One of our very best clients returned to us to help with this purchase transaction. It started off very simple and straight forward.
After we got started, we learned that all tenants rents were being increased and also a parking fee was being established. This was good because it helped get more loan dollars but did require some additional orchestration on our part so that there was no confusion. Then at the very last minute we learned that the client wanted to do a reverse 1031 exchange.
At the onset of the transaction, we had learned that the seller had a Prepay penalty with the lender who held the note against their building. We have a long lasting relationship with that lender and as a result we were able to help negotiate a discount in the sellers prepay in exchange for bringing our clients to them for a new loan. The reverse exchange ultimately only delayed us a couple of days. Closed before year end and off to the next deals.