May 22 2006
The Wyatt is one of the newest towers going up in the Pearl District. The site is next to the Bridgeport Brewery at NW Marshal and NW 12th. I can’t tell you much more than that. The only instructive signage on the site is a banner that references www.thewyatt.com. The site has a front page with “coming soon” and no other information.
The block is named the Cronin. Previously, rumors had the tower being called the Coplin. Now we have the Wyatt.
Perhaps someone can shed some light?
Categories: New Construction Complexes
May 16 2006
74 NE Ivy is now closed. It closed May 10th for over asking. The clock is now ticking. We have 45 days to identify what properties we want to buy and 180 days to actually close on them. Day 45 is a Saturday and there are no extensions for any reason: weekend, Christmas, or stupidity. This means that we have to let our Qualified Intermediary know by Friday, day 44.
Our current plan is to buy two properties with the proceeds from the sale of NE Ivy. We have to spend at least the amount of the sales price and maintain the same amount or increase the debt the property had on it the day it closed. There would be no point in just buying one property as it would maintain our existing leverage position. Our plan is to buy two properties. We’ve made an offer and should hear back today on the first. The second property is still up in the air.
Categories: Selling 74 NE Ivy 1031 Exchange
