more of your cash for other projects.\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"However, commercial bridge loans are not without their drawbacks. On the negative side, bridge loans have:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[\"Significantly higher \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/bridge-loan-interest-rates/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"bridge loan interest rates\"})})]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Payoff requirements of three months to three years, depending on the structure of the agreement.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Does a Bridge Loan Work in Texas?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In most states, bridge loans for commercial real estate work similar to bridge loans for homeowners. Homeowners can use the equity in their existing home as a source of funding to obtain a mortgage and buy a new home. This collateral allows them to move forward before their current home sells. However, section 50 of the \",/*#__PURE__*/e(t,{href:\"https://statutes.capitol.texas.gov/Docs/CN/htm/CN.16.htm\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Texas constitution\"})}),\" makes it \",/*#__PURE__*/e(t,{href:\"https://www.yourconroenews.com/neighborhood/moco/opinion/article/Bridge-loan-helps-buy-new-home-with-old-one-9277449.php\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"difficult for homeowners\"})}),\" to do this. Texas regulations won’t allow the borrower to list the primary home for sale until the home equity line of credit, also known as a HELOC or home equity loan, is closed.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"There are no such restrictions on commercial bridge loans in Texas. \"}),\"Learn the difference between a \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/bridge-loan-vs-heloc/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"bridge loan vs HELOC\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In fact, bridge loans in Texas work the same as everywhere else in the country. And they work quite well. According to Rob Beardsley, head of acquisitions and capital markets for \",/*#__PURE__*/e(t,{href:\"https://lonestarcapgroup.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Lone Star Capital\"})}),\", bridge loans have been instrumental in building their asset base in Texas. “Loan Star Capital focuses on deals that don’t qualify for any other kind of financing (other than bridge loans),” Beardsley said. “We invest in properties that need substantial repositioning and renovation. The lender becomes more of a partner in the deal, and buys into your vision to convert the property.”\",/*#__PURE__*/e(t,{href:\"https://edge-re.com/team/micha-van-marcke-ccim/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\" Micha Van Marke\"})}),\", principal of \",/*#__PURE__*/e(t,{href:\"https://edge-re.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Edge Capital Markets\"})}),\" in Houston, agreed. “Bridge loans are a common source of financing for turnaround projects and distressed assets in Texas,” Van Marcke said. “When you have a tight window to close and need financing fast to make a purchase, bridge loans fill the gap.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"4 Ways to Use a Commercial Bridge Loan in Texas\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are multiple ways to use a commercial bridge loan in Texas. These are just some of the ways you can leverage this financing tool to grow your commercial book.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Pay Off an Existing Loan\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"You can use a bridge loan to pay off an existing mortgage that’s coming due, if the markets do not support your ability to get traditional financing. For example, retail developments in Texas are not currently popular with traditional banks, due to COVID-19 slowdowns. A developer can get a short-term bridge loan to pay off debts. Then, when market conditions turn more favorable, that borrower can pursue traditional financing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. Secure Rapid Financing to Close on a Distressed Commercial Property\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Distressed properties that are not producing income can be tough to finance with a traditional loan. However, a bridge loan can be secured rapidly.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Fund Renovations on a Commercial Property\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"This is one of the most common uses of a bridge loan in Texas. For example, Lone Star Capital has employed bridge loans to purchase low-occupancy apartment complexes in desirable neighborhoods. The apartments are then renovated and marketed to build occupancy. Additionally, you’re only paying interest on the funded portion of the cash that’s coming out for the renovations.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"4. Provide Short-Term Financing\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Commercial financing for a fix and flip can be hard to find. Bridge loans provide the short-term financing to buy a property in value-add condition with the intent of making improvements and flipping the property.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Commercial Bridge Loan Lenders in Texas\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Commercial bridge loan \",/*#__PURE__*/e(t,{href:\"https://lev.co/lenders/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"lenders\"})}),\" in Texas are plentiful, according to both Van Marcke, with Edge Capital, and Beardsley, with Lone Star Capital. Check out this \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/best-texas-commercial-real-estate-lenders/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"list of commercial bridge loan lenders in Texas\"})}),\" for more options. Van Marcke recommended that buyers shop around, compare lenders and read the fine print on financing fees. “There are hundreds of bridge lenders. Pick the right one for your deal. What’s their track record? What are they like to work with? That can make the difference in your deal going smoothly.” Bridge lenders in Texas are still careful about the quality of the environment they’re investing in.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"“Underwriting standards remain high,” Beardsley said. A qualified brokerage, such as Lone Star, Edge Capital or \",/*#__PURE__*/e(t,{href:\"https://lev.co/?utm_source=leverage&utm_medium=bridge-loan-texas&utm_campaign=evergreen\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Lev\"})}),\", can connect you with the right lender and ensure you receive a fair deal.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What to Include in Your Application for a Bridge Loan in Texas\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"To secure a bridge loan for your commercial deal in Texas, you’ll need your potential lender to buy into your business plan. That’s because bridge loans are less about the current value of the investment property and more about future performance and growth opportunity. So in addition to facts and numbers, you’ll need to explain your vision for the project.