Frank Jermusek

Lawyer and Commercial Real Estate Professional

Frank Jermusek discovered his interest in law while in college at The University of St. Thomas in St. Paul. While studying Business at St. Thomas, Frank Jermusek was at the same time working for the Minnesota Investment Firm, Baker Investments. While his main work consisted of managing investments of the company, Frank began working on complex commercial transactions.

About Frank Jermusek

The Jermusek Law Firm, LLC

After studying law at William Mitchell, Frank Jermusek was hired immediately to work as an attorney at Leonard, Street and Deinard. In 2006, he founded his own law firm, The Jermusek Law Firm, LLC, which is based out of Minnesota.

The company is focused on providing sophisticated, creative, and practical solutions for clients dealing with real estate, business, and lending matters. Frank Jermusek has mainly focused his legal practice on business, real estate, lending, and golf/hospitality matters.

SVN | Northco

Working closely with his other Business, SVN | Northco, a real estate and investment firm also operating in the Minnesota area and Twin Cities, Frank Jermusek’s law firm will help individuals and companies across the greater Midwest handle legal work and strategies for real estate transactions, business transactions, and litigation for both.

In terms of real estate, Frank Jermusek’s firm will provide a practical solution to legal matters in purchase & sales, development & construction, debt & equity finance, leasing & property management, loan workouts & restructuring, commercial lending, 1031 Exchange, and, another speciality, Golf Course & Hospitality. In business, his firm will handle the legal work for business formation, contracts, mergers & acquisitions, and corporate finance.

In his work as a legal consultant and attorney at law, Frank Jermusek hopes to provide his clients with planning and preparation that will maximize the profit for their business or institution, and deliver the best possible results for that individual company or service.

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Understanding Adaptive Reuse in Commercial Real Estate

Understanding Adaptive Reuse in Commercial Real Estate

There are many old buildings, such as warehouses and factories, that are no longer in use. While vacant, they attract vandals and fall into disrepair. Also, the owner is losing money each month without a tenant. Adaptive reuse can turn them into profitable properties through renovation and/or restoration. This repurposing of space has become very popular in the past twenty years, especially in commercial real estate. So, why renovate when a developer can demolish and rebuild? Below are some reasons why adaptive reuse is the better option.   

 

  1. More Economical to Renovate — Most developers opt to tear down a building and build a new one to get more money in rent and to add more amenities. However, it is more economical to renovate to avoid demolition costs as well as the rising costs of labor and construction materials. This is not to say that there won’t be “surprise” costs during the project (e.g. upgrading the electrical to meet code), but these costs are far less expensive than a new build because the structure is sound and the electrical and plumbing lines are already in place. Also, developers can save on reusing materials, such as hardware, which will preserve the character. Plus, it is hard to find the same quality.
  2. A Prime Location — In real estate, location is everything. In many urban areas, there is not enough space for new construction. By renovating a property, you will be gaining a prime location and possibly a landmark.
  3. Maintain the Character — When a building is renovated, it is given a new lease on life. Old buildings have a rich history that deserves to be preserved, albeit in a new way. It is important to find out if the building is listed on a historical register, which would mean strict municipal codes. The historical preservation process could hinder the project schedule as well. It is best to work with a landmark expert to ensure all codes are met.
  4. Customize Spaces — A warehouse or factory has plenty of space that can be customized for a tenant. For example, a warehouse is perfect for a gym or a restaurant. It can be a mixed-use space to house retail, offices, an art gallery … etc. Architects must be creative when it comes to solving renovation issues, such as lack of light or no handicap-accessible entrances, while honoring the architecture. To add more natural light, an atrium can be built, which would be a unique feature to the building.
  5. Creative Opportunities — There are many opportunities to be creative when it comes to adaptive reuse. Interior designers can mix materials, such as wood and metal, for a distinctive look. Also, the use of bold colors can enhance the building by complementing the facade or providing a stark contrast. The facade can also be utilized to brand the business (or businesses) with signage that reflects the year (or period) the building was built.
The Top Qualities All Good Tenants Have

The Top Qualities All Good Tenants Have

To find a good tenant, it helps to know what a  good tenant actually is. Below are some qualities all good tenants have.

 

Find a good tenant isn’t easy. Even someone who looks good on paper may not be the best tenant. But, if you keep these few qualities in mind while showing properties and during the application process, you’ll have a good idea of what type of tenant the person you are dealing with will make.

 

Leasing your rental to a new tenant sometimes feels like a gamble, but it doesn’t have to be. You can reduce your risk of future tenant issues by knowing the qualities all good tenants have and looking for those in applicants as you show the property and review the application.

 

Just keep in mind that to avoid violating the Fair Housing Act – a costly mistake you never want to make – you will have to apply your application criteria equally to all applications. Also, make sure that the determining factors when you make your decision are measurable, such as the income-to-rent and credit score.

 

A good tenant is responsible.

 

Not only does a good tenant pay the rent and other bills on time, but he mows the grass, pulls the weeds, changes the filters, and takes care of the day-to-day maintenance issues that are his responsibility. He also alerts you to potential issues that require your attention, such as termite tubes in the laundry room.

 

Punctually is your first indication whether a potential tenant is responsible. Check his credit report, too. If he doesn’t pay his bills on time, his credit score will reflect it. Also, watch for judgments for uncollected rent and damages. A responsible tenant will pay his rent on time and in full, and of course, he won’t damage the property.

 

A good tenant is respectful.

 

If your tenant doesn’t respect you, you’re in for trouble. He will likely try to take advantage of you by paying late or asking for concession after concession. You can tell whether he’ll respect you after he’s your tenant by the way he treats you before he’s your tenant. Trust your instincts on this.

 

A good tenant can pay.

 

This is a no-brainer. If a tenant isn’t able to afford rent, you shouldn’t be surprised when he doesn’t pay the rent. A good rule of thumb is that the rent should not exceed 30 percent of the applicant’s income. In fact, you may want to make that one the written criteria for qualifying to rent the property.