NEW FINANCING?
| Being owned by a company that was once one of the largest real estate owners in the US (JMB Realty) has helped JMB Financial Advisors; but, like many, it’s had to get creative recently. The 10-person company is finding new ways to arrange financing for clients. | |
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Two of JMB's more interesting projects in the last year involved casinos: financing the Sugarhouse Casino in Pennsylvania, which is controlled by the Bluhm Family, and the planned casino in Des Plaines, for which development is still in progress. But the investors they see in these projects aren't the same as they used to be. Instead of always dealing with banks, they're seeing a lot more investment from life companies, hedge funds, and high net-worth individuals. JMB's John Howley, Liz Kogen and Steve Lovelette say they anticipate 2010's finance transactions will involve more refinancing and few construction loans. JMB did about $1 billion in financing last year. | |
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Not only are the financing sources different than before, JMB is seeing different kinds of assets, working on everything from mobile home parks to hotels and from apartments to office towers. Of its 10 professionals, nine have been with the company for 15 years or more. Steve says he loves the excitement of his job, always meeting with interesting clients and finding out about new assets. |