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Your business plan should include:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Current and future use of property\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Occupancy rates (current and projected)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Financials\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Team members\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Funding uses\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Cash flow projections, including how you’ll pay off the debt\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Exit strategy: what happens at the end of the loan period\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Market studies\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[\"Time frame: \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/how-long-does-it-take-to-get-a-bridge-loan/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"how long does it take to get a bridge loan?\"})})]})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"After reviewing your application, the lender should know why this project makes sense, in this location, at this time. Answering those questions is key to securing your financing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Texas: Open For Business\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Texas’ growth and positive business environment make commercial investment there appealing. Commercial bridge loans bridge the gap in financing and give you flexible options for your project.\"})]});export const richText9=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"The Net Profit Margin, also called Net Margin, Profit Margin or Net Profit Margin Ratio, is the percentage of revenue a company preserves as proceeds after deducting expenses. NPM measures how much net income or profit is made as a percentage of revenue. The ratio of net profits to revenues for a company or business segment is Net Profit Margin. You can find important metrics on your company’s \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/income-statement/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"income statement\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Net profit margin is expressed as a percentage or in decimal form. NPM illustrates the percentage of each revenue dollar collected by a company that converts into profit. \",/*#__PURE__*/e(t,{href:\"https://www.realpage.com/analytics/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"RealPage analytics\"})}),\" supposed it would be exciting to view real estate performance with net profit margins compared to the way commercial lucrativeness is measured.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"NPM is a financial ratio used to calculate the percentage of profit an investor gets from their investment: ROI. Real estate has proven to be a profitable industry. \",/*#__PURE__*/e(t,{href:\"https://www.yardeni.com/pub/sp500margin.pdf\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Research\"})}),\" carried out by Dr. Ed Yardeni, states that net profit margin for the S&P 500 was 7.7% in 2014.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In contrast, the four major kinds of property were in excess, ranging from 15.2% in the administrative sector to 61.7% in retail during the same period. Also, since reporting a catastrophic 2010, industrial has shown unbelievable momentum as longer-term tenancy expirations are being marked to market.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Finally, in relation to net profit margins, retail and apartment performance are outstanding. Over the past 10 years of operational results, the average profit margin is as follows:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Retail – 28.7%\"}),/*#__PURE__*/e(\"p\",{children:\"Apartment – 23.7%\"}),/*#__PURE__*/e(\"p\",{children:\"Office – 16.5%\"}),/*#__PURE__*/e(\"p\",{children:\"Industrial – 10.8%\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Calculate Net Profit Margin: Formula\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The formula for calculating Net Profit Margin is:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:/*#__PURE__*/e(\"strong\",{children:\"Net Profit Margin = Net Profit ⁄ Total Revenue x 100\"})})}),/*#__PURE__*/e(\"p\",{children:\"Net profit is calculated by subtracting all the investment costs from its total revenue. The end result of the profit margin calculation is a percentage.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Does Net Profit Margin Tell Real Estate Investors?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Net profit margin tells investors if an investment is making enough ROI and whether functioning costs and overhead costs are being contained. An investor’s profit margin shows how much money the investment is generating, the general health of your investment and problems that camp around your investments. Like the \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/debt-to-equity/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"debt-to-equity ratio\"})}),\", net profit margin can help you understand how much \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/leverage-in-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"leverage\"})}),\" you can afford.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Why is Profit Margin Important?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"“It is important because it shows how much of every revenue dollar is flowing to the bottom line.” – Ken Wentworth of \",/*#__PURE__*/e(t,{href:\"https://wentworthfp.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Wentworth Financial Partners\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Difference between Net Profit Margin and Gross Profit Margin.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Gross margin and net margin are productivity proportions used to assess the financial health of a company or an investment. Net margin, also known as “net profit margin,” is a metric that measures how much of a company’s net income, or profit, is generated from revenue. Gross margin, which is also known as “gross profit margin,” is a metric that presents a general overview of how competently your business is running.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Drawbacks of Net Profit Margin in Commercial Real Estate\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Investors who highlight their profit margin numbers are at risk of conflating long-term growth with short-term gains. Net profit margin can be predisposed by one-off items such as the sale of an asset, which would temporarily boost profits. Net profit margin does not improve on sales or revenue growth, neither does it make available insight as to whether the administration is managing its production costs.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"It’s best to utilize several ratios and financial metrics when analyzing a company. Net profit margin is typically used in financial analysis along with gross profit margin and operating profit margin.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"An Example of Net Profit Margin in Commercial Real Estate\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"On investments A and B, the interests were $83.50 and $67.22 in net profit respectively. Both investments have a net profit margin of 18.22%. How much ROI was generated from both investments?