Property Aquisition And Ownership Formation
Summit Realty Group, Inc. (SRG) began its existence by finding real estate opportunities and organizing groups of investors to acquire and hold assets. SRG is well positioned in the brokerage community and has established good working relationships with area brokers. SRG continues to keep abreast of many investment opportunities and we continue as a principle, and in some cases in a minor role as a broker, wherein we are not competing directly with area brokers. After a thorough analysis is completed on feasible investments, SRG produces an investment package that is distributed to potential investors. Depending on the investment needs, SRG will: arrange financing, arrange for the completion of legal documents to form the ownership group and complete the acquisition. Certain assets are developed for sale and SRG aligns itself with a broker to make up a sales team. In this role, SRG functions as the Sales Manager to push the Team to a successful sales conclusion.
SRG has extensive experience in financing multifamily properties and acts as the Owners Representative in arranging such financing. The financing can be for new construction, acquisition of an existing property, restructuring existing financing, refinancing existing debt, or other debt such as second mortgages or short term notes tied to specific property needs. SRG has used nearly all types of financing sources, such as Fannie Mae, Freddie Mac, conventional, insurance, construction, bridge and secondary financing.
Summit Realty Group, Inc. (SRG) is the parent company of Summit Real Estate Management, Inc., and Summit Development, Inc. SRG differs from its subsidiary companies in that it concentrates on the acquisition of real estate investments, primarily existing apartments, and development and construction of new apartments, redevelopment of property for condominium conversion, and revitalization of existing properties to bring a new economic life to the asset.
The tasks are led by Michael McKenna, its President, and a team consisting of management, construction specialists, administrative support personnel, and project managers. The team varies in its make-up and SRG will bring in outside sources to augment its Team as each project warrants. The Summit accounting department provides services for each investment property.
The projects completed by SRG include acquisition of existing properties, or new construction of apartments where SRG acquires the land, generates the design and approvals, arranges equity and financing, either hires the construction support or employs a contractor, monitors the development, and assumes the management via its subsidiary, Summit Real Estate Management, and manages the Ownership as its asset manager, or Managing Member. SRG is also involved in apartment conversions to condominiums, and handles all of the tasks that are required to bring the asset to a successful sales conclusion. The track record is excellent.
SRG has associations with the legal, construction, real estate sales companies and individuals; as well as the experience to assemble the right Team for the project at hand, so that the best talent is brought to bear on the project, thus insuring the best results.