THIS COMMUNICATION IS PROVIDED BY RMC PROPERTY HOLDINGS FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL OR ACCOUNTING ADVICE. YOU SHOULD CONTACT YOUR LEGAL COUNSEL OR ACCOUNTANT FOR ADVICE OR ASSISTANCE.
Dear Tenant,
In these harsh times, we hope everyone is staying healthy. We want to insure that you are aware of two loan options that have been made available through the recently enacted Federal CARES Act.
1. Economic Injury Disaster Loans (“EIDL”)
The Economic Injury Disaster Loan Program (EIDL) can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. This type of loan has always been around and available when an area is declared a “federal disaster”. These loans are becoming available to all now that many areas have been deemed disaster areas. An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue. These loans are to “keep the doors open” and should only be used if all other borrowing efforts have been exhausted. Apply online for disaster loan assistance at your own convenience through SBA’s secure Disaster Loan Assistance website (https://covid19relief.sba.gov/#/)
2. Paycheck Protection Program Loans (“PPP”)
The Paycheck Protection Program (PPP) provides small businesses with funds to pay payroll costs, including benefits, and most mortgage interest, rent, and utility costs, over the 8 week period after the loan is made. It is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. In order to qualify, your business must have been in operation on February 15, 2020, have full and part time workers on or before February 15, 2020, and employ 500 employees or less. This bill specifically includes sole proprietors, independent contractors, nonprofits with 500 or fewer employees, and hospitality and food service companies with 500 or fewer employees per location. This loan will cover costs that include payroll, interest incurred on mortgages, rent, utilities, and interest on other debt in place before February 15, 2020. The costs specifically excluded are employee salary wages in excess of $100,000 annualized, principal payments on existing loans, prepayment of existing loans, compensation to individuals outside of the US, and mandatory sick pay or family leave for which a credit is already provided under the Families First Coronavirus Response Act. The maximum loan available is the lesser of $10 million or 2.5 times the average covered monthly payroll costs of the business for the one-year period before the date of the loan. As long as proceeds are used for covered purposes, the debt is nonrecourse to business owners. You should contact your regular bank and inquire if they are on the program and what they will require with application. The amount that is forgiven will be determined at a later date. For any amount not forgiven, the loan will be due in 2 years at 1% interest. Employers should calculate their expected loan amount and compare the benefits available under the Employee Retention Credit before finalizing a PPP loan. A link to sample application and instructions can be found at the SBA’s website (https://www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application_0.pdf)
RMC Property Holdings was founded in 1987 in Dallas, Texas. Over the past 30 years, RMC Property Holdings and its principals have acquired, developed and/or managed more than $600 million of real estate – including more than 2,000 apartment units, in excess of 6.8 million square feet of office space, 500,000 square feet of retail space and 2,000 hotel suites.
Today, RMC Property Holdings is a full-service real estate firm with extensive experience in acquiring, developing, and managing a versatile array of commercial properties – including hotel, office, industrial and retail. RMC Property Holdings currently leases and manages more than 750,000 square feet of office and retail space.
RMC Property Holdings structures transactions with investors – both private and institutional – whose desire is to maximize their return on investment while maintaining a strong emphasis on the preservation of capital.
RMC Property Holdings has been entrusted with our investors and partners’ capital as well as our own. RMC Property Holdings creates value and delivers superior returns by identifying unique investment opportunities, providing exceptional investment management and executing a disposition strategy that takes advantage of asset maturity and market conditions. To ensure success, the firm attracts and nurtures the best and the brightest employees, executes innovative investment and operating strategies that focus on growth and market leadership and provides consistently outstanding customer service.
RMC Property Holdings asset management team monitors each asset on a monthly basis to evaluate the “maturity” of each asset, taking time to research and understand the current pricing of similar deals in the market. This information allows RMC Property Holdings to target the opportune time to sell in order to maximize the return on each investment upon disposition.