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 1: Write Out the Formula\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Net Profit Margin = Net Profit/Revenue x 100\"}),/*#__PURE__*/e(\"p\",{children:\"Revenue = Net Profit/Net Profit Margin\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 2: Calculate Revenue for Each Investment\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Investment A:\"})}),/*#__PURE__*/e(\"p\",{children:\"Revenue = $83.50 /18.22%= $458.2\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Investment B:\"})}),/*#__PURE__*/e(\"p\",{children:\"Revenue = $67.22 /18.22% = $368.9\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Within the Margin of Error\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The Net Profit Margin Measurement is basically for a customary reporting period — monthly, quarterly or yearly — and is included in the ROI statement of the reporting body. The net profit margin is envisioned to be a measure of the overall success of an investment or business. A high net profit margin shows that a business is assessing its products appropriately and is exercising good cost control. It is beneficial for comparing the ROI on an investment or business within the same industry.\"})]});export const richText10=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"A general partnership is a business arrangement in which two or more people decide to share in a business’ assets, profits and liabilities. It’s a way to structure your company, as opposed to being a \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/sole-proprietorship-vs-general-partnership/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"sole proprietor\"})}),\" or forming a limited partnership or \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/general-partnership-vs-llc/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"limited liability company (LLC)\"})}),\", and there are many general partnership advantages. A \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/general-partner-commercial-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"general partnership in commercial real estate\"})}),\" is one of the most common types of business entities because of its simplicity and the tax benefits it offers the partners. In this type of business entity, each general partner (GP) is also equally liable for the business. On the other hand, limited partners (LPs), who are often lenders or other partners, hold only limited liability, if any.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"5 General Partnership Advantages in Commercial Real Estate\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In real estate investing, there are many general partnership \",/*#__PURE__*/e(t,{href:\"https://aaronhall.com/advantages-and-disadvantages-of-business-entities-mn-business-lawyer/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"advantages\"})}),\", and a good number of commercial real estate investors choose this \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/partnership-structures-in-commercial-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"type of structure\"})}),\" instead of other common business structures, including an LLC or an S-corporation. General partnership advantages include:\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Easy Set Up and Dissolution\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"This type of business partnership is much like establishing a sole proprietorship in that you won’t need to file any forms in the state you live in. All you need to set up your general partnership is a verbal agreement with a trusted partner or partners. You don’t even need to create an official partnership agreement with the other partners. However, partnership agreements are always a good idea. If the general partnership doesn’t work out, it’s also easy to dissolve. To dissolve your partnership, steps include notifying federal and state tax authorities, any creditors, and your customers and vendors.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. The Potential to Participate in Larger Deals\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"When you \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/how-to-form-a-general-partnership/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"form a general partnership\"})}),\", you’re pooling the cash you have available to invest with a trusted partner or partners. With a larger amount of cash available to invest, you’ll be able to participate in more significant deals that could potentially generate heftier returns.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. You Benefit From a Partner’s Expertise\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Each general partner brings to the relationship their own special skills, connections and expertise. Perhaps your potential partner has a close contact at your local \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/zoning-permits/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"zoning\"})}),\" department who will come in handy, or maybe they have special insight into a certain niche —hotels or restaurants, for example. A partner could help you \",/*#__PURE__*/e(t,{href:\"https://www.fortunebuilders.com/finding-commercial-real-estate-deals/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"find more deals\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"4. Management Responsibilities Are Shared\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"With a general partnership, the workload is shared because you’re a team of two or more. You have another person or multiple people researching potential deals, structuring deals and then sharing the management responsibilities with you. The burden of work is distributed, freeing up your time.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"5. Taxes Are Simple\"}),/*#__PURE__*/n(\"p\",{children:[\"When tax time rolls around, filling out your tax return and paying income tax is simple. \",/*#__PURE__*/e(t,{href:\"https://www.irs.gov/businesses/partnerships\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"General partnerships don’t pay any taxes\"})}),\" on their own. Instead, all \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/income-statement/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"profits and losses\"})}),\" that emerge from the partnership go through the individual partners. That means you pay your own income tax and file your own tax return. But don’t forget about self-employment tax! You’re still on the hook for that. \",/*#__PURE__*/e(t,{href:\"https://loopholelewy.com/loopholelewy/05-business-taxes/self-employment-tax-02-who-pays.htm\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Limited partners do not need to pay self-employment tax\"})}),\" unless a stipulation of the partnership agreement guarantees payments for services performed.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"4 General Partnership Disadvantages\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"While a partnership business offers a number of compelling advantages, it also comes with a fair share of disadvantages. Commercial real estate investors who are considering forming a general partnership should first carefully consider both the pros and cons. General partnership disadvantages include:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. General Partners are Responsible for Other Partners’ Actions\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In a general partnership, each partner is liable for what the other does. So, if your partner were to complete a deal without your knowledge or blessing, you would still be obligated to honor the terms of that deal. That’s why it’s critical when forming a general partnership to make sure you have a trusted partner or partners.