When you are in the commercial real estate market you really get an understanding just how small this niche market is. We have been working with past clients as they have been acquiring different assets. It happens often with investors that when they find a suitable property many times the listing agent or the property we are familiar with because we had somehow worked with the other person or on the property previously. This is how small the market can be when you are as active as ALB.
The transaction was fairly smooth with no challenges since we just had completed a previous transaction for the buyers we already had a complete package on them.
The rents were low so on this transaction we placed the borrower into a 5 years of interest only so that they could get cash flow as they worked on stabilizing the property.