Tasked with identifying and operating a diverse, international portfolio of luxury properties to create BelleHavens Equity Destination Club, Mr. McDermott acquired and adapted residences such as this fully remodeled and elegantly equipped mountain home in Deer Valley (Park City, Utah) and palatial beach retreat in Cabo del Sol, Mexico.
For Vancouver, B.C. based International Land Group, Mr. McDermott acquired and completely renovated several projects, including the landmark Westgate Building in Austin, Texas. Located directly across from the Texas State Capitol, this mixed-use high-rise was converted successfully to 110 residential condominium units and another 60,000 square feet was leased to commercial users. The Westgate Building was previously and remained after conversion the address of several of the most prominent movers and shakers of Texas:
Gill Savings & Loan was structured as a wholly-owned subsidiary of The Richard Gill Company, a mortgage banker. As such, the holding company could take a limited partnership interest in all commercial loans made by the S&L. Mr. McDermott, representing Gill’s partnership interests, then offered his services - without additional fees - to market the properties for the General Partner (Borrower). This should be considered when evaluating the actual impact of profitably selling over 140 diverse properties and the ability to book (by GAAP guidelines) a bottom-line profit in excess of $30 million after Gill Savings & Loan was able to book all fees, four points, all accrued floating interest above the stated pay rate and the return of principal.
Far from cookie-cutter, the wide-ranging responsibilities of being an investment marketing partner included such unique circumstances as keeping the tax credit intact for an early entree in the rehabilitation of LoDo, Downtown Denver’s lauded Historic District, with this repurposed stable and high-rise addition on Blake Street:
R&B was a niche-market development company that had built its reputation on pioneering the “swinging singles,” amenity-packed apartment complex in California. With the changing times and the very real threat of rent control, the founders recognized that they must adapt their portfolio. The first phase was to fund expansion through the refinancing of the core properties. The second phase was to identify institutional buyers who wanted R&B’s hospitality-centric Oakwood Garden Property Management Group to continue to operate the complexes but participate in I.R.C. Section 1031 “like-kind” exchanges to mitigate the tax impact of the sales.
As Director of Acquisitions, Mr. McDermott was tasked with implementing the strategic plan. He did this by expanding the core apartment management operations by opening new markets out of state, as exemplified below with the Oakwood Gardens of Houston, Texas. Additionally, the business model was tweaked to include other commercial enterprises such as business parks and, as shown, the Lido Marina Village retail center in Newport Beach, California.