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. You’ll Have to Split the Profits\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"When you’re a general partner, you have to share the profits of your deals with all of your partners. The more partners you have, the smaller your piece of the pie.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Disagreements Could Arise\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"As a general partner, you should expect to occasionally disagree over deals with your fellow partners. You should be prepared for that and willing to calmly work through any differences of opinion.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"4. Your Personal Assets are Vulnerable\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"When you’re in a general partnership, all partners are unprotected from any lawsuits that might arise against the business. As a general partner, your personal assets can be taken to pay for any of the business’ debt obligations. \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/if-a-general-partnership-fails-who-is-responsible-for-the-debts/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"If a general partnership fails, the general partner is responsible for the debts\"})}),\". Learn more about \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/unlimited-liability/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"unlimited liability\"})}),\" and \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/liability-insurance/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"liability insurance\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Are General Partnerships Used in Commercial Real Estate?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In commercial real estate, a general partnership is made up of two or more general partners who head up a real estate deal. General partners, or GPs, find real estate deals through their network and take an active role in real estate deals. They own the property and are in charge of all components of the transaction, including operations.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"It’s All About Trust\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Setting a solid foundation for your real estate investing is critical. As you consider which business structure is best for you, take the time to fully research all of the options and weigh the pros and cons. Crucial to a successful general partnership is a smart, trusted partner. If you’ve already identified one or more potential trusted partners among your contacts, forming a general partnership may be the right choice for you.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"General Partnership Advantages: FAQs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"As you consider whether a general partnership is the best structure for your investing needs, you should fully understand the ins and outs. Frequently asked questions about general partnership advantages include:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What paperwork do I have to file for a general partnership?\"})}),/*#__PURE__*/e(\"p\",{children:\"While general partnerships aren’t required to file paperwork, many do file a partnership agreement in the county where they do business.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Who makes all of the decisions in a general partnership?\"})}),/*#__PURE__*/e(\"p\",{children:\"General partners are equally in charge of decision-making and management. That’s why it’s important to enter into a general partnership with a trusted friend or colleague and establish specific guidelines early on as to who is responsible for what.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Are my personal assets protected in a general partnership?\"})}),/*#__PURE__*/n(\"p\",{children:[\"No. As a general partner in a general partnership, your personal assets are vulnerable should you be faced with a lawsuit or to pay for any of the business’ debt obligations. In fact, \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/in-a-limited-partnership-which-partner-remains-bound-by-all-debts-of-the-business/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"in a limited partnership, the general partner remains bound by all the debts of the business\"})}),\", as well.\"]})]});export const richText11=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"In commercial real estate, the \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/types-of-commercial-leases/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"type of lease\"})}),\" on a property can significantly impact the property’s value. There are many variations when it comes to commercial real estate leases and whether the tenant or the landlord is responsible for the operating expenses. This article compares the two main types of commercial lease structures, gross leases and net leases, and how they may impact commercial real estate investments.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What’s the Difference Between a Gross Lease vs Net Lease?\"}),/*#__PURE__*/e(\"p\",{children:\"The main difference between a gross lease and a net lease is that in a gross lease the landlord is responsible for paying the operating expenses, while in a net lease the responsibility of the operating expenses falls on the tenant. Beyond this broad distinction, there are different types of gross and net leases that further break down which specific operating expenses the tenant and the landlord will be responsible for. Residential properties tend to use gross leases, while commercial spaces tend to operate with net leases.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"What Is a Gross Lease?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In a gross lease, the tenant pays a fixed price for rent, and the landlord is responsible for all operating expenses. This is the type of lease most common for residential properties and multifamily real estate because it is considered tenant-friendly. Tenants who are renting a residential property will pay for rent, and the landlord will be responsible for covering the operating expenses of the building, including property taxes, insurance, management and common area maintenance.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The main advantage of a gross lease, from the landlord’s perspective, is the potential for higher income. Because the landlord is taking on a greater risk by being responsible for the real estate’s operating expenses, they can typically charge tenants a higher rent and potentially profit from a higher return on investment (barring any unexpected costs for maintenance and repairs).\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"What Is a Net Lease?