Gilbert Square Apartments sells for $10.7M

first_imgBerkadia announced the recent loan origination and sale of Gilbert Square Apartments, a multifamily property located at 1821 E. Covina Street in Mesa, Arizona. Assistant Vice President Chad Williams of the Phoenix office originated the fixed-rate loan through Berkadia’s Fannie Mae Program. Senior Partner Mark Forrester, Partner Ric Holway and Vice President Dan Cheyne, also of the Phoenix office, negotiated the sale of the property, which sold for $10.7 million on April 15, 2015. The sale price reflects a per-unit price of $64,939. The seller was Exchange Services, LLC of Long Beach, California, and the buyer was Gilbert Square Equity LLC of Portland, Oregon.Berkadia arranged the acquisition loan for the property. Loan terms included a 75 percent loan-to-value ratio and 10-year term.Built in 1979, the 164-unit property features one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens, and select units have walk-in closets. Community amenities include a swimming pool, laundry facility, barbecues, and over 250 open parking spaces. The property was 93 percent occupied at the time of sale.“Berkadia provided excellent service to both buyer and seller through a collaborative effort from the investment sales and mortgage banking teams,” Williams said. “Our teams’ extensive experience and local market knowledge helped us to provide several competitive financing options which allowed the borrower to select the option that best fit them and secure long-term financing for their acquisition.”The Gilbert Square Apartments, located near Arizona State Routes 202 and 60, is fewer than four miles from Sloan Park, the spring training facility of the Chicago Cubs, and Mesa Riverview shopping mall. The area’s top employers are Mesa Community College, Mesa City Police Department, Marc Productions and Southwest Ambulance.Phoenix metro area vacancy tightened 20 basis points in the last three months to 5.7 percent. Market-wide asking rents reached $861 per month in the first quarter, up 0.5 percent from the end of 2014.last_img read more

New tax on settlors imposes ‘cumbersome bureaucracy’

first_imgA new system for collecting tax from settlor interested trusts is complex and expensive, and imposes a ‘cumbersome bureaucracy’ on everyone involved, the Law Society has warned. A settlor interested trust is one where a person – the settlor – has placed assets, such as money or property, in a trust from which he or she, or his or her spouse, civil partner or children under the age of 18, may benefit. The settlor is liable for income tax on revenue from the trust, but under the old system both then settlor and the trustees paid the tax bill, with the trustees then receiving a refund in the form of a credit. HM Revenue & Customs (HMRC) has now replaced this long-winded procedure with a three-stage process that requires the tax to be paid only once, by the settlor. Law Society President Linda Lee has written to HM Treasury to warn that the new process is ‘unclear in its application and increases the administrative burden on the settlor, the trustees and HMRC itself’. She added that it would be simpler to return to the previous system, which would be ‘greatly preferable to the cumbersome bureaucracy proposed by HMRC’. Gill Steel, member of the Law Society’s wills & equity committee, said: ‘The problem is simple, it’s the execution that is muddled.’ She added that the introduction of a 50% tax rate was likely to cause still further complications. ‘There will be an increase in repayment claims, generating extra work for settlors, trustees and HMRC alike,’ Steel said.last_img read more

