Ronald R. Pennington

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The Virgin Islands Housing Management, Inc. (VIHM), together with Reliance Housing Foundation recently announced the long awaited onset of the demolition and new construction redevelopment phase of the Emergency Housing Hospital Ground Apartments on St. Thomas, U.S. Virgin Islands.  Ronald R. Pennington, Chair of the BoltNagi PC’s Real Estate & Financial Services Practice Group served as counsel to Reliance Housing Foundation in the transaction.…

Continue Reading BoltNagi Facilitates $20M Transaction to Revitalize Hospital Ground Housing

If you are currently considering selling and acquiring property of similar value, perhaps a 1031 exchange is right for you. A 1031 exchange differs a typical real estate sale because the property is considered to be exchanged instead of sold. Partial exchanges also qualify and receive partial tax-deferred treatment. One of the main advantages of a 1031 exchange is that the taxes are deferred, unlike those of a sale. As no economic gain has been realized, the government allows you to bypass the payment of taxes.…

Continue Reading 1031 Exchange: Is It Right For You?

Interest rates are at or near historical lows while at the same time only a limited number of Virgin Islands financial institutions are  providing financing for commercial real estate, even to long time creditworthy customers with long histories of investing in commercial real estate. At BoltNagi PC we have seen financial institutions of all sizes from the small local banks to the large national banks curtailing most all financing of commercial real estate due in part to the antiquated banking laws in the Territory and at this point in time we see no relief in the near term.…

Continue Reading Creative Ways to Finance Commercial Real Estate

In the current down economy, as government and private sector employees continue to lose their jobs, many are worried about losing their homes too.  To help, U.S. Virgin Islands Delegate to Congress Donna Christensen has aggregated multiple federal programs to help people stay in their homes.

"Several homeowners have called or emailed my office asking about federal programs that can assist them, as they will be out of income and unable to maintain their mortgages," Christensen said in a written statement. "There are programs in the departments of Treasury, Housing and Urban Development, Agriculture (Rural Development) and the Small Business Administration that can be helpful."

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Continue Reading Territory Offers Foreclosure Prevention Programs

One of the first recommendations that the BoltNagi Real Estate & Financial Services Group makes to a purchaser of real estate is to obtain a survey and “walk the land”.

 

For just about any real estate purchase, your real estate attorney’s standard advice will be to "get a survey, get a survey, and get a survey!" This is not conspiracy to drive up the cost of your real estate purchase. It is common sense, though, particularly for a big-ticket purchase like real estate. Obtaining a land survey of the property you plan to purchase will identify potential problems and give you peace of mind. …

Continue Reading Get a Survey! Good Advice for Prospective VI Property Owners

Often time buyers and/or sellers enter into a contract for the purchase of real estate without fully considering the ramifications. Whether pushed by their own financial situation or other outside factors, a person hastily entering in to a contract without fully understanding their rights and obligations can lead to unforeseen consequences.…

Continue Reading Sanctity of Contract

With the ever increasing liability for injury to guests being imputed to the hotel or restaurant when in fact the injury stems from the actions of a third party vendor being utilized by the hotel or restaurant, it is important to carefully consider who is being hired to perform work at your establishment. Below are twelve items to bear in mind when selecting a vendor.…

Continue Reading Third Party Contracts, Independent Contractors, and other Agents in the Hospitality Industry

Buying a home in the U.S. Virgin Islands can be a time-consuming process. However, home ownership can also be very rewarding. The purchase of a new home is often times the largest single purchase that an individual will make in their lifetime. Consequently, the right amount of planning and preparation can reduce your stress and make for a comfortable transition into your new dream home in the U.S. Virgin Islands. Buyers, especially first time buyers, need to be sure to ask the right questions about potential properties and make careful financial decisions leading up to the home purchase. Most importantly, buyers should obtain professional assistance from the outset to make for a smooth transaction.…

Continue Reading Ten Tips For Prospective Home Buyers