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In a net lease, a tenant is responsible for covering the operating expenses and pays the landlord a fixed fee for rent. Net leases are more common for retail and office buildings, where the tenants may want more flexibility and control over the property. This type of commerical lease is considered more desirable from the landlord’s perspective because it guarantees a fixed income every month without the liability of potential damages and repairs. There are three types of net leases: single net leases (N), double net leases (NN) and triple net leases (NNN). These leases range from high to low in terms of how many operating expenses the landlord is responsible for covering. For a single net lease, the tenant will pay the property taxes, and the landlord will be responsible for all other expenses. For a double net lease, the tenant will pay for both property taxes and insurance, and the landlord will cover all other operating expenses.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A triple net lease is considered the most landlord-friendly, as the tenant will be responsible for all operating expenses of the property, including insurance, maintenance and property taxes.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is a Modified Gross Lease?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In a modified gross lease, the tenant is responsible for paying rent and a portion of the operating expenses, such as maintenance, insurance or utilities. Modified gross leases are often used in multi-tenant buildings with a shared common space, like an office building or a retail center, where each tenant pays for their own individual unit and a portion of the common area.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Triple Net Lease: Landlord vs Tenant Responsibilities\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"In a triple net lease, the tenant is responsible for all of the operating expenses, in addition to base rent. This is considered the most ideal type of investment from a landlord’s perspective because it’s the most hands off and the fixed monthly income is the most secure. The lack of variable expenses guarantees to the property owner that there will be no unexpected maintenance or repair expenses. In many cases, investors may not ever need to visit the property of the triple net lease, because all of the property is managed and maintained by the tenant. Many retail stores and chains like McDonalds, CVS and Starbucks will have triple net leases, said \",/*#__PURE__*/e(t,{href:\"https://www.linkedin.com/in/desmondhansen/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Desmond Holzman-Hansen, a former Capital Markets Analyst\"})}),\" at \",/*#__PURE__*/e(t,{href:\"https://lev.co/?utm_source=leverage&utm_medium=gross-net&utm_campaign=evergreen\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Lev\"})}),\". Leases for a publicly-traded company will also typically come with a guarantee, which means that this corporation signing the lease guarantees the rent payments regardless of the future of the individual franchise. Guarantees are typically how leases are enforced, Holzman-Hansen said. When you have one from a publicly-traded company, it ensures your lease is ironclad.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"When it comes to a triple net lease, the lease term is another important key factor to consider. The length of time remaining on a lease is the first question investors usually ask about, Holzman-Hansen said. Triple net leases usually last between 10 and 15 years, with 10 years being the most typical. For the decade or more of the lease’s duration, the landlord does not have to worry about tenants coming and going and is guaranteed a fixed income. When a lease term begins to decrease, however, it can be stressful if a tenant does not resign, or is in limbo about resigning. A shorter lease term will also impact the value of the property. Finding a replacement tenant may be difficult. These properties are typically constructed specifically for the tenant’s needs, whether that be a fast-food drive-through or a Dollar General.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Understanding CRE Leases is Essential for Investing\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"While there are essentially two main types of leases, gross and net leases, there is more nuance regarding which operating expenses the tenant or landlord will cover. There is no one-size-fits-all approach to commercial leases. When considering a new commercial real estate property, the lease structure, whether it’s a gross or net lease, and whether it’s single, double or triple net lease, will be a significant determining factor of the property’s overall value.\"})]});export const richText12=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Consumer Price Index (CPI) is a commonly used metric for measuring inflation. Simply put, the CPI measures the price of goods and how they are trending by measuring change in the prices paid by consumers for goods and services over time.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Does the Consumer Price Index Affect Commercial Real Estate?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In commercial real estate, the Consumer Price Index (CPI) refers to the lease amount paid by urban consumers for housing services and how that pricing corresponds to regional or national inflation. CPI enables property owners to fairly increase or decrease initial base rent required to be paid by a tenant over a period of time, depending on the changes in the regional or national inflation (or deflation) rate.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Is the CPI Used?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The Consumer Price Index is used for several purposes. Some of them include:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Economic Indicator\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The CPI is a widely used measure of inflation, and it can be employed to assess the effectiveness of government economic policies. It serves as a basis for individuals, governments and corporate bodies for making sound economic decisions and how price change influences sensitive assets, bonds and commodities.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"A Metric for Adjusting Dollar Values\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The CPI allows appropriate changes and adjustments to be made for different types of payments. For instance, the CPI gives insights into changes in tax structure, government assistance programs and pensions. It also impacts wages and salaries and how they influence cost of living.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Deflator of Other Economic Series\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The CPI is a metric that gives insight into how to make adjustments for other economic series such as hourly, and weekly earnings and retail sales.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Example of CPI in Real Estate\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The CPI gives insight into how to fairly increase or decrease the amount of rent required to be paid by a tenant over a period of time, depending on the current inflation rate. For instance:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"The formula for CPI = (Ct/CO) * 100.