Member-to-Member Deal: CREW-Miami & CREW Dallas
Three CREW-Miami members collaborate on reverse like-kind exchange with funds traveling to CREW Dallas member
Long time CREW-Miami members Terri Echarte, a banker with Gibraltar Private Bank & Trust, and Linda Adler, Shareholder of Carlton Fields, share a mutual client, who acquired a Red Lobster restaurant in South Florida with funding provided by Terri and another CREW-Miami member, Natasha Lowell of First National Bank of South Miami. Linda represented the client for the purchase and for the loan closing. This transaction was a reverse like-kind 1031 Exchange, a transaction in which the investor acquires the replacement property before selling the relinquished property. In order to defer recognizing the gain on the sale, the relinquished property has to be identified within 45 days and the title to the property has to transfer within 180 days. In other words, this was a time-sensitive transaction that required cooperation and finesse to complete.
In this instance, when the relinquished property sold, there were additional funds to invest using a forward-moving 1031 Exchange. These funds were then used to acquire an Austin, Texas Red Lobster. CREW Dallas member Kassandra McLaughlin of Bell Nunnally and Martin acted as local counsel for the purchase and worked with Linda to close this subsequent deal.
The client attended a CREW-Miami lunch which featured a terrific announcement about this Member-to-Member deal. The CREW-Miami members expressed their appreciation for his business by taking the client to a great dinner -- but not at a Red Lobster. He "loved being treated to dinner by three professional real estate women!"
CREW Network members involved in the deal:
Linda Adler, JD, Carlton Fields Jorden Burt
- CREW-Miami member for 21 years
- CREW Network Director 2014-2015
- CREW Network Committee Member
- CREW-Miami Board of Directors
Terri K. Echarte, SVP, Gibraltar Private Banking & Trust
- CREW-Miami member for 24 years
- CREW Miami Board of Directors
- CREW Network Foundation Champion
Natasha Lowell, SVP, First National Bank of South Miami
- First-year CREW-Miami member
Kassandra (Kassie) McLaughlin, JD, Bell Nunnally & Martin, LLP
- CREW Dallas – Board of Directors
- CREW Austin Founding Member
- CREW member for 13 years
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