{"version":3,"file":"ZbHEknoJ6-5.BZ6qMnrG.mjs","names":["n","a"],"sources":["https:/framerusercontent.com/modules/1Gg639euWZirXJvwVVrU/aYH1JVfnHdSmDvhzKnWZ/ZbHEknoJ6-5.js"],"sourcesContent":["import{jsx as e,jsxs as t}from\"react/jsx-runtime\";import{Link as n}from\"framer\";import{motion as a}from\"framer-motion\";import*as o from\"react\";export const richText=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"The 80-20 rule is also known as Pareto’s Rule, Pareto’s Principle, the law of the vital few or the principle of factor sparsity. The rule, applicable in many financial, commercial, and social contexts, states that 80% of consequences come from 20% of causes.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"For example, many researchers have found that:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"80% of real estate deals are closed by 20% of the real estate teams.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"80% of the world’s wealth was controlled by 20% of the population.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"80% of a typical business’s revenue comes from 20% of its clients.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The 80-20 rule reflects the unequal distribution of outputs and can be used to determine the best way to focus efforts. However, it’s important to note that the rule is not a mathematical concept and doesn’t apply in every situation.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"The Origins of the 80-20 Rule\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In the early 20th century, Italian economist Vilfredo Pareto was the first to describe the 80-20 rule. During this time, the distribution of wealth in Italy was a cause for concern. Pareto noticed that 20% of the Italian citizens owned 80% of Italian real estate. As he examined real estate ownership in other countries, he discovered a similar pattern. Later, Dr. Joseph Juran, an operation management expert, examined the law and found that it applied to various business and productivity contexts. Applying the rule to business production, he demonstrated that 20% of the problems in production methods were responsible for 80% of the defects in products. He then postulated that if 20% of the problems identified were addressed, the overall production could be increased.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"A Closer Look at Pareto’s Principle\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Although often misinterpreted and misrepresented, the 80-20 rule has nothing to do with mathematics. Some people have tried to make mathematical arguments about the rule — especially after considering that 80% + 20% equals 100% — but inputs and outputs are two different values. The cumulative value of input and output doesn’t need to equal 100. Also, the 80-20 rule doesn’t apply in every case. Sometimes, the ratio may be 95/5, 70/30 or something else entirely. The main point is to know such disparities exist and to think of how to use that information wisely.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"However, the 80-20 rule is an invitation to examine where the highest profits or losses, productivity or lack of it and resources are being deployed. When the 80-20 rule is used in businesses, it is easy to identify what works and what doesn’t. For example, if 80% of your profits come from 20% of your real estate investments, then you should focus on that investment type. The 80-20 rule in real estate investments can help you identify your most valuable clients or partners. It can help you determine where you should concentrate efforts and where divesting might be the best plan.\"})]});export const richText1=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"The liquidity coverage ratio (LCR) is in essence a common anxiety test that aims to anticipate market-wide shocks and make sure that financial institutions possess suitable \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/types-of-capital/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"capital\"})}),\" conservation, to ride out any short-term liquidity interferences that may infect the market.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In this article, we’ll dive deeper into what exactly that means, how it is calculated, and what the limitations are.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is the Liquidity Coverage Ratio?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The liquidity coverage ratio (LCR) refers to the percentage of extremely liquid assets apprehended by financial establishments to make sure they sustain a continuing capability to meet their short-term compulsions – cash discharges for 30 days. 30 days was carefully chosen because, in a financial catastrophe, a reaction from governments and central banks would characteristically take around 30 days. Specifically, the liquidity coverage ratio is a pressure test that is proposed to ensure banks and financial institutions have an adequate level of assets to ride out short-term interruptions to \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/real-estate-liquidity/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"liquidity\"})}),\". This spreads over to banks with over $500 billion in total merged assets or banks with over $20 billion in on-balance sheet foreign exposure.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Understanding LCR and the Basel Accord\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The liquidity coverage ratio (LCR) is a principal take away from the \",/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/terms/b/basel_accord.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Basel Accord\"})}),\", a chain of principles established by \",/*#__PURE__*/e(n,{href:\"https://www.bis.org/bcbs/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"The Basel Committee on Banking Supervision (BCBS)\"})}),\". The BCBS is a collection of 45 representatives from the most important universal financial centers. One of the major objectives of the BCBS was to order banks to embrace a precise level of highly liquid assets and sustain definite stages of fiscal solvency to depress them from loaning high levels of short-term dues.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Thus, banks are mandatory to embrace an amount of high-quality liquid assets that are sufficient to fund cash outflows for 30 days. High-quality liquid assets comprise only those with a high possibility to be transformed effortlessly and swiftly to cash.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Calculate the Liquidity Coverage Ratio\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The simple formula for calculating the LCR ratio is:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"LCR = High-Quality Liquid Asset Amount (HQLA) / Total Net Cash Flow Amount\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Therefore, to calculate the LCR, divide the bank’s high-quality liquid assets by the total net cash flows throughout a specific 30-day stress period.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is the Difference Between LCR and Other Liquidity Ratios?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The liquidity coverage ratio is the prerequisite with which banks must hold an amount of high-quality liquid assets that are sufficient to fund cash outflows for 30 days. Liquidity ratios are similar to the LCR inasmuch as they measure a company’s capability to meet its short-term financial compulsions. Liquidity ratios are a class of financial metrics used to define a company’s ability to pay off existing debt obligations without raising external capital.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Are the Limitations of the Liquidity Coverage Ratio?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are significant limitations associated with LCR (liquidity coverage ratio).\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"First, LCR requires banks to hold on to more cash. Subsequently, fewer loans could be allotted to businesses or consumers. It is also important to remember that it is impossible to know whether the LCR ratio makes a strong financial cushion available for banks pending when the next financial crisis happens, and at that point, the damage would have been done.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Conclusion\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"LCR is aimed to certify that banks hold an adequate reserve of High-Quality Liquid Assets (HQLA) to enable them to survive a period of momentous liquidity stress lasting for 30 calendar days. The 30-calendar-day stress period is the minutest period that is necessary for remedial action to be taken by the management of the bank or the supervisors.\"})]});export const richText2=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Commercial real estate investors often underestimate the risk of debt when considering commercial real estate equity opportunities. They would rather focus on the upside of the deal without sufficiently adjusting their return requirements for the risks taken. One way investors can quantify debt risks is to use the weighted average cost of capital.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"What is the Weighted Average Cost of Capital?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The weighted average cost of capital (WACC) is an economic ratio that determines a business’s cost of acquiring and financing assets by comparing the equity and debt structure of an organization. In simpler terms, WACC is how much a company pays for the funds it uses to operate. A business’s WACC is determined by its capital structure, which is a combination of debt and equity the company uses to finance its operations and growth. The cost of capital can include debt accounts, the shareholder’s equity accounts, and new common stock.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"How Do You Calculate the WACC?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"You can determine a company’s WACC by dividing the market value of its equity by the total market value of its equity and debt multiplied by the cost of equity multiplied by the market value of its debt by the total market value of its debt and equity multiplied by the costs of debt times one minus the corporate income tax rate.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"While that’s quite a mouthful to spell out, the equation looks like this:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"[(E \\xf7 V) x Re] + [(D \\xf7 V) x Rd] x (1 – T) = WACC\"})}),/*#__PURE__*/e(\"p\",{children:\"E = market value of equity\"}),/*#__PURE__*/e(\"p\",{children:\"V = total market value of combined debt and equity\"}),/*#__PURE__*/e(\"p\",{children:\"Re = cost of equity\"}),/*#__PURE__*/e(\"p\",{children:\"D = the company’s total debt, or the market value of debt\"}),/*#__PURE__*/e(\"p\",{children:\"Rd = cost of debt\"}),/*#__PURE__*/e(\"p\",{children:\"T = total market value of combined debt and equity\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:/*#__PURE__*/e(\"strong\",{children:\"What is WACC Used For?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The WACC helps the property management determine whether their business should finance the purchase of new assets with equity or debt by comparing the prices of both options. The management team can pass this data along to a potential investor to show them how the deal will be funded. In commercial real estate, debt is typically cheaper than equity as it is repaid first and has a first lien on real estate collateral until it’s paid off.\"})]});export const richText3=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"No matter how prepared an investor can be before buying into a market, there is always a chance of bad luck — or bad timing. There is no guarantee the planets will align themselves to ensure every penny spent is earned back within the expected timeframe, and investors who decide to go with a floating rate are especially at risk. While a floating rate can save you money in the long run, it’s more volatile and dynamic in the market, especially when applied to commercial real estate.\"}),/*#__PURE__*/e(\"p\",{children:\"Many financial advisors will tell you to turn away from a potential asset if the market timing isn’t right. But if you’re looking to invest in a property no matter where the market may be, there is a way for you to protect your floating rates in case something happens. Interest rate hedging can help by partially eliminating your risk, leaving you and your lenders both feeling secure.\"}),/*#__PURE__*/e(\"p\",{children:\"Hedging your rates can come at a cost, however, and it’s important to understand what you’re getting into before making a commitment. Here’s what you need to know about interest rate hedging in commercial real estate, and how you, too, can protect your assets.\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is Interest Rate Hedging in Commercial Real Estate Investing?\"}),/*#__PURE__*/e(\"p\",{children:\"Like wearing a bike helmet or getting to a job interview early, interest rate hedging is all about anticipating problems and preparing for the worst case scenario. It’s the practice of reducing and controlling an investor’s exposure to risks when acquiring a new asset in a dynamic market.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"For commercial real estate, the main concern is in floating \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/bridge-loan-interest-rates/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"bridge loan interest rates\"})}),\" that can expose investors to circumstances that can inflate their expected costs on a new acquisition. This type of risk can put a real estate investor’s whole portfolio at stake. \",/*#__PURE__*/e(n,{href:\"https://www.chathamfinancial.com/team/chris-moore\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Chris Moore\"})}),\", the Managing Director of Hedging and Capital Markets at \",/*#__PURE__*/e(n,{href:\"https://www.chathamfinancial.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Chatham Financial\"})}),\", said hedging strategies are especially important for anyone \",/*#__PURE__*/e(n,{href:\"https://lev.co/lenders/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"using debt to finance their assets\"})}),\". “Investors with floating rate loans based on indices… will see their interest expense rise as short-term rates increase,” especially because base rates like SOFR and LIBOR are so closely correlated with federal policy.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Investors have to find ways to combat the possibility of rising interest rates, mostly through making other investments to offset the risk of being bombarded with unexpected extra fees. The most common ways to do so are through various strategic instruments that are targeted and controlled by hedge providers. \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/registered-investment-advisors/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Registered investment advisors\"})}),\" recommend considering interest rate caps and interest cap swaps as ways to mitigate commercial real estate market risk.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Interest Rate Caps\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"An interest rate cap puts a virtual ceiling over your interest rate so that, at an agreed upon rate with a hedge provider, your floating interest rate becomes a fixed interest rate. This deal means that, in a fluctuating market, your interest rate will still warrant a risk, but only to a certain level. If you’re interested in an interest rate cap, you first have to consider how much risk your asset is currently at and how much you would be willing to spend to protect your rate. \",/*#__PURE__*/e(n,{href:\"https://robbeardsley.me/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Rob Beardsley\"})}),\", a Principal at \",/*#__PURE__*/e(n,{href:\"https://lonestarcapgroup.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Lone Star Capital Group\"})}),\", said, “An investor must decide how much risk he or she can tolerate or analyze their investment to see how high of an interest rate the investment can support in order to determine the ‘strike rate’ (ceiling) of the interest rate cap.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If you have a floating interest rate, but make a deal with a hedge provider to cap your interest rate to 2.5%, you’re protected even if LIBOR quickly increases by 5%. Whoever sold you the interest rate cap would take care of the extra 2.5%. However, this safety net can come at a cost. “The cost of the interest rate cap must also be considered as lower caps cost more than higher strike caps,” Beardsley said.