\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Where:\"}),/*#__PURE__*/e(\"p\",{children:\"Ct = cost of market basket in current period\"}),/*#__PURE__*/e(\"p\",{children:\"CO= cost of market basket in base period\"}),/*#__PURE__*/e(\"p\",{children:\"To be able to account for the adjustment, you have to determine the index adjustment multiplier, which is:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"(Current index – Base index) / Base index\"})}),/*#__PURE__*/e(\"p\",{children:\"Hence, if the index value for a lease in 2020 was 215.00 and in 2019 was 196.67. Then the index adjustment multiplier would be:\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"(215 – 196.67)/ 196.67 = 0.09. In percentage, this equals 9%.\"})}),/*#__PURE__*/e(\"p\",{children:\"If the initial base rent in 2019 was $20,000, then the value becomes $20,000 * 0.09 = $1,800.\"}),/*#__PURE__*/e(\"p\",{children:\"The $1,800 represents the increase caused by the change in CPI, so, effective from 2020, the annual base rent would be $21,800 and would be up for re-calculation in 2021..\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is CPI Important?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"CPI is important for investors for many reasons. First, inflation rate can have an impact across the financial market in any given economy. It affects the stock market, value of bonds and commercial property values. For businesses operating in a rising inflation rate environment, cost of operations become more expensive, profits may decline and stock prices may even fall.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is the Consumer Price Index (CPI)?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The Consumer Price Index (CPI) is a metric that measures the weighted average price of a basket of consumer goods and services. A market basket of consumer goods and services refers to sets of items that people buy on usual basis such as food and beverages, housing, medical care, transportation, recreation, clothing, education and communication services.\"})]});export const richText13=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Devnull, LLC and its affiliates are real estate investment companies with properties in New York City, New Jersey, and Central Florida, focusing on mixed-use and commercial developments. Jason Consorti, a manager at Devnull, transitioned from focusing on multifamily to navigating the more challenging retail investment landscape, so he turned to Lev to power his financing process.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Streamlining the deal launch process\"})}),/*#__PURE__*/n(\"p\",{children:[\"Jason found traditional lender search methods to be time-consuming and they left him uncertain about whether he was engaging with the right lenders. Jason turned to Lev, the digital platform that uses AI to match borrowers with exactly the right lenders for their deals.\\xa0\",/*#__PURE__*/e(\"br\",{}),\"‍\"]}),/*#__PURE__*/e(\"blockquote\",{children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:'\"Lev’s ability to aggregate lenders that are the best fit for me is incredibly valuable,\" said Jason.\\xa0'})})}),/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"br\",{}),\"Using Lev significantly reduced the time he spent researching potential lenders, while ensuring he connected with lenders he had the highest probability of success with. Lev's AI capabilities further streamlined Jason's process by generating comprehensive OMs in a few minutes, saving him time while ensuring the quality and professionalism of his deal materials.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Navigating retail market complexity\\xa0\"})}),/*#__PURE__*/n(\"p\",{children:[\"One observation Jason shared is that lenders’ appetites in the current market are often focused on asset classes like multifamily, so he knew finding retail lenders would be challenging. However, with Lev's support, he successfully connected with lenders who were actively financing retail deals. Jason recalled the first retail deal he tried to finance before using Lev:\\xa0\",/*#__PURE__*/e(\"br\",{}),\"‍\"]}),/*#__PURE__*/e(\"blockquote\",{children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"“I was running into a lot of lenders that were looking to finance owner-occupied properties, so when I explained to them the realities of my deal many of them ended up passing, which wasted a lot of my time. Lev’s matching technology meant I never ran into issues like that.”\\xa0\"})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"Eliminating doubt with Lev\"})}),/*#__PURE__*/n(\"p\",{children:[\"One of the most significant benefits Jason shared was the confidence that he was getting the best terms. Lev provided Jason with clarity and assurance throughout the borrowing process.\\xa0\",/*#__PURE__*/e(\"br\",{}),\"‍\"]}),/*#__PURE__*/e(\"blockquote\",{children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:'\"In previous deals, I always walked away with the sense of not really being aware of what opportunities were out there. With Lev, I feel a lot more confident that I am getting the best possible terms.\" '})})})]});export const richText14=/*#__PURE__*/n(r.Fragment,{children:[/*#__PURE__*/n(\"p\",{children:[\"In desirable housing markets across the country, the rent, as one former \",/*#__PURE__*/e(t,{href:\"https://www.nytimes.com/2015/12/10/nyregion/jimmy-mcmillan-rent-is-too-damn-high-candidate-is-retiring-from-politics.html\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"New York gubernatorial\"})}),\" candidate once said, “is too damn high.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"While high rents in hot markets are what many investors and developers want, there’s no guarantee those markets stay hot forever. When the economy cools, eventually those units need to be filled to sustain cash flow.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Municipal governments face similar balancing acts. They might want their constituents to afford their homes, but are hesitant to invest more public funds to meet those needs.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Inclusionary zoning is a compromise. It leverages the private market instead of public funding to increase the supply of affordable housing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is Inclusionary Zoning?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Inclusionary zoning is a policy tool that requires or encourages private developers to include a number of units that are \",/*#__PURE__*/e(t,{href:\"https://www.bloomberg.com/news/articles/2018-07-17/inclusionary-zoning-everything-you-need-to-know\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"below market rate\"})}),\" in desirable neighborhoods close to school, employment, public transportation and entertainment. In exchange for providing a certain percentage of affordable units in a given project, developers get incentives. These include \",/*#__PURE__*/e(t,{href:\"https://lev.co/financing/density-bonus/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"density bonuses\"})}),\" that allow them to build more units than would otherwise be allowed, faster permitting and/or reduced permitting fees for \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/zoning-permits/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"zoning permits\"})}),\" for their projects, greater height allowances, reduced parking requirements, tax breaks and exemptions from other regulatory requirements.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"IZ is used in large cities like New York and Chicago, suburban areas such as in Montgomery County, resort towns like Telluride, Colorado, and rural areas like North Elba, New York.