We had previously financed this property in the past for the seller. He ended up putting the property on the market for sale and coincidentally we were contacted by the realtors and the buyer who was trying to purchase the apartments.
The transaction started off like a cake walk. We were familiar with the property and we are experts at what we do, but who knew that a unit in the building would catch fire while in escrow. This caused a hurdle and delays.
ALB is known for having access to great loan products and experts in the industry, but also we pride ourselves in working together with everyone in the transaction. It is a team effort, and each is doing their part to get to a successful close. In this case we worked diligently with the property management firm, contractor, and listing agents who did a great job with a quick complete unit rehab and then rented it out to a new tenant. You got to give credit to the buyer who stayed under contract after news of the fire and continued to work with the seller. Ultimately, we had a successful close. This was a fun one.