Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that David Christensen, a Senior Vice President with the firm’s Capital Markets/Mortgage Brokerage based in its San Francisco office, has assisted borrower Broll Capital to secure financing for its acquisition of Cedarwood Apartments, a 35-unit apartment complex located at 725 West College Avenue in Santa Rosa. Christensen collaborated with Cassidy Turley’s Scott Gerber, a Senior Vice President with the firm’s Multi-Family Group, who represented Broll in the real estate purchase of the property for a price of $4,300,000, or $122,857 per unit. The lender was a national bank.
Christensen worked diligently and directly with multiple banks during the loan application process. He examined carefully all of the financial needs and requirements of Broll Capital before selecting the appropriate lender, a national bank. Despite facing a few challenges during the approval process, Christensen was able to help his client negotiate an aggressive loan under the following terms: a 70% loan to purchase price, fixed for 5 years at an interest rate well below 4.00% with Interest Only periods. According to Christensen, “this was an opportunity to assist a great Client in achieving advantageous financing on a property with excellent upside potential.”
“The success of this entire deal, from property selection to loan to close of purchase, stemmed from an effective collaboration effort between our Capital Markets/Mortgage Brokerage and our Multi Family Group,” Christensen stated. “Having streamlined cross-platform services and direct communication was a great advantage to help ease some of the bumps we faced along the way and ultimately led to a successful acquisition for our mutual client, Broll Capital.”
Christensen has over 28 years of debt placement experience for all types of transactions, including; refinance, construction, acquisition, mezzanine debt, joint venture equity and SBA financing. He brings unique insights to the capital markets and provides valuable intelligence to debt transactions with his past experience as both a Lender and a Mortgage Broker.
Broll Capital, headed by experienced investor Brandon Broll in partnership with the McGah Family, is a value-add apartment investment company focused on buying off-market and thinly-marketed deals located in the West.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,600 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside of North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,300 transactions, totaling over $4.3 billion in 2011.