Spurrier not a candidate for Florida coaching job

first_imgSouth Carolina Gamecocks quarterback Dylan Thompson (17) is congratulated by Gamecocks running back David Williams (33) after he ran the ball in for the game winning touchdown during overtime Florida Gators at Ben Hill Griffin Stadium. South Carolina Gamecocks defeated the Florida Gators 23-20 in overtime.COLUMBIA – Steve Spurrier made it clear he is not a candidate for the University of Florida football coaching job, Sunday afternoon.Whether or not he plans to remain football coach of the University of South Carolina beyond this season, he refused to say definitively.“I hate to see that about coach Muschamp,” Spurrier said of the Sunday firing of Florida coach Will Muschamp during a Sunday afternoon conference call. “He’s a good person and a very good coach. He’s sort of gotten unlucky. The losses he’s had over the years, sometimes we all complain about close losses but he’s had his share of them.“Unfortunately, coaches, you’re based on whatever your record is and Florida has decided they want to make a change. He’s an excellent coach.”Spurrier feels bad for MuschampWhen asked if he would consider returning to his alma mater, Spurrier said the Gators should look in a different direction.“No,” Spurrier said. “I’ve already had my run at Florida. I think everybody knows that. They need to hire a coach who will, hopefully, be there 10 years. That’s what all athletics directors do. You go under the assumption they’re going to be there at least 10 years or so.”As he promised a week ago, Spurrier refused to comment on his coaching future with the Gamecocks, however.Oh I don’t need to talk about that,” said Spurrier. “Let’s talk about South Alabama (USC’s opponent on Saturday). That’s what I need to talk about.”Spurrier laid most of the credit for the Gamecocks 23-20 overtime road win over Florida at the feet of his defense and the men who coached it.6 coaches being mentioned to replace Will Muschamp at Florida“We’ve got good coaches,” said Spurrier. “They’re coaching their tails off. Our defensive line played, I tghink, their best game (Saturday). We didn’t get blocked like maybe we did a lot of games.”There has been a lot of internet speculation that, if fired, Muschamp could join Spurrier’s staff at USC.He opted not to address it, however.“I don’t have a comment on that one way or another,” said Spurrier.USC defeats Florida 23-20 in overtime— Spurrier said the Gamecocks came out of Saturday’s game in good health.“I think we came out of the game in good shape injury wise,” said Spurrier. “We had a few sore shoulders, but should be OK. Brandon Wilds should be cleared to be OK. He got hit sort of in the shin, quad area, but it is not a knee injury.“It looked bad, but he got his foot out of the ground when contact was made.”— The Gamecocks (5-5, 3-5) host South Alabama, Saturday at noon at Williams-Brice Stadium. A win would make USC bowl eligible.The game will serve as senior day for the squad.last_img read more

Balakov: CSKA and Beroe will play a huge role in the…

first_imgKrassimir Balakov stated that he does not accept the draws with CSKA and Beroe as an achievement. Here is what the coach of FC CSKA 1948 said:“Natural result. Beroe had pressure in the second half, but we played solidly in defense and this pressure did not lead to anything. We had our counterattack positions, but we missed the last pass. We wanted to beat CSKA and Beroe, and both teams will play a huge role in the championship. The draw does not satisfy us and in the next match we will look for the victory, correcting the mistakes.The goals are high, although we are in the elite for the first time. CSKA cannot have other goals. This year the championship will be very competitive and small details will decide the matches. The match with Arda will be even harder than these two matches “, Balakov commented.Two beams, but without goals in Stara Zagora, second draw for FC CSKA 1948 in the eliteKamburov failed to punish his former teammateslast_img read more

Man United legend being considered for caretaker manager role

first_imgSolksjaer, 47, is firmly on their radar to take the reigns for the remainder of the season.The ex-United and Norway star is currently managing in his homeland, with former club Molde.Solskjaer is a Manchester United legend and scored 126 goals in 366 appearances during his 11-year career at Old Trafford.He won six Premier League titles and two FA Cups while at the club and famously scored the winner in the Champions League final against Bayern Munich in 1999. 2 Ronaldo warned Lukaku how hard scoring goals in Serie A would be before Inter move 2 Solskjaer is a Man United legend Latest Football News Ole Gunnar Solskjaer is being considered as caretaker manager by Manchester United following the sacking of Jose Mourinho, it is understood.The club plan to appoint an interim boss to steady the ship until the summer when they will appoint a permanent manager, with both Zinedine Zidane or Mauricio Pochettino considered for the role. Son ban confirmed as Tottenham fail with appeal to overturn red card Top nine Premier League free transfers of the decade no dice MONEY RANKED REVEALED United are hoping to have a caretaker manager in place before their next match against Cardiff City on December 22 after sacking Mourinho.Mourinho’s two-and-a-half year reign came to an end following the club’s worst start to a top-flight season since 1990.His last match was a 3-1 defeat to leaders Liverpool at Anfield on Sunday. Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury Where Ancelotti ranks with every Premier League boss for trophies won ADVICE Every time Ally McCoist lost it on air in 2019, including funny XI reactions REVEALED Forbes list reveals how much Mayweather, Ronaldo and Messi earned this decade huge blow BEST OF Which teams do the best on Boxing Day in the Premier League era? Ole Gunnar Solskjaer is being considered as caretaker manager by Man United A United statement said: “A caretaker manager will be appointed until the end of the season while the club conducts a thorough recruitment process for a new, full-time manager.“The club would like to thank Jose for his work during his time at Manchester United and to wish him success in the future.”last_img read more