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Types of Inclusionary Zoning\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Inclusionary zoning policies vary widely in their rules and implementation depending on multiple factors, including:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Mandatory versus voluntary:\"}),\" According to the \",/*#__PURE__*/e(t,{href:\"http://media.wix.com/ugd/19cfbe_2b02286eba264acd872fd2edb3d0cb8f.pdf\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"National Housing Conference\"})}),\", 80% of the approximately 886 jurisdictions that have IZ institute a mandatory program.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Percentage of units required to be below market rate:\"}),\" The most common is \",/*#__PURE__*/e(t,{href:\"https://inclusionaryhousing.org/inclusionary-housing-explained/what-is-inclusionary-housing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"10-30%\"})}),\" of units in a particular development\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Definition of affordability:\"}),\" The prices of the below market rate units are usually determined by the Area Median Income (AMI). As Bloomberg \",/*#__PURE__*/e(t,{href:\"https://www.bloomberg.com/news/articles/2018-07-17/inclusionary-zoning-everything-you-need-to-know\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"explained\"})}),\", some developers end up producing more middle-income units, (for people earning 80 to 120 percent of the AMI), and fewer low-income units (for people earning less than 50 percent of the AMI). Affordable is often defined as at or less than 30% of the AMI.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(t,{href:\"https://en.wikipedia.org/wiki/Inclusionary_zoning\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:/*#__PURE__*/e(\"strong\",{children:\"Minimum size\"})})}),/*#__PURE__*/e(\"strong\",{children:\" of developments that are subject to the ordinance\"})]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Whether the affordable units must be on site or located nearby: \"}),\"Some developments have separate entrances for the affordable units, often referred to as a \",/*#__PURE__*/e(t,{href:\"https://www.washingtonpost.com/news/morning-mix/wp/2015/06/30/nyc-bans-poor-doors-separate-entrances-for-low-income-tenants/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"poor door\"})}),\", which many affordable housing advocates criticize for promoting segregation between market and non-market rate tenants.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Length of price restrictions, how long the units will stay affordable\"})})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Types of incentives for developers:\"}),\" i.e. density bonuses, waived fees, tax breaks, etc.\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Pros and Cons of Inclusionary Zoning\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"While IZ continues to grow across the country, with \",/*#__PURE__*/e(t,{href:\"https://www.bloomberg.com/news/articles/2018-07-17/inclusionary-zoning-everything-you-need-to-know\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"886 programs in 25 states\"})}),\", there are concerns, especially from investors and developers. This anxiety includes the impact of IZ on developer profits and overall housing production, and whether enough affordable units are produced to meet demand.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Kathryn Howell, Associate Professor of Urban Planning in the \",/*#__PURE__*/e(t,{href:\"https://wilder.vcu.edu/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Wilder School of Government and Public Affairs\"})}),\" at \",/*#__PURE__*/e(t,{href:\"https://www.vcu.edu/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Virginia Commonwealth University\"})}),\" and co-director of the \",/*#__PURE__*/e(t,{href:\"https://rampages.us/rvaevictionlab/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Richmond Virginia Eviction Lab\"})}),\", told Leverage that while IZ can be an important policy for increasing affordable housing — particularly in high-demand, \",/*#__PURE__*/e(t,{href:\"https://lev.co/markets/the-top-6-areas-seeing-a-real-estate-boom/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"high-price markets\"})}),\" — it is only one piece of a larger puzzle of increasing affordable housing.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Pros of Inclusionary Zoning\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Incentives:\"}),\" For developers, there are opportunities to skip fees, take advantage of expedited permitting processes and — with significant density bonuses — the opportunity to build bigger projects in areas that might otherwise be zoned for smaller-scale developments.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Multiple ways to meet the affordability target:\"}),\" As \",/*#__PURE__*/e(t,{href:\"https://www.localhousingsolutions.org/act/housing-policy-library/inclusionary-zoning-overview/inclusionary-zoning/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Local Housing Solutions\"})}),\" pointed out, “some communities require a lower set-aside if the affordable units provide ‘deeper’ affordability… they may require 20 percent of units to be set aside if they will be affordable to households earning up to 60 percent of the area median income, or 10 percent of units to be set aside if they will be affordable to households earning up to 30 percent of the area median income.”\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"More income diversity in a given neighborhood:\"}),\" The policy provides low and moderate income residents access to housing in prime locations. For example, in one \",/*#__PURE__*/e(t,{href:\"https://www.fool.com/millionacres/real-estate-market/articles/how-will-apartments-fare-2020/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"31-unit Washington, DC\"})}),\" . building, the average monthly rent for a two-bedroom was $2,400 to $2,745 when it opened in 2020. The three units created under IZ were $1,636.\"]})})}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[/*#__PURE__*/e(\"strong\",{children:\"Less direct government spending to produce the affordable units:\"}),\" Note that governments still might have to give up tax revenue if they offer tax breaks in their IZ policies, or permitting or other fees, again, depending on how their policies are structured\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Cons of Inclusionary Zoning\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[\"Costs are passed on to the developers and without significant incentives, negatively impacts investor and developer profits. Opponents argue IZ \",/*#__PURE__*/e(t,{href:\"https://www.bloomberg.com/news/articles/2015-09-17/california-developers-take-the-fight-against-inclusionary-zoning-to-the-u-s-supreme-court\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"decreases housing production\"})}),\" overall and raises market rate rents.