December 6, 2007
FOR IMMEDIATE RELEASE
Loan Falls Through, McQuaid Commercial Real Estate continues, closes deal
December 6, 2007: Although the expected lender backed out, the sale of the Olympus Apartments was still able to close when McQuaid Commercial negotiated for the seller to provide short-term financing.
“The lender consistently stated they would fund the loan until the very last minute, when it became evident that the out-of-state lender was having internal concerns about new lending on anything other than AAA property” Michael McQuaid said Thursday.
“The transaction began in August with several conditions that the buyer needed to cure prior to close, such as the 35% vacancy factor. The buyer remedied all problems through aggressive hands-on management and was ready to close on the loan as agreed. When the lender backed out it certainly appeared as though all of the buyer's efforts, not to mention his non-refundable earnest money, would be lost. The seller recognized the integrity of the buyer and the efforts of all parties and agreed to finance the property on terms similar to what were expected from the lender” said McQuaid.
The Olympus Apartments are a 46-unit apartment complex originally built as a motel in 1962.
MCQUAID Commercial Real Estate is located at 400 Roy street in lower Queen Anne. It is an open-concept boutique-style firm offering advising services and focuses on superior client representation. MCQUAID agents sit at one table in order to facilitate communication and create connections between buyers and sellers quickly. MCQUAID opened its doors in May 2007.
|