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In this situation, the hedge provider is acting like an insurance company and expects you to still pay the deductible — that 2.5% that you agreed to before LIBOR rose — even if your financial situation and loan agreements with other lenders change. If you don’t pay, then your agreement is off, and you’ll end up in more debt than you were with just your original bridge loan.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Interest Rate Swaps\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Taking on an interest rate swap agreement is your chance to switch out your rising interest rate for a fixed one when the market’s not working in your favor. To avoid paying rising rates to a lender in a variable base LIBOR market, a bank can offer a swap so you pay the fixed rate to them and they will pay you back the LIBOR rate to pay your lender. Beardsley described this hedging strategy as a true trade. “Swaps eliminate interest rate risk by utilizing a third party counterparty to ‘swap’ the investor’s floating rate payments for fixed rate payments,” he said. The fixed rate to the bank is your net cost of funds.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Interest rate swaps protect against rising rates at no extra premium. However, no matter the base rate during the life of your swap with the bank or hedge provider, you will always pay that fixed rate — even if LIBOR goes back down. Once you accept the fixed rate, it will not change for the duration of the agreement. If the base rate is lower than the fixed rate, you owe the bank the difference. You might have several loans that are considered in the single swap transaction, but there may be a breakage cost if you end the agreement early depending on market conditions at the time.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Example of Interest Rate Hedging\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Let’s say you’re acquiring a new commercial real estate investment and decide to start off at a floating interest rate, because your market’s LIBOR is currently at 0.10. However, the LIBOR base rate is predicted to rise up to 5% within the next few years, and you want to protect your asset from astronomical interest rates. To save money down the line, you need to look into interest rate hedging products. Your initial loan agreement with your commercial lender dictates that you pay the variable base rate of 0.10 to reflect LIBOR plus a 2% lending margin. When LIBOR increases, the total interest you pay the lender rises with it, increasing the payments over the course of your loan.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"You decide to investigate your interest rate hedging options by meeting with a hedge provider, who then recommends you acquire an interest rate cap at 3%. When the time comes for LIBOR to rise as expected to the forecasted 5%, you only have to pay a 3% interest rate, and the hedge provider will take care of the rest.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Best Practices for Interest Rate Hedging\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Instead of \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/agency-supplemental-loan-vs-refinance/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"refinancing\"})}),\" your loan when the going gets tough, purchasing a hedge product can reduce your risk to both your real estate property and your portfolio. But before you decide to approach a hedge provider, you need to consider the type of risk they might encounter in your loan agreement. This assessment includes your own risk tolerance, the correlation between the asset’s income and interest rates, and your sensitivity to prepayment penalties.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Simpler strategies are often better than more complicated ones. Moore said that an investor should start thinking about risk while still in the \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/underwriting/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"underwriting\"})}),\" phase. ”Interest rate risk is a real risk, particularly in the current environment, and hedging that risk has real costs,” Moore said. “Considering that risk and how to mitigate it after you’ve already underwritten and signed up a deal can drive suboptimal decisions.” The choice of interest rate hedging instrument depends on the investment, too. “Some investors have a greater appetite for interest rate risk, and some investments may have ‘natural’ hedges,” Moore said.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"For example, a multifamily property investor might expect their income to correlate with interest rates, but the owner of the long-term lease office building down the street might not. Moore said, “Some hedge strategies like interest rate caps introduce no prepayment risks, while others like interest rate swaps may.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is There Such Thing as Perfect Interest Rate Hedging?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Moore argued that yes, perfect hedging is possible. “Any investor hedging a floating-rate loan should be targeting a ‘perfect’ hedge, where changes in cashflows on the loan are exactly offset with changes in cashflows on the hedge.” But this is still an ideal situation, and can’t be guaranteed for every investor. There are always cost tradeoffs when investing your money in commercial real estate. Because of this dynamic, be sure to follow your lender’s hedging requirements and speak with your financial advisor about your options before diving in.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]});export const richText4=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"Net asset value (NAV) is frequently used with common funds to define the value of assets held. The net asset value signifies a fund’s market value, representing the per-unit market value when it is expressed at a per-share value. The per-share value is the price at which investors can purchase or sell fund units.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If the value of securities in the fund increases, the NAV of the fund increases, and if the value of the securities in the fund decreases, the NAV of the fund decreases. Therefore, the net asset value represents the net value of a unit and is calculated as the total value of the unit’s assets minus the overall value of its liabilities. NAV represents the per share/unit price of the fund on a precise date or time and is the price at which the shares/units of the funds registered with the U.S. Securities and Exchange Commission (SEC) are invested or redeemed.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Is Net Asset Value Used in Real Estate?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Net asset value represents the implied value of an investment fund, which can be a mutual fund, exchange-traded fund (ETF) or real estate investment fund on a per-share basis. This metric helps investors to determine whether a fund trades at a high rate or at a discount to its assets’ fundamental value, which can help in the decision-making of buying and selling.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"NAV is indeed a useful tool for real estate investors, as it can be used to determine if investors are disbursing too much for a real estate portfolio or getting a contract. Likewise, it will also help to determine whether investors are selling at a reasonable price or giving real estate assets out at a discount.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"The Net Asset Value Formula\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The formula for calculating NAV is:\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Net Assets = Assets – Liabilities\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"First, calculate the total assets. Similarly, calculate the total liabilities that the investor must pay in the future. Then, add line by line liabilities to get a total amount for liabilities. Total liabilities can include total borrowings, provisions or current and other non-current liabilities. Then, deduct the total liabilities from the total assets to get the NAV.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Example of a Net Asset Formula Calculation\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The calculation of NAV is relatively simple. A fund’s assets (cash and securities) \",/*#__PURE__*/e(\"em\",{children:\"minus\"}),\" liabilities (debt) \",/*#__PURE__*/e(\"em\",{children:\"divided \"}),\"by the number of unsettled shares.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"For instance, let’s say a real estate crowdfunded Real Estate Investment Trust (REIT) reports having real estate assets with an estimate of $140.5 million (net of loan debt) and $5 million in cash. The same fund also has about $500,000 in liabilities. Therefore, it has roughly $145 million in net assets ($145.5 million of total assets\",/*#__PURE__*/e(\"em\",{children:\" minus\"}),\" $500,000 in liabilities). Currently, this fund has 11.156 million shares unpaid.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"‍\",/*#__PURE__*/e(\"em\",{children:\"Result: Net Asset Value of $13 per share (145 \\xf7 11.156 = 13).\"})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Benefits of NAV in Assessing Real Estate Investment Trust-REITs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The NAV is an essential metric to utilize when evaluating REITs. The use of the NAV is an attempt to avoid book value in favor of providing a more exact estimate of definite market value for REIT assets.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"To calculate a net asset value, a market analyst generates a subjective assessment of the REIT’s asset. A way of getting this done is looking at the capitalization of the operating income, based on market rates. A cap rate for the contemporary market is determined and used to divide the operating income of a property, with the estimated market value as the resulting amount.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The market value \",/*#__PURE__*/e(\"em\",{children:\"minus\"}),\" any debt liabilities gives the NAV. The total NAV can be \",/*#__PURE__*/e(\"em\",{children:\"divided\"}),\" by unpaid shares to provide a per-share NAV. Although the NAV is a good metric to analyze REITs, it is only as good as the market analyst affecting the assessment of each property of the REIT. The market value of assets has to be carefully calculated to arrive at a precise NAV for the entire REIT.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"The Real Estate Difference\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Real estate is different from other industries, as the value of assets owned by an investor can be estimated with a realistic precision NAV. There are considerable benefits to understanding why NAV is essential and how an investor can be informed both in the public and private real estate markets.\"})]});export const richText5=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Hospitality can be a very lucrative segment of commercial real estate, but it’s important to have a good understanding of the costs and factors that go into that industry. So, how much does it cost to build a hotel? Early 2020 saw an all-time high in United States hotel construction. However, the Covid-19 pandemic put a damper on that growth. Hotel rooms in construction went down by 61,000, according to pipeline data from \",/*#__PURE__*/e(n,{href:\"https://str.com/press-release/us-hotel-construction-ends-year-down-61000-rooms-from-peak\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"STR\"})}),\". As of December 2021, there were 158,906 hotel rooms in construction in the U.S., down by 19.2% one year earlier. Nonetheless, \",/*#__PURE__*/e(n,{href:\"https://www.hotelmanagement.net/construction/le-us-hotel-construction-pipeline-down-short-term#:~:text=LE's%20research%20analysts%20expect%20an,anticipated%20to%20open%20in%202023.\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"research analysts\"})}),\" expect an increase in new hotel openings in 2022 and 2023. Now could be the right time to invest in a hotel construction project, depending on your situation.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Much Does It Cost to Build a Hotel?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"When it comes to building a hotel, hard and soft construction costs can vary greatly depending on a number of factors, including city, type of hotel, and more.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“There’s a lot of factors that go into the cost of any building in any sector,” said Robert Marsh, Vice President of global construction firm \",/*#__PURE__*/e(n,{href:\"https://www.turnerandtownsend.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Turner & Townsend\"})}),\" and lead of the Hospitality Construction team. “With hospitality in particular, it’s hard to assign a set range given all the parameters: urban center, oceanfront, high rise, low rise, branding, what star level or amenities would be included in the property.” Depending on who you ask and what types of hotels and locations they work in, you may get widely different answers for hotel development costs.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Hotel Construction Costs Per Room and Per Square Foot\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"According to Marsh, four- or five-star hotels in cities like New York, Los Angeles, San Francisco, and even Miami or Chicago could range from about $700 to $800 \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/psf-meaning-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"per square foot (PSF)\"})}),\". On the other hand, according to Vimal Patel, owner of \",/*#__PURE__*/e(n,{href:\"https://www.theqhotelgroup.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Q Hotels\"})}),\", operating primarily in Louisiana, pre-pandemic costs for hotels in his area were around $105,000 to $130,00 per room, or around $105 to $125 PSF. Patel added, “Now those costs have gone through the roof. Every day it’s changing.” And of course, budget hotels and motels are a different story altogether.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“A 100-room economy hotel/motel will cost around $7,750,000 to build, with a mid-range version costing $22,500,000 and as much as $61 million for a 5-star hotel,” said Reid Hogan, a commercial real estate advisor at \",/*#__PURE__*/e(n,{href:\"https://landcashin.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"LandCashin\"})}),\". “The corresponding average cost per room is $77,500, $225,000, and $610,000. Costs per square foot range from $150 to $475.” Again, depending on location and type of hotel, the costs vary greatly, so it’s important to speak to someone knowledgeable in the location you want to build in and the type of hotel you’re interested in building.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Hotel Construction Costs and Factors to Consider\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Much like the \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/how-much-does-it-cost-to-build-an-apartment-complex/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"cost of building a multifamily apartment complex\"})}),\", there’s a wide range of costs and factors to consider when building a hotel.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Land Costs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The first factor to consider is the cost of the land itself, which varies based on location. If you don’t already own a piece of land, then land costs need to be factored into your total budget.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Furniture, Fixtures and Equipment (FF&E)\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Furniture, fixtures, and equipment includes furniture for guest rooms and public spaces, carpeting, bathroom fixtures, kitchen equipment, laundry equipment and more. The FF&E varies depending on the type of hotel you’re building. For instance, a five-star hotel or resort will have much more expensive FF&E than a budget hotel or motel.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Hard Costs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Hard costs include the brick-and-mortar costs of building a hotel, which can also vary widely depending on location and type of construction. For instance, a smaller hotel in the suburbs that only requires a four-story wood frame will have significantly fewer hard costs than a steel-frame high-rise in an urban location.