This was one tough deal! This property represented significant challenges: a pre WW-II conglomeration of 6 partially-leased buildings of common walls, with 65,000 sf of very “tired” creative space; severe deferred maintenance; a bank ready to foreclose; and an owner who had “tossed in the towel” regarding ownership.
After numerous months of negotiation and “hand holding”, Alliance Development, led by Kyle Bertelsen, came to agreement to buy the building with the hopes of repositioning the property to add long-term value and upgrade the deteriorating conditions, along with the tenant base.
Structuring an assumption of the underlying loan, along with adding some cash and a carried-back second mortgage with the owner, the deal finally came together after many stops and starts in the 9 month process.
“Todd went above and beyond the typical brokerage role to get this deal to the finish line. He had a very difficult Seller, but always never lost optimism or energy to solve multiple issues to keep the transaction alive”, said Alliance’s Bertelsen.