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Dr. Andrew Rothschild
Tucker BartlettSeptember 24, 2008
Presentation Outline• Scientific Properties background• Golden Belt overview• Lessons Learned by the Developer
historic textile mill
campus
35 artist studios
37 live work lofts
LEED-registered
30,000 SF retail
70,000 SF office
historic textile mill campus
35 artist studios37 live work loftsLEED-registered30,000 SF retail70,000 SF office
historic textile mill campus
35 artist studios37 live work loftsLEED-registered30,000 SF retail70,000 SF office
historic textile mill campus
35 artist studios37 live work loftsLEED-registered30,000 SF retail70,000 SF office
historic textile mill campus
35 artist studios37 live work loftsLEED-registered30,000 SF retail70,000 SF office
historic textile mill campus
35 artist studios37 live work loftsLEED-registered30,000 SF retail70,000 SF office
historic textile mill campus
35 artist studios37 live work loftsLEED-registered30,000 SF retail70,000 SF office
The Structure
Tucker’s Top 10 Closing LessonsThe Speed Points
1. Select the right teamAccountant, lawyer, architect (or historic
consultant), lender (and lender’s lawyer), title insurance
2. Don’t let your “to do’s” slow the process3. Start survey, appraisal, insurance asap4. Set a hard closing date, mini-milestones, and
weekly check-ins5. Stay involved and try to understand the
issues
Tucker’s Top 10 Closing LessonsThe Other Points
6. Don’t be afraid to challenge the professionals7. Don’t let the structure drive business
decisions8. Don’t let the structure create taxable income9. Don’t let the structure let cash out of the
deal10.Negotiate a cap on the legal expenses you
pay on behalf of your investor and lender
Think About the FutureOngoing Concerns
1. Ongoing accounting fees- limit the number of audits and tax returns required
2. Get your accounting and reporting processes set up right away• Write a memo to yourself explaining the
transaction in your own words right after closing
Think About the FutureExit Concerns
1. Think of legal incentives as well as financial to push your investor to leaver after five years
2. Understand tax consequences of the exit• Are any funds structured as loans that will be forgiven• 32/39ths- negative amortization; who pays the taxes?
Dr. Andrew Rothschild
Tucker BartlettChief Operating Officer