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Soft Costs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Soft costs include any non-construction fees: permits, engineering, architecture, taxes, insurance, maintenance, etc. Labor costs fit under the umbrella of soft costs as well. These costs will also vary depending on location. Be sure to fully research your specific area to determine how much soft costs will be for your hotel, so that you can budget accordingly. “Construction material and labor costs are volatile and are not likely to settle down anytime soon,” Hogan said.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"City and State Regulations\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Another factor to consider when building a hotel, aside from hotel construction costs, is the regulations in your district. For instance, “In California, there’s quite a bit of seismic requirements,” March said. “A beachfront in Florida has hurricane requirements. Urban settings such as New York have their own \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/commercial-zoning/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"codes and requirements\"})}),\" for high rises and small footprints, as you can imagine.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Long Does It Take to Build a Hotel?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"According to Hogan, hotels can take over two and a half years to build, sometimes less depending on the type of construction. Patel said it usually takes approximately 18 months to build a limited-service hotel, meaning without food or beverage service.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Much Does It Cost to Run a Hotel?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The costs of running a hotel again vary greatly depending on the location and type of hotel. Some hotels, Hogan said, have operating expenses that amount to 75% to 90% of revenue, with higher rates during the pandemic.You’ll want to consider your operating expenses compared to your hotel’s \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/revpar/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"revenue per available room (RevPAR)\"})}),\" before you buy or build a hotel.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is It Cheaper to Build or Buy a Hotel?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Whether it’s cheaper to build or buy a hotel depends on the buyer, Patel said. Building a hotel, beginning with simply finding a location, can be a three-year process, which means no profit for that amount of time. However, in the long run, building a brand new hotel can lead to a more fruitful result with fewer costly repairs, like old rooves or bad HVAC units.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is Owning a Hotel Profitable?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Hotels “can be very profitable,” Hogan said. “A 100-room economy motel can net over $250,000 [per month] if there are no significant economic, weather, or health-related business interruptions.” Nonetheless, the pandemic created a good deal of business interruptions, leading to less profit for many hotel owners. As Hogan said, the success of your hotel depends on a number of factors that may be outside of the owner’s control. According to Patel, “Branded hotels are becoming less and less profitable because of the lack of support the brands give the franchises.” Some examples of branded hotels include the Marriott, Hilton, Best Western and more.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Get Financing to Build a Hotel\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The most common way to get financing for building a hotel is through a bank loan or investor money. “For experienced operators, SBA 504 and 7-A loans and conventional financing are available,” Hogan noted. “Rookie operators should consider partnering with an experienced operator for their first hotel.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"When Building a Hotel, Make Sure to Do the Research\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The most important task to remember when building a hotel is to do your \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/commercial-real-estate-due-diligence/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"due diligence\"})}),\". This means researching the costs that are specific to your location and looking at the profitability of similar hotels in your area. It’s best to talk to a financial advisor who has experience in the hospitality industry. If you’re new to commercial real estate, then partnering with someone who has experience building hotels is a good idea.\"]})]});export const richText6=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"The continued growth of proptech innovation is benefitting every aspect of the commercial real estate industry, and nowhere is this more evident than in the process of securing debt financing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Traditional finance brokers have long relied on a jumble of disconnected emails, phone calls and in-person meetings to run their processes. This lack of structure increases the operational burden placed on borrowers and makes it easy for process hiccups to occur, which can totally derail deals. Compounding this issue is the fact that traditional brokers typically only have relationships with a handful of lenders, which can dramatically limit the options available to borrowers.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Thankfully, technology platforms like Lev have totally shifted this paradigm. By combining technology with capital markets expertise, these platforms have made the process of securing debt financing easier, faster and more secure.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Lev’s platform operates as a marketplace, with borrowers on one side and thousands of lenders on the other. In the middle is an AI-powered matching algorithm that instantly identifies the best rates and terms for specific deals.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Technology doesn’t only improve lender matching, it also streamlines the entire loan application process. With Lev, borrowers get access to their own Borrower Portal. This portal allows borrowers to securely upload documents and includes a dashboard that details exact next steps and gives 24/7 access to deal progress. The result: increased certainty of execution and deals that close more than twice as fast as industry averages.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Platforms like Lev offer a more efficient, cost-effective, and accessible financing experience. By using technology to automate and optimize traditional processes, Lev is making obtaining commercial real estate financing simple, straightforward, and easy.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"br\",{className:\"trailing-break\"})})]});export const richText7=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"When planning and building a commercial property, or making additions to your existing commercial property, you always need to pay attention to zoning laws in that area. Unfortunately, zoning laws might sometimes inhibit your existing development plans. When an obstacle occurs, you need special approval from your local zoning board or planning commission. One such type of approval is a conditional use permit.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is a Conditional Use Permit (CUP)?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"A conditional use permit (CUP) is a permit that requires discretionary approval from the city’s planning commission. CUPs are approved under a set of conditions and allow for exceptions to zoning laws. The conditional uses by which the permit is given depend on your specific jurisdiction. “Any time there is a change in use of a commercial property, the property owner or tenant is typically required to obtain a \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/zoning-permits/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"zoning permit\"})}),\",” said \",/*#__PURE__*/e(n,{href:\"https://www.einhornlawyers.com/attorneys/jason-r-rittie/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Jason R. Ritti\"})}),\"e, a partner at the law firm, \",/*#__PURE__*/e(n,{href:\"https://www.einhornlawyers.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Einhorn, Barbarito, Frost & Botwinick\"})}),\". However, a zoning permit might not suffice for your development. When that happens, a CUP can be granted, Rittie said, but only if it meets the criteria and conditions stated in your jurisdiction’s Land Use and Zoning Ordinances.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"A CUP allows property owners to use the property in ways that don’t adhere to that area’s zoning laws but still meet a set of specific conditions related to those laws. A CUP is often an easier alternative to \",/*#__PURE__*/e(n,{href:\"https://millmanland.com/knowledge/property-rezoning/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"rezoning the entire property\"})}),\" or changing the use of the property from what it was originally zoned for.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Much Is a Conditional Use Permit?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The costs of applying for a conditional use permit vary based on jurisdiction. Sometimes, the application is free, but often, there is an application fee. In addition to the application fee, Rittie said, other costs include escrow fees and expenses related to hiring professionals like lawyers, engineers, architects and professional planners. If you’re looking to apply for a conditional use permit, it’s best to research these specific costs for your jurisdiction, as they can vary widely depending on your local laws and the area in which you live.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Does a Conditional Use Permit Expire?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"According to Rittie, zoning approvals typically do not expire. However, some municipalities might have “zoning provisions in their ordinances that specify whether an approval expires after a certain time period should the property owner or tenant not obtain building permits or take occupancy within the stated time period(s).” Again, it’s best to check with your jurisdiction’s specific zoning board to find out if your CUP includes any provisions with a \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/real-estate-development-timeline/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"development timeline\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What’s the Difference Between a Conditional Use Permit vs Variance?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A variance is similar to a conditional use permit in that it is a limited exception to a zoning ordinance. However, variances are given out in situations where the zoning law would create unnecessary hardship or difficulty for the property owner. Variances are less commonly distributed than conditional use permits. Rittie said conditional use permits generally abide by “specific requirements and conditions expressly stated and established under the Land Use and Zoning Ordinances.” However, when a proposed conditional use application does not apply by those conditions, “the property owner or tenant must apply to the zoning board of adjustment for a variance.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Example of a Conditional Use Permit\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"One common example of why you would need a conditional use permit is to allow for a home-based business operation in a residential district. Often, running a business in a residential district violates zoning laws because of the need for parking, signage, etc., which negatively impacts a residential area. However, CUPs allow for exceptions to these laws given the home-based business meets specific standards outlined by your jurisdiction. Essentially, this is a form of \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/adaptive-reuse/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"adaptive reuse\"})}),\", in which you are converting a residential property into a commercial property. Rittie listed some common commercial properties that might exist due to CUPs, including “public garages and gasoline service stations, houses of worship, public and private elementary and secondary schools, municipal buildings and public uses, nursing homes and congregate care facilities, home occupations, home professionals, daycare centers and nurseries, community shelters and others.”\"]}),/*#__PURE__*/e(\"p\",{children:\"For instance, if a church is to be located in a residential district, the church can apply to a CUP as long as it meets certain requirements to minimize the negative impacts of the church for nearby residents.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Get a Conditional Use Permit from the City\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The steps for obtaining a conditional use permit vary depending on your jurisdiction and the local zoning laws, but there are a few commonalities across the spectrum.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Submit a Permit Application\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In almost every instance, obtaining a conditional use permit will require you to fill out a CUP application and submit it to your local zoning authority. The review process will probably occur during a public hearing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. Attend the Public Hearing\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The public hearing to discuss your CUP will be an opportunity for you to make your case and for owners of nearby properties to bring up their concerns. Be sure to come prepared with a comprehensive plan and anticipate what the opposition will say so that you have a response. Arrive with your plan in hand, ready to explain all of the details to the zoning board before they come to their decision.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Wait for a Response\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Usually, you’ll know whether your CUP was approved by the end of the public hearing, so the waiting period shouldn’t be too long.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"A CUP Could Be the Right Zoning Solution for Your Commercial Property\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If your commercial property plans don’t meet the exact zoning regulations in your particular zoning district, it’s a good idea to look into conditional use permits for your area. Does your property meet the necessary specifications to apply for a CUP? If so, talk to your local zoning board to get an application, as it could be the perfect solution for your zoning needs.\"})]});export const richText8=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"In commercial real estate financing, \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/leverage-in-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"leverage\"})}),\" is the result of using borrowed money to fund your investment and generate higher returns on that investment. Leverage is essentially an investment strategy through the use of borrowed money. Commercial real estate investors use leverage to increase their ability to purchase property. A leverage ratio, therefore, is a way to calculate how that leverage is working for your business.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Are Leverage Ratios?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"A leverage ratio is a financial ratio of any kind that shows a person or business’s debt against their \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/balance-sheet/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"balance sheet\"})}),\", income or cash flow. Leverage ratios indicate how much a company’s assets and expenses are financed using debt or equity, and these ratios can determine how much a bank is willing to lend.\",/*#__PURE__*/e(n,{href:\"https://lev.co/lenders/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\" Lenders\"})}),\" use a leverage ratio to limit the amount of proceeds of a loan based on definable and or projected assumptions. Lenders typically apply a sizing ratio to both cost and value to determine the size of a loan because cost and value are not always the same. For instance, in situations where a person is buying something off-market, the purchase price (or cost) could be higher or lower than the actual market value, which would be more accurately determined by a wide marketing process. So lenders need to look at both the cost and value of a property.