Inland Real Estate Acquisitions, Inc. announced that it negotiated and helped close the purchase of Conifer Creek Apartments, a 480-unit multifamily property located in Aurora, Colorado, an eastern suburb of Denver. Matt Tice, senior vice president of Inland Real Estate Acquisitions, Inc., facilitated the transaction, with assistance from Brett Smith, assistant vice president associate counsel of The Inland Real Estate Group, Inc., on behalf of an Inland affiliate.
InPoint Commercial Real Estate Income, Inc., the debt-investing venture that recently was formed by Inland Real Estate Investment Corporation and Sound Point Capital, already has completed two investments.
The McDonald's campus south of the tollway already has attracted the interest of one big company: The Inland Real Estate Group, Inc. is mulling an acquisition of the property, which includes McDonald's 400,000-square-foot headquarters building, Hamburger University, a 114,000-square-foot building and the 218-room Hyatt. After moving there, Inland would redevelop its current headquarters at Butterfield and Meyers roads. "We're still analyzing the whole concept," says Inland Chairman Dan Goodwin. "We're at the stage where we're talking about economic feasibility."
Art Rendak, president of Inland Mortgage Capital, was honored with an award for his involvement in the All Stars Project of Chicago during a benefit luncheon on June 16. The All Stars Project is a privately funded national organization that works collaboratively with local programs for inner city youth.
A like-kind exchange essentially allows property owners to sell a building and avoid paying taxes on those profits if they re-invest in other property. The thinking behind the policy, which has been part of IRS code for 90 years, is that it spurs further investment in properties, including housing, commercial property and even farmland. Dan Wagner, senior vice president of government relations at The Inland Real Estate Group, Inc., explained how like-kind exchanges work in a Crain’s Chicago op-ed.
For commercial real estate investors seeking money to prop up a property, relatively small loans can be hard to come by. Private lender Inland Mortgage Capital wants to fill that void. In a Q&A with NREI, Art Rendak, president of Inland Mortgage Capital, explains how the company’s bridge lending program works, what type of borrower it targets and what the future holds for short-term bridge loans ranging from $3 million to $12 million.