R. Maurice Crowe, Jr.
Founder
R. Maurice Crowe, Jr.
Founder
R Maurice Crowe, Jr. is the founder of RMC Holdings and specializes in securing new business and acquisitions. Prior to founding RM Crowe Company, Crowe served as the senior vice president with Criswell Development and an associate attorney with Winstead, Sechrest & Minick, P.C. During his tenure at Criswell Development, he was responsible for negotiations of joint venture agreements, debt and equity financings, private placements, investor/lender relations, specific project management accountability, construction in process management and evaluation of commercial office and hotel markets. An engaged alumnus, he serves on the board of the University of Alabama President’s Council. Crowe holds a juris doctorate from Samford University and a Bachelor of Arts from the University of Alabama.
J. Kevan Dilbeck
Chief Operating Officer + General Counsel
J. Kevan Dilbeck
Chief Operating Officer + General Counsel
J. Kevan Dilbeck serves as the chief operating officer and general counsel for RMC Holdings and specializes in overseeing property management, operations, acquisitions, development, management, financing, leasing, litigation, corporate, regulatory and more. Prior to joining the team, Dilbeck worked with Prentiss Properties Trust and its predecessors. With more than 35 years of experience, he brings an extensive real estate portfolio to the company, including drafting and negotiating more than 25 million square feet of leases and negotiating sales contracts for property sales in excess of $1 billion. Dilbeck holds a juris doctorate from the University of Texas at Austin and a Bachelor of Arts in business from Trinity University.
Elizabeth Burrows, CPA
Chief Financial Officer
Elizabeth Burrows, CPA
Chief Financial Officer
Elizabeth Burrows serves as the chief financial officer for RMC Holdings and specializes in accounting, financial reporting, strategic tax planning and compliance, treasury management, lender compliance and human resources. Prior to joining the team, Burrows worked with Hudson Advisors, Maplewood Investment Advisors and Cheshier & Fuller, LLP, serving in leadership positions as a controller for fund accounting and a financial operations principal. An accomplished professional in her field, she is a member of the American Institute of Certified Public Accountants. Burrows holds a Bachelor of Business Administration in accounting from the University of Texas at Arlington as well as a Certified Public Accountant’s license.
Thomas Morabito
Director of Development
Thomas Morabito
Director of Development
Thomas Morabito serves as the director of development for RMC Holdings and specializes in developing and managing commercial real estate. Prior to joining the team, Morabito held several executive roles, including founding and serving as the President for Seneca Real Estate Group, and serving as Vice President and Partner of Preferred Development. With more than 25 years of experience, he has successfully built, developed, invested, and managed a portfolio that has included more than 4,000,000 square feet of investment-grade properties. His experience also includes structuring complex debt/equity financing, partnerships, capital raises, as well as overseeing ground up construction projects. Morabito is a member of the Urban Land Institute and the International Council of Shopping Center’s, and holds a Bachelor of Science in accounting from the State University of New York at Geneseo, a master’s degree in real estate and construction management from the University of Denver and a real estate broker’s license.
Clif Cone
Senior Vice President of Leasing
Clif Cone
Senior Vice President of Leasing
Clif Cone serves as the senior vice president of leasing for RMC Holdings and specializes in overseeing and managing all marketing and leasing, coordinating outside brokerage firm’s efforts and maintaining key relationships with existing tenant bases. Prior to joining the team, Cone worked with Prentiss Properties Trust and Southland Financial Corporation, serving in leadership roles as a vice president and a leasing manager. An expert in his field, he brings more than 35 years of extensive experience, a portfolio with more than 1,700 commercial real estate transactions and a Texas real estate broker’s license to the company. Cone holds a Bachelor of Business Administration in finance from Texas A&M University.
Suzy Featherston
Director of Leasing
Suzy Featherston
Director of Leasing
Suzy Featherston serves as the director of leasing for RMC Holdings and specializes in developing strong working relationships with tenants. Prior to joining the team, Featherson worked with NAI/Robert Lynn in the office division, McCann-Erickson Advertising, Conde Nast Publications and the Dr Pepper Company. An authority in her field, she brings expertise in brand strategies, marketing platforms, investment sales, land sales and landlord representation to RMC Holdings. Her diverse portfolio includes developing successful, award-winning marketing campaigns from inception to store-shelf, creating Dr Pepper’s Hispanic and Ethnic marketing programs, and negotiating more than 200 retail, industrial and office leases. Featherson holds a bachelor’s degree in finance, a master’s degree in communications/marketing from the University of Texas at Austin, and a membership with NTCAR, ICSC and Wall Street Women.