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"List of Leverage Ratio Formulae You Need to Know\\\\\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are a few different types of leverage ratios that all calculate different aspects of a person’s finances. Depending on who is conducting the analysis (lenders, borrowers, investors, etc.) and what information you need, one type of ratio might apply more than another.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"ol\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Debt-to-assets ratio = total debt / total assets\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://lev.co/financing/debt-to-equity/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Debt-to-equity ratio\"})}),\" = total debt / total equity\"]})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Debt-to-capital ratio = total debt / (total debt + total equity)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Asset-to-equity ratio = total assets / total equity\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Cost-to-value ratio = total cost / total value\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Capital ratio = current assets / current liabilities\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Equity ratio = shareholders’ equity / total assets\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://lev.co/assets/debt-ratio/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Debt ratio\"})}),\" = total debts / total assets\"]})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Are the Types of Leverage Ratios?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"When making various leverage calculations, there are two different types of leverage that come into play.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Operating Leverage\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://lev.co/financing/operating-leverage/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Operating leverage\"})}),\" ratio determines the ratio of fixed costs to variable costs. The operating leverage measures how much a company can increase income by when there is an increase in revenue. If the business generates a high \",/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/terms/g/grossmargin.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"gross margin\"})}),\" (net sales revenue minus cost of goods sold) with low costs, that business has a high operating leverage.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Financial Leverage\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The financial leverage ratio determines the amount of debt a company has used or will use to finance its business. There are pros and cons to using borrowed money to finance commercial real estate investments. On the one hand, taking out a loan allows for a greater investment, which can increase the return on investment and raise the business’s equity and profit. However, if the financial leverage is too high — usually determined with the debt-to-equity ratio — this structure puts a business at risk of bankruptcy. It’s best to talk to a financial advisor to determine what level of financial leverage is best for your business venture. Investment advisors will take into account your cash flow, equity and assets using multiple ratios, as they all have their limitations.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"3 Examples of Leverage Ratios in Action\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are a number of situations in which lenders and buyers utilize ratio formulas in commercial real estate deals.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Cost Differs From Value\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If a buyer is purchasing a property off market — perhaps the cost is different from the actual value — lenders will look at that ratio to determine how big of a loan to issue. A lender might agree to give you x percent of all of the costs, so long as they do not exceed a certain ratio compared to the value.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. Value Is Projected to Increase Over Time\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In other scenarios, a property’s value could have a projected increase over time, therefore changing the loan-to-value leverage ratio over time. For example, when a property manager is creating a value add plan, an investor might buy a property, make improvements and then, at the end of the improvements, the property value is higher. In this scenario, loan-to-value ratio goes down because the value increases and the amount of the loan stays the same. If the loan amount stays the same and the value goes up, the leverage ratio goes down, but if the loan amount increases as you execute a business plan — for instance, during construction there’s an initial funding, and then every month there are additional loan fundings — the leverage ratio changes during the life of the loan.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Lenders will also look at loan-to-cost and debt-to-assets ratio, keeping in mind projected value as well. Looking at these ratios helps lenders determine the amount of risk involved in giving out a loan.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Refinancing\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Leverage ratios also come into play when refinancing a loan. In the event of a refinance, usually, a person has owned a property for some length of time. Sometimes that means the value of the property has increased. If you’ve owned a property for 20 years, for instance, then most likely, due to inflation and/or general market value increases, your property is worth much more than it was at the time of purchase. In this case the cost is no longer relevant as the current market value. In the event of a refinance 20 years down the line then, the lender is going to look at value and not cost. When cost is no longer taken into account, your equity, asset value matters more than your original historical cost. These leverage ratios all play a role when a lender is determining the terms of your refinance.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Are the Risks of High Leverage Ratios?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There’s a good amount of risk involved in having high operating and financial leverage ratios. High operating leverage is an indication that a business is generating little profit but has high costs. For instance, maybe you own a residential building, and maintenance costs are high, but you’re unable to fill all the units in your building. This result is lower income for you and insufficient profit to cover those costs.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A high financial leverage occurs when your investment cash flow isn’t enough to cover your loan interest. This scenario could ultimately lead to financial collapse, unless you’re able to generate more profit somehow. The higher the leverage ratio, the higher the risk for both the lender and the borrower because if the lender has to take the property over, they have less downward margin from what the value of the property is to what they have to sell it for to recoup their principal loan balance. When you have a lower leverage ratio and that margin is higher, you have a lot more cushion to absorb a market decrease in value.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Leverage Ratios Are One Way Lenders Determine Loan Amount\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Leverage ratios come into play most when you’re seeking out a loan for your property or investment. Banks will look at leverage ratios when determining whether to lend. Typically, for a lender, the lower the leverage ratio, the better. However, it’s important to understand that leverage ratios are just one metric that lenders use to size a loan.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Leverage Ratio: FAQs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Is Leverage an Effective Business Tool or Not Worth the Risk?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Leverage in and of itself is viewed positively in commercial real estate, as it allows you to increase your returns on your equity investment, and it allows you to spread your equity out across more properties. Without leverage, most commercial real estate ventures would be difficult. However, too high of a leverage ratio could put your investments at risk. For this reason, it’s always a good idea to talk to a financial advisor in order to assess how much debt you can feasibly take on to keep your leverage ratios manageable.\"})]});export const richText9=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"Registered investment advisors (RIAs) are available to investors as \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"financial\"})}),\" confidants and trustworthy \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/fiduciary/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"fiduciaries\"})}),\". Enlisting an RIA to assist in a commercial real estate investment can not only ensure that you are taking the proper steps to diversify your assets, but also that you are using these assets to benefit your business and future financial investments. An RIA’s role is limited to what the client wants them to take charge of and control, making them the ideal consultant for high-earning investors.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What is a Registered Investment Advisor?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"A registered investment advisor acts as an investment portfolio manager. Whether it be an individual or an entire firm, RIAs are responsible for managing a high-profile client’s investments and advises on behalf of their client’s best interests. Since RIAs are registered with the \",/*#__PURE__*/e(n,{href:\"https://www.sec.gov/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Securities and Exchange Commission (SEC)\"})}),\", they are required to advise and work unconditionally for the client, regardless of their own interests, in exchange for a percentage of the client’s \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/assets-under-management/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"assets under management\"})}),\", or a flat fee.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"RIA vs Broker-Dealer\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"RIAs and \",/*#__PURE__*/e(n,{href:\"https://www.investopedia.com/terms/b/broker-dealer.asp\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"broker-dealers\"})}),\" act in the same capacity as an investor’s buyer and seller of investment securities. However, since RIAs are registered with the \",/*#__PURE__*/e(n,{href:\"https://lev.co/tag/sec/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"SEC\"})}),\", they are inherently and unconditionally tied to the investor. While broker-dealers work for both their client and their brokerage firm, RIAs work only for their client. This also means that RIAs are compensated solely by the client.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Can an RIA Do for my Commercial Real Estate Investments?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Just like with any investment, an RIA can advise commercial real estate investors on how best to manage their property profiles.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"For first-time real estate investors, RIAs can advise on how to begin acquiring commercial real estate properties that are not only located in promising locations, but have opportunities for immediate return on investments through leasing and renting. Since commercial real estate can be complex in its \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/real-estate-liquidity/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"illiquidity\"})}),\", RIAs can manage the barriers that may prevent the lay investor from putting money into the most desirable properties.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"RIAs can also give investors options to diversify their investments for security and uphold their prestige in their market. For moderately experienced investors, this means creating a safety net for acquiring passive income without losing prominence in a particular industry. Some RIA firms use real estate syndications to invest on behalf of their high-net-worth clients in order to assist in collective alternative investment categories for the client’s portfolio.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"RIAs work on your behalf to ensure that you’re getting the best out of your commercial property investment. Having a professional fiduciary on your side can only help expedite the real estate investment and diversification process. Reach out to an RIA as you explore your investment interests to ensure the viability and profitability of your investments.\"})]});export const richText10=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"h2\",{children:\"What is a C-PACE loan?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"C-PACE, which stands for Commercial Property-Assessed Clean Energy, is a form of financing that allows property owners to borrow money for energy efficient, renewable energy, and resiliency property improvements and make payments via a voluntary special assessment added to their property tax bill.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"This structure allows for long-term fixed-rate financing that remains with the property even if it is sold. The C-PACE lender will engage a third party energy audit to determine the useful life of any associated improvements and determine the present value of the cost savings over the useful life. While there are cash flow constraints in most lenders’ term sheets, loan proceeds are almost always limited to LTV constraints determined by an appraisal given the low LTC of generally 25% – 30%.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"C-PACE financing is supplemental to traditional senior financing but, depending on the asset and financing strategy, can offer lower interest rates than mezzanine financing or preferred equity. The funds available can cover up to 100% of the cost of any improvements determined to be covered by the program. Some typical costs include lighting upgrades, HVAC systems, building insulation, water conservation, roof replacement, solar, fire resiliency and EV charging stations to name a few.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Who provides C-PACE loans?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"C-PACE loans are funded by local government financing entities such as cities, counties, and special purpose district entities. In practice, these entities actually partner with private sector lenders called C-PACE Administrators. They are responsible for implementing and enforcing the program rules and regulations, processing loan applications, performing due diligence on projects, and monitoring the performance of the loans. They also work closely with the property owners, contractors, and lenders involved in the financing process to ensure that the program objectives are met.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"C-PACE-enabling legislation has been approved by 38 states and Washington, D.C. There are active lending programs in 30 states plus Washington, D.C. You can view a detailed map to check the availability in your state through the \",/*#__PURE__*/e(n,{href:\"https://www.pacenation.org/pace-programs/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"PACENation Programs Map\"})}),\".To date, the C-PACE program has funded a total of $4.2 Billion in investments across 2,900 projects. \"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"img\",{alt:\"\",className:\"framer-image\",height:\"295\",src:\"https://framerusercontent.com/images/yAHUBi1vlJ4qyCdcHy9vwK6UA0.webp\",srcSet:\"https://framerusercontent.com/images/yAHUBi1vlJ4qyCdcHy9vwK6UA0.webp?scale-down-to=512 512w,https://framerusercontent.com/images/yAHUBi1vlJ4qyCdcHy9vwK6UA0.webp 1024w\",style:{aspectRatio:\"1024 / 590\"},width:\"512\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"PROS\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"C-PACE financing can cover 100% of the costs associated with energy efficient improvements.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"C-PACE financing can offer long terms that are limited to the useful life of the installed energy efficient improvements.