\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/n(\"p\",{children:[\"Per the \",/*#__PURE__*/e(t,{href:\"https://furmancenter.org/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Furman Center for Real Estate and Urban Policy\"})}),\" at \",/*#__PURE__*/e(t,{href:\"https://www.nyu.edu/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"NYU\"})}),\", “the amount of revenue a developer can gain by selling or renting a unit required to be affordable by a mandatory IZ policy is generally lower than the costs of developing that unit, so unless developers can offset these losses, IZ programs may cause developers to earn lower profits.”\"]})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Below market rate does not always mean affordable to everyone who needs housing. A unit that is affordable to someone making 50% of the AMI might not be affordable to another person making 30%.\"})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"ul\",{children:/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The units might not meet the needs of the communities they’re being marketed to. As Howell explained, “when you’re developing a bunch of studios or one bedrooms that hits a particular population, that may not be [right for] families with children who really need affordable housing.”\"})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Why Is Inclusionary Zoning Controversial?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Governments favor IZ because it requires little or no public subsidies.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Developers against IZ argue that the programs are an indirect tax on their projects. Local Housing Solutions explained this is “based on the argument that affordability requirements function as a ‘tax’ on developers, who pass any added costs on to market-rate consumers.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Affordable housing advocates argue that IZ policies don’t produce enough units to meet resident demand in areas with rising rents, and production varies widely by area. In a \",/*#__PURE__*/e(t,{href:\"https://furmancenter.org/files/publications/IZPolicyBrief.pdf\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"study\"})}),\" of programs in San Francisco, suburban Boston, and Washington, D.C., the Furman Center for Real Estate found that in 2008, “While nearly all IZ programs in the San Francisco area have produced some affordable units, some 43% of the jurisdictions in suburban Boston with an IZ program on the books have not produced any units, and over one-third are unable to report how many units have been produced.” \",/*#__PURE__*/e(t,{href:\"https://dhcd.dc.gov/sites/default/files/dc/sites/dhcd/publication/attachments/DHCD%20FY2016%20IZ%20Annual%20Report_0.pdf\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Washington, D.C.’s IZ program\"})}),\" got off to a slow start, but produced 191 units in 2016, for a total of 402 units in nine years.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"5 Factors When Developing or Investing in an Inclusionary Zone\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Your success depends on whether you’re developing in a strong or weak market, land control/acquisition costs, what incentives the municipality is offering in exchange for affordable units, and your access to capital (cost and availability). Below are potential questions and factors to consider before developing or investing in IZ. If you have numbers in mind already, try using the Grounded Solutions Network’s \",/*#__PURE__*/e(t,{href:\"https://inclusionaryhousing.org/calculator/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Inclusionary Housing Calculator\"})}),\" to test potential revenues, profitability, and the impact of local policy incentives on both.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Will the market-rate units “cross subsidize” the below market-rate units?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"The \",/*#__PURE__*/e(t,{href:\"https://uli.org/wp-content/uploads/ULI-Documents/Economics-of-Inclusionary-Zoning.pdf\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Urban Land Institute\"})}),\" cautions that this is a rare occurrence, but it’s worth running the numbers to see if it’s possible, especially if you’re developing in an extremely high-demand area with high-income residents and limited supply.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. What is the set-aside percentage of affordable units?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Determine how many units out of the total need to be below market rate, and what the losses per unit will be. According to the Urban Land Institute, the higher the set-aside percentage, the lower the revenue per unit in a given development, and “the revenue loss associated with increasing the set-aside percent.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. What are the affordability requirements?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"This factor includes the percentage of AMI required for rents, whether the units will be targeting low or middle-income residents, and how long the units must remain affordable. Most IZ policies for rental housing target households at 60 to 80% of AMI. Under Chicago’s \",/*#__PURE__*/e(t,{href:\"https://www.chicago.gov/city/en/depts/doh/provdrs/developers/svcs/aro.html\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Affordable Requirements Ordinance \"})}),\", rental units remain affordable (60% of AMI) for 30 years. For-sale units are placed in the \",/*#__PURE__*/e(t,{href:\"https://www.chicago.gov/city/en/depts/doh/provdrs/homebuyers/svcs/chicago-community-land-trust-for-buyers.html\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"Chicago Community Land Trust\"})}),\" (CCLT) for 90 years. Other programs have shorter time periods or different AMI requirements.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"4. What incentives are being offered, and how will those incentives offset the revenue loss associated with set-aside percentages and affordability requirements?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Maybe the density bonuses are large enough that you’ll be able to build enough units in total to make up for revenue lost by developing below market-rate units. Maybe the jurisdiction you’re developing in offers tax abatements that will benefit your bottom line in the long term.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"5. Developing IZ Units Versus Paying In Lieu Fees\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Some IZ programs allow developers to pay a fee to the city in lieu of developing new IZ units, which the city can use to subsidize construction for low-income housing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Investors and Inclusionary Zoning Don’t Have to be Enemies\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/n(\"p\",{children:[\"Make sure you understand the overall picture of incentives, how those incentives will impact the overall cost of your project, the current demand in the area you’re planning to develop in, and whether you have (or want to have) experience developing and investing in \",/*#__PURE__*/e(t,{href:\"https://lev.co/assets/many-hotels-have-become-affordable-housing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(o.a,{children:\"affordable housing\"})}),\". While investors and developers have been opponents of IZ, in the right markets there are opportunities to build bigger in areas you might not expect.\"]}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]});\nexport const __FramerMetadata__ = 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