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Why does an 8 year old property need to be “rehab”ed?
that’s a technical term used in an offering prospectus…it could mean “rehab” the P&L statement as much as the physical plant.
A capital infusion would do just that. Plus…
At 7-9 years, several HVAC systems likely need rehabbed or replaced. And any building that has 560 parking spots, needs constant maintenance and upgrades. Think: 560 vehicles, of varying quality, entering/exiting your garage every day. Dripping fluids, wear and tear….bringing in road debris and snow/ice…a huge expense just to keep the garage current.
Rick, i’m a CPA and I’ve never heard of rehabbing a P&L statement. I’ve also managed commercial real estate for 10 years and what you’re describing is routine maintenance, not rehab. Now it could be the person that used that word misspoke
I would guess their loan is maturing and they cannot afford the desired amount of leverage with current rates, so they need to raise equity to avoid reaching into their own pockets.
Agree
We need more high-rise residential in this city. Nashville is building high-rise apartments and condos left and right
Nashville and Milwaukee both are building high rises and neither city has a bigger population than Indy, so im not sure how the demand is more significant in those cities compared to here. Eleven Park will provide more residential with several towers only reaching about 15 stories in a cluster. The Old City Hall development on Alabama will see a 32 story tower break ground later this year. It will be truly a mix use development with a hotel, museum and apartments all under one roof.
Is there more demand for downtown apartments and condominiums beyond what is on the drawing boards? It makes little sense to build towers if the market for them is not there. Developers prefer to “go duck hunting where the ducks are.”