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Energy efficient improvements can increase the value of your property while providing energy cost savings.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Because the payments for the C-PACE financing are added to the tax bill, the costs and associated energy savings can be shared by the tenant and landlord under most lease structures. In some cases, the landlord may be able to pass these costs along to the tenant.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"C-PACE assessments added to a property are transferable to a new owner in a sale scenario.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"C-PACE financing is non-recourse.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(\"strong\",{children:\"CONS \"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"C-PACE financing is only available in certain states that have passed legislation enabling the program.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"In order to obtain a traditional commercial mortgage, the primary lender must consent to the C-PACE financing which can limit the pool of lenders available.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"The process of obtaining C-PACE financing can be complex and time-consuming, requiring the property owner to work with multiple parties and navigate a range of legal and financial requirements.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"C-PACE financing may involve higher upfront costs than other financing options, such as higher fees for appraisal and legal services.\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Based on the current state of the capital markets, C-PACE financing does not necessarily allow for increased leverage and the associated interest rates can be higher than what is achievable through traditional financing methods.\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Senior lenders and C-PACE loans?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are many challenges for senior lenders when financing properties that have C-PACE involved in the capital stack. The main challenge for most lenders is the implied first lien position created due to the C-PACE loan being securitized by a special assessment applied to the property tax bill, effectively taking first priority over the senior mortgage. While this is not a UCC lien and is just a voluntary special assessment, in most states any lien related to unpaid property taxes has a higher ranking than a creditor’s lien. \\xa0In the event of a foreclosure sale, the only payment due to the C-PACE lender is any outstanding real estate taxes, not an acceleration of the full outstanding C-PACE balance. This does provide the senior lender with a level of protection in their position because the C-PACE loan is then assumable to the next owner of the property allowing the sale proceeds to be used to satisfy the mortgage. From the perspective of most lenders the issue then becomes finding a buyer who is willing to assume the outstanding C-PACE loan and the added real estate tax payment associated, which can be steep. In addition, it is hard for a new buyer to perceive the same benefits from energy cost savings as the original owner who implemented the C-PACE loan. The headaches this creates tends to be a common reason for lenders being unwilling to finance properties with C-PACE involvement. \"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Even if this is not an initial non-starter, there are further challenges for senior lenders in how the C-PACE loan affects the cash flow of the property. With C-PACE payments being made through the real estate tax bill, lenders have to incorporate the additional payment in their underwritten operating expenses which cuts into NOI. This limits the amount of cash flow available to pay debt service which is especially an issue in today’s rising interest rate environment. In the current market many loan requests are seeing leverage constraints due to the cash flow of the property being unable to cover the standard 1.25x debt service coverage ratio requirements as a result of the higher interest payments. While borrowers may view C-PACE as a creative financing solution that can be used to increase total leverage in the overall capital structure, this is frequently not the case. This is due to the cash flow issue outlined above as well as the fact that most lenders include the C-PACE debt in their maximum loan-to-value and loan-to-cost figures. For example, on a development project if a lender is currently offering up to 75% LTC and a borrower is including 10% of the total costs as a C-PACE loan, the maximum leverage that same lender will provide to the borrower is now 65% LTC. This is because the lender will view their “last dollar” as 75% LTC since the C-PACE debt is seen as a first position.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are some characteristics of borrowers and properties that can help get lenders comfortable with C-PACE involvement in the capital stack. If the guarantor of the loan has a strong financial position demonstrating high net worth and liquidity, that can help ease the concerns of many lenders. Another mitigant could be if the cash flow (inclusive of the C-PACE debt payment as an expense) still provides sufficient debt service coverage, which could mean as much as 2.00x. Along those lines lower leverage requests are also looked upon more favorably by senior lenders. There are also certain properties and projects that may be in high demand due to the asset class, market or other factors that would lead to a lender getting comfortable with the C-PACE loan in order to provide financing on the transaction.\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"em\",{children:\"Jake Moore is a Capital Markets Analyst at Lev. \"})})]});export const richText11=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"When it comes to commercial construction projects, there are generally two different construction categories that delineate things like the type of structure being built, as well as the funding for that structure. Those two types of projects are vertical and \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/horizontal-construction/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"horizontal construction\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is Vertical Construction?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Vertical construction refers to any construction that is built vertically, such as skyscrapers or high rises in a city. These projects are more often found in urban areas and \",/*#__PURE__*/e(n,{href:\"https://lev.co/markets/gateway-markets/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"gateway markets\"})}),\", rather than suburban or rural areas.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Vertical Construction vs Horizontal Construction\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“There’s a world of difference between vertical and horizontal construction,” said Josh Thompson, Founder and CEO of \",/*#__PURE__*/e(n,{href:\"https://thompson.nyc/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Thompson Touch\"})}),\", a New York-based full-service construction company. The main difference between the two is how the structure is built spatially. In other words, is the structure being built wide or tall? A vertical project is built upwards, like a skyscraper, whereas horizontal construction is lower and wider. Vertical construction projects also rely on more architectural design, whereas horizontal projects use civil engineers, with less variation in design.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"4 Examples of Vertical Construction Projects\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Some examples of vertical construction projects include “skyscrapers, offices, \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/how-to-evaluate-multifamily-properties/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"multifamily buildings\"})}),\" [and] structured facilities,” said Barry Wurzel, President of Texas-based construction company \",/*#__PURE__*/e(n,{href:\"https://wurzelbuilders.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Wurzel Builders\"})}),\". Thompson said, “Those are your skyscrapers and high rises with a $60 million penthouse apartment.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Get Financing for Vertical Construction\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Funding for vertical and horizontal construction also varies. For vertical projects, funding usually comes from the private sector. However, horizontal construction projects often get funding from government, state or municipal organizations, although there are certainly exceptions. “With vertical construction, there’s probably a lot of private money flowing,” said Thompson.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Thompson said that with vertical projects, the money often comes from investors and various investment groups — “your big money players,” he added. Of course, there are always some exceptions, Thompson noted, such as large, vertically built schools or hospitals. In most cases, though, vertical construction is for-profit and privately funded, said Thompson. Other times, private, vertical construction is “paid for through a combination of private equity and lender financing,” said Wurzel.\",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/construction-loan-takeout/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\" Construction takeout loans\"})}),\" are one common lending option with vertical construction.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Understanding Vertical Construction\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Essentially, the main difference between vertical and horizontal construction is how the building or project exists spatially. Vertical construction is built upwards, in the form of skyscrapers and high rises. When taking on a vertical project, you’ll likely need to get private money through investors and/or investment groups to fund the construction. Before embarking on such a project, it’s a good idea to talk to a financial advisor to fully understand the financing, how much money you’ll need to borrow, and the \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/real-estate-development-timeline/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"real estate development timeline\"})}),\".\"]})]});export const richText12=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"In retail centers or office complexes, landlords often need to find ways to attract new, long-term tenants. One way to do so is to secure an anchor tenant, which will increase traffic to the area and draw in other tenants.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"What Is an Anchor Tenant?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"An anchor tenant — sometimes referred to as a key tenant, prime tenant or draw tenant — is the large, leading tenant in a shopping center or office space. Anchor tenants help draw consumers into an area cbecause of their size or well-known name. This draw improves business for other smaller tenants in the complex, making prospective tenants more likely to want to rent retail or office space in the area.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"An anchor tenant essentially drives traffic, said commercial real estate and business broker \",/*#__PURE__*/e(n,{href:\"https://www.linkedin.com/in/jasonkeyz\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Jason Keyz\"})}),\". “So an anchor tenant is usually the tenant with the most prominent, recognizable brand name,” he added.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“Typically, they’re bigger box brands — national tenants that have the capital to put up and commit to triple net leases. So they’re going to be the long, sustained member of the community,” said Patrick Grimes, the CEO of \",/*#__PURE__*/e(n,{href:\"https://investonmainstreet.com/meet-the-team/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Invest on Main Street\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Because anchor tenants impact other businesses in the complex and are responsible for drawing both customers as well as potential tenants, anchor tenants are often given reduced rent \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/psf-meaning-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"per square foot\"})}),\". They might also have some say in how the rest of the center is rented out.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"While some people think anchor tenants are the biggest store in the complex, Keyz pointed out that this is not always the case. “It’s the most recognizable brand that would draw the most traffic.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Benefits of Having an Anchor Tenant\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Having an anchor tenant in your commercial complex comes with a number of advantages. For starters, anchor tenants draw in customers and other renters. This benefit is particularly advantageous for landlords with \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/percentage-lease/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"percentage leases\"})}),\" whose rent amounts depend on how successful or unsuccessful a business is.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“The benefit of having an anchor tenant is it’s a recognizable brand that’s going to create consistent, regular traffic to the center,” Keyz noted.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"These big-brand anchor tenants also provide increased credibility for the development. For instance, if potential tenants see a big name store in a strip mall, like Apple, Nordstrom or Sears, they are more likely to sign a long-term lease in that strip mall. Tenants feel confident that a large, well-known store will generate foot traffic, thereby increasing the number of customers in their own shop, and “increasing the value of the center because of the traffic that goes through it,” Keyz said.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“You could substantially increase your rent if you have an anchor tenant,” added Keyz. “The landlord is literally increasing the value of the shopping center.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The downside of anchor stores is that when they leave, their co-tenants could request lower rent or termination of their lease if they have a \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/co-tenancy-clause/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"co-tenancy clause\"})}),\" written into their lease agreement. Get a \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/what-does-a-commercial-real-estate-lawyer-do/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"commercial real estate lawyer\"})}),\" to help you keep an eye out for this type of clause before signing a lease.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Examples of Anchor Tenants\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are several types of anchor tenants across the country, each with unique benefits.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Retail\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"For a retail complex like a strip mall, some examples of an anchor tenant include a Whole Foods, Target or Wal-Mart. These are large, well-known stores that exist nationwide, and they always have customers.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“Wal-Mart shopping center would likely be super valuable to then target something like a check cashing business, or smoke shops or something that you target to the demographic,” Keyz posited.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Other examples of anchor tenants include food drive-throughs that guarantee traffic to the complex. On the West Coast, for example, Keyz said, In-N-Out Burger is a big anchor tenant.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Grimes, who develops and invests in multifamily apartment communities, broke it down even further in terms of what anchor tenants he looks for to be near the buildings he develops. “If we’re buying an A-class building, then we’re looking for tenants that are Whole Foods, Top Golf, Equinox fitness centers. Those are the nicer, new, luxury apartment complexes.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"However, he continues, “If you’re trying to build a B or C class building for workforce housing, you want to see a Wal-Mart, a Target, a Starbucks.