Wells Fargo Unit Invests in Exchange Service
Wells Fargo & Co. real estate investment banking unit Eastdil Realty has invested in a property exchange service established by Los Angeles local commercial real estate veterans Jim Shaw and Frank Jansen.
Income-property finance specialist Shaw and title insurance executive Jansen in September founded CapHarbor Real Estate Exchange Solutions, which helps arrange tax-deferred exchange transactions through which sellers can defer capital-gains taxes by acquiring other properties.
To defer those taxes, real estate sellers must identify the “replacement” property within 45 days of a sale and close the purchase within six months.
Beverly Hills-based CapHarbor group helps sellers find and buy replacement real estate.
Financial terms were not disclosed.
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