All facets of real estate, whether developments from scratch, renovations, upgrading, shopping center leasing and issues, financing of real estate as well as 1031 exchanges and defeasing.
Real estate owners needing third party management usually have a large number of companies to choose from, but few of even the excellent ones will have the specialized knowledge and experience required for certain transactions.
The President of Protea Real Estate was a practicing attorney in another country for fifteen years. His legal training has stood Protea in good stead through the years.
Property Sell and Capital Gains
When an Owner sells its real estate and makes a capital gain on the sale, tax has to be paid on that gain. Many Owners in this position prefer to defer paying the capital gains tax, and they do this by employing what is known as a 1031 Exchange, which is a procedure laid down in law, to enable payment of the capital gains made on sales to be deferred. To take advantage of the benefits afforded by the Exchange, one must carefully satisfy the requirements of the laws in question. Protea has been involved in several 1031 Exchanges.
In one case, to satisfy the 1031 requirements, extensive structural problems had to first be solved. The Owner’s attorney had no experience with 1031 Exchanges, but with Protea’s assistance, the Exchange was successfully concluded.
1031 Exchanges and Defeasances
Another client of Protea sold his property and made a substantial capital gain. The client then entered into a contract to purchase a shopping center as part of the 1031 Exchange. The client’s attorney had no experience with 1031 Exchanges and Protea stept in to assist him.
Then the same client decided to pay the existing mortgage on the property he was purchasing, in full, fourteen months before the mortgage’s due date for payment. To do this it was necessary to defease the mortgage. The client’s attorney had no experience with defeasing, and so Protea, which had experience with defeasances, stept in and assisted him.
The exchange and defeasance were both completed successfully.
1031 Exchanges and defeasances are specialized and are often difficult to achieve.
Protea’s clients were able to achieve their goals in large part due to the input of Protea.
Protea’s President and his staff have between them had extensive experience with all facets of real estate, whether developments from scratch, renovations, upgrading, shopping center leasing and issues, financing of real estate, as well as 1031 Exchanges and defeasing.
Protea stands ready to help you overcome your real estate problems.