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"So anchor tenants not only draw consumers into a shopping area, but they also draw residents into nearby apartments.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Office\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"In an office building or office complex, an anchor tenant would be any large company like a bank or Fortune 500 company. A big-name tenant like Wells Fargo, for instance, would establish credibility for landlords trying to fill vacancies. Wells Fargo would create some validity that the building is a good place to do business.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Attract Anchor Tenants to Your Shopping Center\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Attracting anchor tenants is all about numbers and data, Grimes said. Anchor tenants will look at the demographics, income, job growth and population of an area before deciding to open up a Whole Foods, for instance.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“If there’s nothing but bail bonds, pawn shops and check cashing, then we shouldn’t be putting in a Whole Foods,” Grimes explained. “If you’re a commercial area, then embrace your demographic, and try to attract the type of anchor tenant that fits the demographic in that area.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"In addition, Keyz advised \",/*#__PURE__*/e(n,{href:\"https://lev.co/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"getting a good broker\"})}),\", as it’s difficult for one landlord to make contact with big-name retailers. A broker, on the other hand, can make the calls, search the commercial real estate databases and get in contact with someone in the real estate department of Starbucks, for instance. A broker or brokerage company will be able to reach out to these large brands and advertise your commercial property in a way that attracts anchor tenants, Keyz said.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Anchor Tenants Draw Customers and Other Tenants\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Anchor tenants are important in large retail or office complexes to draw customers as well as other tenants to the area. If you’re a landlord looking to attract an anchor tenant, the best way to do so is to research the demographics of your area and contact a brokerage firm to put you in touch with big name businesses.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Anchor Tenant FAQs\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"Do anchor tenants pay less rent?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Sometimes anchor tenants get a discount in rent because of their ability to lure more tenants into the complex.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:/*#__PURE__*/e(\"strong\",{children:\"What is an anchor subtenant?\"})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"An anchor subtenant is someone who subleases an anchor tenant’s rental property, or who shares part of the space as a sub-lessee. Often, though, landlords either do not allow anchor subtenants or do not allow subtenants who would be seen as competitors to another renter on the property.\"})]});export const richText13=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"If you’re like most, you have a few favorite restaurants you like to patronize with your family and friends. It might have crossed your mind at least once while you were at one of these establishments that owning a restaurant would be a fun — and perhaps lucrative — investment. Now you’re wondering how to buy a restaurant. Before considering buying a restaurant, it’s critical to consider your desired level of involvement. Whether it’s been a lifelong dream or simply another investment to add to your portfolio, ensuring a successful restaurant investment may require a massive amount of hard work.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"When you buy an existing restaurant, many of the initial investment hurdles and growing pains can be avoided. This benefit is especially true for corporate restaurant chains. Because it’s been done so many times, buying a restaurant has been broken down into a fairly standardized process with a handful of steps. But before you start down the road of purchasing a restaurant, there are a couple of important factors to consider.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is Buying a Restaurant a Good Investment?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The restaurant industry is projected to hit \",/*#__PURE__*/e(n,{href:\"https://restaurant.org/research-and-media/research/research-reports/state-of-the-industry/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"$898 billion\"})}),\" in sales by the end of 2022. That’s $34 billion more than pre-pandemic 2019 earnings. That amount of capital can make investing in a restaurant very appealing. However, the industry still faces uncertainties from supply chain challenges, food shortages and consistently increasing food prices. If you’re willing to take on those challenges and a significant amount of risk, buying a restaurant can be an excellent investment. A successful restaurant can see great returns, but choosing the right one requires a deep understanding of the industry. Just because a restaurant is for sale and seems profitable doesn’t mean it’s the one you should buy.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The fact that a restaurant is for sale typically indicates there could be underlying issues. If you’re considering purchasing a restaurant, you must be prepared to identify the problems and develop solutions. If you’ve got your sights on a specific restaurant, ruminate on these issues before pulling the trigger.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"5 Factors to Consider Before Buying a Restaurant\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If you’re a seasoned restaurateur, you probably wouldn’t need to be reading this article. You might need a professional to help you along the way. Don’t be afraid to hire a restaurant consultant to help guide you through the process. Below is a list of some critical factors to consider before purchasing a restaurant.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"1. Location\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“Location, location, location” is a restaurant industry trope that, while very accurate, is about more than being on a busy street corner. Other factors, such as parking, signage, foot/street traffic and capacity, contribute to whether a restaurant is in a great location. Other factors that play into location are market saturation and nearby complementary attractions. If there are already seven Italian restaurants within two square miles of the location in question, buying a particular restaurant and turning it into a fine Italian dining establishment will be risky. Competitive advantage is critical for a restaurant to be successful.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Also, be on the lookout for surrounding real estate that can draw in new customers who otherwise might not visit your restaurant. Being near sports stadiums/event arenas, public parks/gathering areas, heavy shopping districts or \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/anchor-tenant/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"anchor tenants\"})}),\" can significantly boost a restaurant in the location category.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"2. Demographics\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Demographics of the surrounding area play a significant role in location as well. Understanding your surrounding target market’s average age, income and spending habits are critical for success. Unless your restaurant is serving Michelin star-level food (or something very unique), or you’re near something else that will draw in new customers, most people won’t travel far to dine at a restaurant. A \",/*#__PURE__*/e(n,{href:\"https://www.cdc.gov/pcd/issues/2015/15_0065.htm#:~:text=The%20median%20distance%20to%20sit,0.4%20miles%20to%20grocery%2Fsupermarkets.\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"study by the CDC\"})}),\" shows that the median distance people travel to eat at a sit-down restaurant is 1.6 miles. It’s imperative to offer cuisine people in the immediate area can afford and are likely to enjoy.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"3. Licenses and Permits\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Restaurant newbies often overlook fixed operating costs such as licenses and permits. A restaurant owner must obtain many licenses and permits to remain open for business. While the licenses and permits needed vary depending on each city, their costs should be accounted for when drafting pro forma income statements. Otherwise, actual profit margins can be skewed, and owners can wind up scrambling to make up the difference. If you’re looking to update and add on to a restaurant, rezoning fees might be charged as well as fees for pulling standard building permits.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"4. Local Talent Pool\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Unless you’ve worked in the restaurant industry prior to buying a restaurant, it might be hard to understand how challenging finding and retaining a good team of employees can be. In fact, this challenge is a primary reason restaurants shut down.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Some questions to ask yourself are:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Are there many successful restaurants in the city/town?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Is the area renowned for outstanding dining/cuisine?\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"Are there any culinary schools in the area?\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If the answer to all these questions is yes, chances are there will be enough local talent to sustain a business. Fast food restaurants are one thing, but if you’re trying to open an original concept restaurant, you’ll need to be able to hire skilled back of house (BOH) and front of house (FOH) staff. The restaurant industry has an extremely high employee turnover rate, regardless of how well a business is run. Larger cities with reputations for great restaurants have an easier time finding talent than small towns. It’s not to say that your five-star chef can’t mold inexperienced cooks into great future chefs, but the process is time-consuming and costly.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"5. Planning on Rebranding?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"A primary reason people buy existing restaurants is that they come fully equipped with \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/trade-fixtures/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"trade fixtures\"})}),\". But, changing the concept over from the previous owner’s vision can be challenging. If the restaurant already has loyal customers, minor changes will likely be welcomed. However, going from a BBQ restaurant to Asian fusion might require an additional marketing effort to pull in new clientele. If a full rebrand is a goal, make sure you devote some extra dollars to the marketing budget. For a restaurant that’s been vacant for some time, this effort might not be as necessary.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Much Does It Cost to Buy a Restaurant?\"}),/*#__PURE__*/t(\"p\",{children:[\"The \",/*#__PURE__*/e(n,{href:\"https://www.sage.com/en-us/accounting-software/startup-costs/restaurant/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"average cost\"})}),\" to buy a restaurant, including the building, is $3,734 per seat, or about $425,000 for a 114 seat restaurant. You’ll need at least 10% of the total restaurant building cost for a down payment. As with any parcel of commercial real estate, these figures can change wildly depending on location, restaurant size, the type of food service tenant you choose, and whether you can afford to pay cash upfront (called a cash-buy) or whether you’ll need financing. For example, quick-service restaurants (QSRs) like McDonald’s, Starbucks and Taco Bell are the top revenue-producing restaurants in the U.S. To open a McDonald’s restaurant franchise, you need at least $500,000 in liquid assets. To open a Taco Bell, you’re looking at $750,000. Wendy’s? $2 million.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"But you should know that you don’t have to open a franchise or start a restaurant business to invest in restaurant real estate. Instead, you can buy only the building, or contribute to a real estate company that buys it. In this case, you’d be a \",/*#__PURE__*/e(n,{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(a.a,{children:\"limited partner\"})}),\", which is truly passive income. QSRs tend to be located on \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/outparcel/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"outparcels\"})}),\" and busy corners. With a national tenant like McDonald’s and common long-term \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/single-tenant-net-lease/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"single-tenant triple net (NNN) leases\"})}),\" for QSRs (10 to 20 years), you won’t have to worry about losing money due to the restaurant going out of business. There are some critical factors to consider when it comes to the cost of a restaurant. First, while you might be able to find a restaurant at the average price of $425,000 the odds of it being in a profitable area are low. It’s likely a major fixer-upper. Second, if you’re looking to buy ownership rights of an existing restaurant, it must have excellent cash flow records for it to be a worthwhile investment. Check out the below listings of restaurants in the New York area to get an idea of how critical location is to a restaurant’s success.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(n,{href:\"https://www.loopnet.com/Listing/7601-Oswego-Rd-Liverpool-NY/26058648/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"QSR Example: KFC\"})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"A very attractive investment opportunity, this freestanding QSR has a brand new 20-year lease with KFC. Better yet, the owners already negotiated 7% rent escalations each year into the lease. A truly passive investment, you’ll need about $1,892,000 to buy it, or invest with a group.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(n,{href:\"https://www.loopnet.com/Listing/8675-Clinton-St-New-Hartford-NY/24032997/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Example: The 99 Restaurant\"})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"This regional chain still has 3.5 years left on its lease. For a starting bid of $200,000, this restaurant likely needs work, and possibly a new tenant in a few years. However, it is a great opportunity for creative and well-connected restaurant investors to get in for cheap and revamp the property when the time comes.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:/*#__PURE__*/e(n,{href:\"https://www.loopnet.com/Listing/106-Duane-St-New-York-NY/22789018/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Example: 106 Duane St\"})})}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"This mixed-use infill development hosts luxury condos on the upper floors and a bar and restaurant on the ground level. Located in one of the most expensive zip codes in the U.S., this establishment boasts heavy foot traffic close to several municipal buildings. And for all this, you can expect to pay $3,250,000. As you can see, your restaurant investing options are as varied as they are exciting. But don’t get analysis paralysis. Here’s how to buy a restaurant in just a few steps.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Buy a Restaurant: Step by Step\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There’s a lot that goes into buying a restaurant. Like a busy Saturday night at a popular dining spot, things happen, and sometimes you have to think on the fly. But, in general, here are five basic steps of buying a restaurant.