Blake Smith

CPA turned CRE Buyer, Investor, Developer, and Property Manager. Focusing on retail strip centers in the central & eastern Sun Belt.

DFW | Husband | WPS🐗

[Arkansas Men’s Basketball 🐗 @RazorbackMBB]

FIRST it was the assists record. NOW it’s the scoring record. Darius Acuff Jr. is rewriting everything. 🐗 #AcuffPOY

[SEC Network @SECNetwork]

WOO PIG SOOIE 🐗

THE ARKANSAS RAZORBACKS ARE SEC CHAMPIONS🏆 @RazorbackMBB

[Arkansas Men’s Basketball 🐗 @RazorbackMBB]

CALL THE HOGS 🙌🐗🏆

[ESPN @espn]

DARIUS ACUFF JR. WINS SEC PLAYER AND SEC FRESHMAN OF THE YEAR! 🏆🏆

Coach Cal with another elite guard 🔥

[SportsCenter @SportsCenter]

As good as gold 🥇

[Blake Smith @BlakeSmith_CRE]

@NFL_DovKleiman

[NFL @NFL]

CAM LITTLE JUST KICKED THE LONGEST FG IN NFL HISTORY! 68 YARDS!

[Arkansas Football 🐗 @RazorbackFB]

Happy 4th of July, Razorbacks!🇺🇸

[Arkansas Men’s Basketball 🐗 @RazorbackMBB]

CONGRATS to @Jay_MWilliams_ & @zai_joe1…NBA CHAMPS! 🏆

[Arkansas Baseball @RazorbackBSB]

PEOPLE TALKIN BOUT THAT WOOD

[Dallas Stars @DallasStars]

VIBES: SO IMMACULATE!

@Patron | #TexasHockey

[Blake Smith @BlakeSmith_CRE]

@Jeffdthompson Sister drives one. She hit a calf in rural east Texas a few years ago going 70 mph. Calf didn’t make it and car totaled but she was without a scratch. First responders said any other vehicle and it would’ve been a different story. Mom traded her car in the next week to buy one.

[Blake Smith @BlakeSmith_CRE]

@CharlestonArchi “Oh, you want to ask questions before submitting, sign up for a presubmittal meeting through this link and we’d be happy to help.” End of signing up for presubmittal meeting: “That’ll be $1,250.” Racket from beginning to end.

[Blake Smith @BlakeSmith_CRE]

@bethanyjbabcock Nightmare every five years when critical tenant has to renew. Loan docs with CMBS lender says they have to renew 12 months prior to expiration, but lease says 6 months prior. Huge miss, and CMBS lender put me through the wringer. 😰

[Bethany | Commercial Real Estate @bethanyjbabcock]

Newer syndicators are learning about CMBS loans for the first time.

They are tickled by the terms and think they’ve stumbled upon something special.

These are the warnings I like to share with them:

🚩Your lender will in essence become your asset manager and the position has a lot of turnover and no one says anything if you are talking to the wrong person. Everything goes through them, whoever that is at the time. They will also make your attorney seem responsive and reasonable in contrast.

🚩You work for the lender now. Need a modification to a lease? New lease? Renewal? Please hold for approval and then a long list of requests for supporting documents the day of signing. They make the fire marshall look like an old college buddy.

🚩The best property managers may not take your property or may charge more. Handling repairs or capital improvements, even getting funds released to pay leasing commissions requires skill and persistence. The stress of the delays and frustrated vendors, brokers and tenants rests on them.

🚩 Reporting requirements are intensive and deadlines are not suggestions. These go beyond typical monthly reports and usually involve requests and follow ups for even more info. It’s like having an IRS agent as an LP.

🚩When something goes wrong and you need creativity (think Covid) anything you do can put you on the watch list even just a suggestion you can work with tenants on temporary exceptions to their lease. This means you could have your operating funds seized and set off the chain events that cause you to lose the property.

🚩Bad boy carve outs seem benign. You have no intent to be a bad actor so why worry? They should be renamed because they can find a million reasons to apply them and hold you personally liable for the loan. I recently heard from a multifamily broker that one of his clients was facing recourse because his vacant units were not in turn key condition as required when he surrendered the keys. He didn’t have access to the cash to turn them.

So, If you have a client that is considering CMBS be sure to share the facts with them and make sure they are ready for their new job of working for their lender.

[Baseball America @BaseballAmerica]

Bring out the brooms🧹🧹🧹

No. 10 Arkansas SWEEPS No. 1 Texas.

(🎥@RazorbackBSB)

[Blake Smith @BlakeSmith_CRE]

@SpaceCoastCRE - Knocking your car air filter to get a little more use out of it
- Having a “clean out the freezer” meal once a month to get rid of all the frozen leftovers
- Filling out the Kroger surveys at the bottom of the receipt to get points to take 10 cents off each gallon of gas

[SportsCenter @SportsCenter]

John Calipari and Arkansas take down legendary coaches BACK-TO-BACK in Cal's first year with the Razorbacks 😮

[Blake Smith @BlakeSmith_CRE]

@tyleralley @realEstateTrent Nearly a daily explanation 😂