How Yaakov from Midfield Secured 11 Offers for a Distressed 250-Unit Property in Baltimore Despite a Challenging Market.
The Challenge
The owners of a 250-unit apartment complex in Maryland purchased the property during a thriving market environment, benefiting from favorable in-place debt. However, due to increasing delinquency, vacancy, and a cap rate gap, they’ve struggled to meet their financial goals. Despite efforts to list the property with another brokerage firm, they were unable to finalize a sale and were seeking a solution to protect their equity—until they discovered how Midfield secured 11 offers for a 250-unit property in a similarly challenging situation.
The Action
Yaakov Kanevsky from Midfield Real Estate has known the owners for some time and recognized the challenges they were facing. While the owners felt as though their struggle was never-ending, Yaakov realized that the real solution was simpler than they had anticipated. The main challenge wasn’t the ongoing difficulties, but rather a few key moves that, once implemented by the right investor, could stabilize the asset. Yaakov connected the owners with local vendors to enhance the property’s performance. After meeting with the owners, Yaakov identified a clear path forward, leveraging the favorable lead status, assumable debt with favorable terms, and the desirable unit mix.
Result
Through careful effort and by highlighting the true value of the asset, Yaakov Kanevsky from Midfield Realty was able to craft a clear, realistic game plan and pro forma strategy for investors. Leveraging his deep market knowledge and extensive connections, Yaakov was able to secure 11 offers for the property before being offered publicly. His proactive approach helped the owners avoid losing both their equity and the sweat equity they had invested in the deal. Despite challenges that arose during the closing process, Yaakov’s dedication and experience allowed him to navigate these hurdles effectively, ultimately bringing the deal to a successful close and securing an offer that worked for the owners.
Working with Yaakov Kanevsky was a game-changer for us. His deep market knowledge and extensive network allowed him to secure 11 offers for our property before market exposure. Yaakov took the time to understand our goals and created a realistic strategy that ultimately saved our equity. We truly appreciated how he handled the challenges that arose during the closing process, ensuring the deal was finalized successfully. His dedication and persistence were invaluable, and we’re grateful for his efforts in getting us the right deal.