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 1: Acquire Funding and Create a Budget\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Whether you’re planning on a solo business or seeking a \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/types-of-joint-venture/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"joint venture agreement\"})}),\", you’ll need to have your financials to secure capital. That means a lot of reporting on income forecasting, competitive analysis, cash flow projections, etc. If you’re looking to do a cash-buy, you’ll need to have your own funding for the full purchase price. Investment sales brokers can help you find the right property. If you can’t or don’t want to do a cash buy, find a \",/*#__PURE__*/e(n,{href:\"https://lev.co/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"seasoned commercial real estate debt brokerage\"})}),\" that can get you in touch with a lender who specializes in restaurant real estate. Once you get the green light on funding, make sure you create an annual budget for all your expenses. Also, be sure to save a good chunk of capital for a “rainy day.” The restaurant industry is very fickle, with many high and low points. A prudent owner will have some money stored away to get through any bumps in the road.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 2: Perform Due Diligence\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The number one rule in CRE investing is to check everything off your \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/commercial-real-estate-due-diligence/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"due diligence\"})}),\" checklist. With a restaurant, there can be a few extra action items (like mentioned above), but overall a CRE due diligence checklist remains the same. Whether you’re buying a multifamily tenement or a restaurant, you’ll need to ensure all your legal documents are in order. There are many due diligence action items to keep track of, from \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/commercial-real-estate-appraisals/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"property appraisals\"})}),\" to inspections and \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/zoning-permits/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"zoning permits\"})}),\". Having an excellent \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/what-does-a-commercial-real-estate-lawyer-do/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"real estate lawyer\"})}),\" on your team is crucial.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 3: Create a Transition Plan/Timeline\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Acquisitions can be tough on employees, despite the industry. If you’re planning on purchasing a currently operating restaurant, you’ll need a transition plan. Depending on the level of change, transitioning ownership in a restaurant can involve extensive employee retraining and rehiring. Be sure to plan for this to be able to open at the desired time.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 4: Have a Soft Open\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Everyone knows about grand openings, but any restaurant professional knows soft openings are essential to working out the kinks of a new operation. A few weeks to a month before you plan to fully open to the public, schedule one or two soft openings for a select group of customers. Soft openings allow your staff to practice a grand re-opening and make mistakes without the same level of repercussions. Poor service and food quality on a grand opening can get a lot of bad press and be detrimental to the business. With soft openings, because you can control who is in attendance, you can mitigate damages associated with restaurant growing pains.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Step 5: Have a Grand Re-Opening (or not)\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are times when having a grand re-opening makes sense. If the restaurant you buy changes concepts or the previous owner did a poor job, then having a grand re-opening is beneficial. If you’re buying a restaurant and keeping everything the same, there’s no real need to have one, and doing so could hurt business. A grand-re-opening means you want to attract new customers and spotlight new changes. Thanks to the internet, grand openings (and re-openings) aren’t used like they were many years ago. If you take the proper steps to make your restaurant digitally visible, you can avoid the grand opening theatrics. However, grand re-openings can benefit restaurants in big cities with heavy market saturation and high foot traffic.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is Buying a Restaurant the Right Choice?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If you understand all the challenges owning a restaurant offers and are ready to take them head-on, buying an existing restaurant has its advantages. They can come equipped with trade fixtures, employees and even a consistent revenue stream. Performing all of your CRE due diligence will help you understand if you’re making the right choice. In the process, you might find that starting from scratch in a specific area might be better, especially if you’re considering buying and entirely overhauling a restaurant.\"})]});export const richText14=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/t(\"p\",{children:[\"When investing in commercial real estate, buyers and investors have a number of different options as it relates to \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/types-of-commercial-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"property type\"})}),\". One possible investment is a warehouse property, which comes with a wide range of benefits and a high potential for profit. This article will explain the pros and cons of buying a warehouse, factors you should consider during your research, and how to buy a warehouse as an investment property.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Is Buying a Warehouse a Good Investment?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Before making the decision to buy a warehouse, it’s important to have an idea of all the potential advantages and disadvantages to make an informed decision.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Pros of Buying a Warehouse\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“The pros of buying a warehouse definitely outweigh the cons,” said Jason Keyz, CEO and Principal Broker at \",/*#__PURE__*/e(n,{href:\"https://www.keyzgroup.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"KEYZ Group, Inc\"})}),\"., a commercial real estate advisory firm. “Warehouse properties, a segment within the ‘industrial’ property type, happen to be one of the most desired segments now and will continue to be for years to come.”\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"For starters, warehouses come with a higher income potential, simply due to the size of warehouse space. With more square footage, landlords can charge higher rent. A warehouse investment is generally less volatile than other types of investments. Tenants tend to stay in the space long-term, which means a more stable income for the property owner.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"“Depending on the size — but definitely with larger spaces — you end up with strong credit tenants willing to sign long-term leases,” said Keyz, adding that warehouses typically have “high demand and very low turnover.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Warehouses are also usually rented with \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/single-tenant-net-lease/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"triple net leases\"})}),\" (NNN), meaning the tenant is responsible for maintenance, insurance and taxes associated with the property, leaving less responsibility to the landlord. Essentially, the property owner is receiving passive income from a warehouse rental because the investment is so hands off. Another benefit of investing in a warehouse is that the property is likely to appreciate over time, and the owner doesn’t really need to do anything to create that appreciation. Usually, when a lease agreement expires for a warehouse, the landlord will be able to charge higher rent with a new lease because the value of the warehouse will be higher than when the original lease was signed. If the owner chooses to sell, they stand to walk away with more money, thanks to the appreciation.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The reasons for this value increase are more equity from the money being paid into the loan, as well as possible upgrades in the warehouse that a tenant might have made for their business needs, also known as \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/tenant-improvements/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"tenant improvements\"})}),\". For instance, maybe the old tenant installed shelves or created storage space that can now be accounted for in any lease agreement with a new tenant. “Warehouse properties have consistently proven to thrive in upmarkets and also survive during recessions,” Keyz noted.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Finally, owning a warehouse comes with a series of tax deductions. Property owners can deduct for depreciation, if there is any, as well as mortgage interests, repairs and management. However, an accountant will better be able to tell you what tax deductions apply to your specific situation.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Cons of Buying a Warehouse\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"When it comes to disadvantages to buying a warehouse, there are only a few, but it’s important to understand the possible downsides. Mainly, property owners and investors should be aware that there’s always a vacancy risk when it comes to warehouses or any other type of property.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“A fair amount of warehouse properties end up being single-tenant properties, and as I have coached my clients for years, there is no calculating the risk or vacancy factor when it comes to a single-tenant property,” Keyz cautioned. “You’re either 100% occupied or 0%.” Marina Vaamonde, the Founder of \",/*#__PURE__*/e(n,{href:\"https://warehousecashin.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"WarehouseCashin\"})}),\", added, “A warehouse with a single tenant increases your risk if they default or don’t renew their lease. They are long-term investments, which won’t fit a short-term investor.“\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Much Does a Warehouse Cost?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Warehouse properties vary widely in price depending on “size, geographic location and market conditions,” Keyz said. However, Vaamonde estimated that urban warehouses can cost anywhere from $125 \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/psf-meaning-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"per square foot (PSF)\"})}),\" to $250 PSF, while nonurban warehouse spaces might range from $75 PSF to $125 PSF.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"To determine the cost of a warehouse in your area, it’s best to look at similar properties in the area to compare the PSF costs. Other factors that might affect cost are the condition of the warehouse, whether it’s an old or new building, what type of equipment or specialized features are inside, what the tenant potential is and whether there are other interested parties.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Buy a Warehouse\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"The first step to buying a warehouse is finding an experienced CRE broker who can help with your deal. \",/*#__PURE__*/e(n,{href:\"https://lev.co/?utm_source=leverage&utm_medium=warehouse-financing&utm_campaign=evergreen\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Debt brokerages\"})}),\" can help you connect to \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/debt-fund/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"debt funds\"})}),\" while investment sales brokerages can help you find traditional financing options. “As with any other commercial real estate acquisition, working with an amazing broker is always directly related to the outcome and success of your purchase,” Keyz said. “Knowing how to locate a property and negotiate a deal are extremely valuable.” A broker can help with both of those tasks, helping you find the right property that fits your needs and then negotiating a deal that works for you. Once you’ve completed that step, you and the broker can discuss financing options.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"A broker will help you get pre-approved for a loan, and once that step is complete, “you review searches your broker provides you, tour properties as needed, negotiate the terms of a purchase, get an offer accepted, complete \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/commercial-real-estate-due-diligence/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"due diligence\"})}),\" and close on the sale as long as everything goes as planned,” Keyz explained. Part of that due diligence includes having “structural, mechanical, electrical and plumbing instructions done before closing,” Vaamonde added.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Once you’ve closed on the warehouse space, Vaamonde recommended budgeting at least 180 days for any possible repairs, cleaning and marketing before the warehouse is leased. And from there, you can likely “add another 60-90 days for the tenant’s uplift work before rent commences,” he said. You’ll also want to pay attention to how your warehouse is zoned. Typically, warehouses are located in \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/industrial-zoning/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"industrial zones\"})}),\" and have to abide by regulations set by the municipality. Make sure your uses align with your \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/zoning-permits/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"zoning permit\"})}),\".\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Best Practices to Improve Profitability for Your Warehouse Investment\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"To improve the profitability of your warehouse investment, Keyz first and foremost said to “buy at the right price.” He added, “Overpaying upfront means you’ll be playing catch up for years.” It’s also important to find good tenants at the right rate, Keyz said. In this regard, make sure you do your due diligence in researching your tenants, checking for income and credit score and thoroughly discussing their plans for the lease terms. Keyz also recommended “constantly looking for ways to refinance and better your debt (loan) position on the property.”\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"And in terms of creating more immediate profit, Vaamonde recommended adding structures like parking or loading docks and increasing utilities. Warehouse tenants are typically looking to store retail items in their warehouses. Amenities like climate control or additional ramps can help your facility get leased faster and sell for more money when the time comes.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Buying a Warehouse Can Be a Good CRE Investment\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Buying or investing in a warehouse property is generally considered to be a good investment, with the pros far outweighing the cons. However, it’s best to work with a commercial real estate broker and complete your due diligence before closing on a deal.\"})]});export const richText15=/*#__PURE__*/t(o.Fragment,{children:[/*#__PURE__*/e(\"p\",{children:\"There are many financial and tax benefits to investing in an apartment complex, often marketed as an “apartment community.” An understanding of the different types of apartment complexes on the market, as well as some key questions to consider, will help position an investor for a successful acquisition process. This article covers the advantages and disadvantages of investing in an apartment complex, a guide to the process, and the questions you can ask to better prepare for your search.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Why Invest in an Apartment Complex?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Multifamily, which primarily consists of apartment complexes, is traditionally considered one of the safest real estate asset classes. “Multifamily has proven to be a very strong investment over time. People will always need a place to live, and especially in these past three years, it has been a very good investment,” \",/*#__PURE__*/e(n,{href:\"https://lev.co/team/uri-pearl\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Uri Pearl\"})}),\", a Financing Expert at Lev, explained. While other asset classes have been riskier during the pandemic, including offices and retail, multifamily has remained a reliable investment. “So even the biggest landlords in the world like Blackstone are investing heavily in apartment buildings,” he added.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[/*#__PURE__*/e(n,{href:\"https://www.boydwills.com/team/brian-boyd/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Brian Boyd, Owner and Managing Attorney\"})}),\" at \",/*#__PURE__*/e(n,{href:\"https://www.boydwills.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Boyd & Wills, PLLC\"})}),\" added that part of what makes these investments so stable is that, “tenants tend to rent for years at a time. Rents tend to be stable and tenants pay regularly.” The pandemic has also solidified multifamily as a stable asset class, as more people are renting for longer. Multifamily occupancy is expected to remain above 95% for the foreseeable future, \",/*#__PURE__*/e(n,{href:\"https://www.cbre.com/insights/books/us-real-estate-market-outlook-2022/multifamily\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"according to CBRE\"})}),\". Meanwhile, as more people are working from home, office spaces have decreased in occupancy. There’s another big advantage to apartment complexes: many tenants as opposed to only one or a handful decreases the risk a landlord is taking compared to other types of commercial real estate investments. “To give you an example, a retail property might have only one or two tenants, but if they leave, you’re stuck with nothing. Whereas an apartment building has multiple tenants. People always need a place to live,” Pearl explained.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The process of securing a tenant for residential property is also a lot faster and easier than securing other kinds of CRE tenants, such as an office or retail tenant where the process is more complex, time-consuming and typically involves negotiations and landlord spending on tenant improvements. Apartment leases are typically standard and straightforward, and apartments are often leased in a single day.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Potential Disadvantages of Investing in an Apartment Complex\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"There are also disadvantages to investing in an apartment complex that should be considered. Purchasing only one apartment complex will mean an investor will not have a diversity of asset classes or properties. If a neighborhood eventually becomes undesirable, it may become difficult to secure tenants for the apartment complex and rents will suffer. Apartment complexes also come with higher maintenance costs compared with other property types, and these are paid entirely by the landlord. “The maintenance tends to be multiplied since each unit usually has its own air conditioner and appliances,” Boyd explained.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Managing an apartment complex requires more time and is not as passive as other types of CRE properties such as those with \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/nnn-investing/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"NNN leases\"})}),\". Even with a property manager, a landlord will still need to keep track of and oversee the property manager, as well approve unexpected expenses and changes in rental rates.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How Much Does It Cost to Buy an Apartment Complex?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"There is no one-size-fits-all answer to how much it costs to buy an apartment complex. The cost will vary depending on the location, the number of apartment units and the quality of the building (whether it’s \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/class-a-multifamily/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Class A\"})}),\", \",/*#__PURE__*/e(n,{href:\"https://lev.co/assets/class-b-multifamily/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Class B\"})}),\" or Class C). According to \",/*#__PURE__*/e(n,{href:\"https://listwithclever.com/real-estate-blog/beginners-guide-to-buying-an-apartment-building/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Reonomy\"})}),\", the average sold price of an apartment building across the U.S. in 2021-2022 was $1,580,091. The median sale price was $238,400.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Types of Apartment Complexes\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Multi-story apartment buildings have between five units and thousands. For example, this seven-unit apartment in Brooklyn, NY is four stories tall, 6,880 square feet and had a 100% occupancy rate at the time of our reporting.\",/*#__PURE__*/e(n,{href:\"https://en.wikipedia.org/wiki/Le_Lignon\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\" Le Lignon\"})}),\" in Vernier, a suburb of Geneva, Switzerland, is one of the largest apartment complexes in the world, containing 2,780 units. Garden-style apartment communities are a growing trend across suburbs of the United States. They are apartment complexes that are spread out and usually not more than three stories high with shared courtyards and amenities like a pool.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"How to Buy an Apartment Complex\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Buying an apartment complex requires research, patience, diligence and financing. We’ve broken down the basic steps below.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Determine What You’re Looking For, and Your Budget\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Before turning to online listings or trying to locate the perfect property, the first step is to determine the budget, what type of apartment complex you are looking for and the desired condition. Are renovations welcome, or should the property be stabilized? Do you want to fix and flip, or settle in for long-term income?\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Research Potential Markets\"}),/*#__PURE__*/t(\"p\",{children:[\"Once an investor knows what they are looking for, they’ll be able to research potential markets. The markets an investor searches for may also depend on the level of experience they have. “For more experienced landlords who already have many \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/assets-under-management/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"assets under management\"})}),\", and have established a management company they work with, it’s much easier to buy out of their footprint to a place that they can’t easily get to,” Pearl explained. “For a first-time or an early buyer that has a little less experience, I would definitely recommend and suggest that they buy within a two to three-hour drive.” It’s helpful to be able to get to the property easily when issues come up. “With your first property, there’s always going to be issues no matter what,” he added.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Find the Property\"}),/*#__PURE__*/t(\"p\",{children:[\"Once you have narrowed down the budget, size of the property and location, the next step is to start searching listings. \",/*#__PURE__*/e(n,{href:\"http://loopnet.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"LoopNet.com\"})}),\" and \",/*#__PURE__*/e(n,{href:\"https://www.crexi.com/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!0,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"Crexi.com\"})}),\" are two websites with CRE listings. “These platforms are easily searchable and allow the user to put specific criteria into the search parameters to help narrow the results,” Boyd said. An investment sales commercial real estate broker may also be helpful in finding a good deal, as they are often aware of listings that are not publicly available. Generally, the best deals will not be posted on the market.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"“Off-market properties have the potential to be much better deals, but they require a lot more effort, research and persistence to find,” Boyd explained. “You would scope out the market you are interested in and if you find a property that you’re interested in, find the owner of the property and reach out to them directly.” Of course, this approach will take patience. There is no guarantee the owner is selling, but many persistent investors do eventually have luck with this method. Forming relationships with landlords and agents will go a long way in eventually finding the right property.\",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/how-to-find-out-who-owns-a-property/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\" Read our guide on how to find who owns a property to contact a landlord.\"})})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"For First-Time Buyers: Create a Legal Entity to Hold the Property and Shield You From Liability\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If you are a first-time buyer, you will need to establish the legal entities necessary to acquire a commercial property and protect yourself from liability. This step will require hiring an attorney. Most CRE lawyers will recommend that you allow them to create a limited liability corporation (LLC) for you, and you might also need an LLC for the property itself. As the name declares, LLCs limit liability of your personal assets during many – but not all – worst-case scenarios, including the investment failing. It is relatively quick to set up an LLC with a lawyer, so you can wait until you find a property you are interested in purchasing. However, it’s important to note that lenders requiring a personal guarantee leaves your personal assets at risk regardless of whether you have an LLC set up.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"If the acquisition is a \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/joint-venture-vs-strategic-alliance/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"joint venture (JV)\"})}),\", attorneys will usually advise your business partner to have an LLC as well.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Research and Inspections of the Potential Property\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Finding a property you are interested in is only part of the equation. The other part is to make sure it is a solid investment and a profitable one. “It is critical to run the financials on the property to determine if the property will cash flow,” Boyd advised. “This is achieved by reviewing existing leases, rent rolls, maintenance reports, tax reports, and learning about other costs such as tenant paid utilities and landlord paid utilities.” Speaking to the property manager will also help to learn more about the day-to-day issues of a property.\",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/rent-roll/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:/*#__PURE__*/e(\"em\",{children:\" Read more about how to evaluate a rent roll of a property\"})})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Send a Letter of Intent (LOI)\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Once you have found a property you want to purchase and that checks the boxes for initial research, the next step is to send a letter of intent to the owner. This is especially the case when working with an investment sales broker and exploring properties that aren’t listed on public websites. An investment sales broker should be willing to perform this task for you. An LOI is a legal document, but it doesn’t bind you to a sale. It’s not the same as a purchase agreement. As the name suggests, an LOI is simply a method of showing the seller you are serious about considering a purchase and want to negotiate the business terms of a purchase If you are attempting to buy the property for less than what it is listed for, your LOI may also function as a bid. Expect the seller or investment sales broker to return with a yes, no or counteroffer.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Finalize a Purchase and Sale Agreement (PSA)\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"If your LOI is approved, the next step is to send a PSA to the seller, which is a formal document typically prepared by the buyer’s real estate attorney who finalizes the deal. This document will include specifics like how much time the buyer has to complete inspections and a deposit amount as well as legal points such as representations and warranties. A seller will often negotiate changes before signing a PSA..\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Conduct Inspections of The Property\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The buyer will have a certain amount of time to complete inspections agreed upon in the PSA. The due diligence period is typically between 30 and 90 days. During this time, the buyer will be able to perform inspections and make sure everything the seller said about the property is true. This is the time to order third-party diligence reports, including an appraisal of the property and a Phase I environmental report. You will also need to obtain a title commitment, and sometimes additional reports such as an updated survey and a physical condition assessment.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Secure Financing\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Once the PSA is signed by buyer and seller, the next step is to \",/*#__PURE__*/e(n,{href:\"https://lev.co/lev-marketplace/?utm_source=leverage&utm_medium=buy-an-apartment&utm_campaign=evergreen\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"secure financing\"})}),\" (unless you are paying in cash). “It is advisable to meet with a banker to discuss the financial products available to investors for financing multifamily real estate. Understanding how banks finance commercial real estate is necessary to the investment’s viability,” Boyd said. A \",/*#__PURE__*/e(n,{href:\"https://info.lev.co/leverage?utm_source=leverage&utm_medium=buy-an-apartment&utm_campaign=evergreen\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"mortgage broker\"})}),\" will be able to help navigate the different financing options available and determine the best fit. The process of securing financing typically takes 45 to 90 days. A broker will speak with a variety of lenders on your behalf, coordinate due diligence requests and present a term sheet for your approval. Once you’ve agreed upon a proposal, the lender will secure credit approval for the loan and issue loan documents.\"]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h3\",{children:\"Closing Day\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"The purchase will become fully finalized on closing day, when you will officially be the new owner of the property. A flurry of documents will need to be compiled, signed and scanned or sent to the lender and title company — ideally a day or two in advance. The title company will provide a settlement statement for all parties to agree upon, reflecting the movement of all funds at closing.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Typical items include:\"}),/*#__PURE__*/t(\"ul\",{children:[/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"the purchase price (less any deposits received)\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"prorations for taxes\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"rents\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"and perhaps other items:\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"lender charges\"})}),/*#__PURE__*/e(\"li\",{\"data-preset-tag\":\"p\",children:/*#__PURE__*/e(\"p\",{children:\"any invoices needing to be paid such as legal bills or third-party reports\"})})]}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"Review the settlement statement carefully to ensure all items are properly reflected and any charges to be split between buyer and seller are as agreed.\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/e(\"h2\",{children:\"Buying an Apartment Complex Can be a Profitable and Secure Investment Opportunity\"}),/*#__PURE__*/e(\"p\",{children:\"‍\"}),/*#__PURE__*/t(\"p\",{children:[\"Among \",/*#__PURE__*/e(n,{href:\"https://lev.co/financing/how-to-get-into-commercial-real-estate/\",motionChild:!0,nodeId:\"ZbHEknoJ6\",openInNewTab:!1,relValues:[],scopeId:\"contentManagement\",smoothScroll:!1,children:/*#__PURE__*/e(a.a,{children:\"commercial real estate properties\"})}),\", apartment complexes offer many advantages. In addition to being part of a stable asset class, they also reduce the risk for the landlord by diversifying income sources from multiple tenants. For investors with patience and time, finding an off-market apartment complex may be worth the effort to achieve higher returns.\"]})]});\nexport const __FramerMetadata__ = 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