Mid Atlantic Real Estate Journal — October 25 - November 7, 2013 — A
M id A tlantic R eal E state J ournal Also procured a new extension of credit for $1.7 million GFCIB restructures self- storage & retail center loan
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u n t i n g d o n Valley,Pa./Fort Lauderdale,Fl — GFCIB and Advisory, LLC a nationally recognized financial real estate advocate and advisory firm for com- mercial real estate owners, developers, builders and mid sized businesses announced that it has once again success- fully restructured a self-stor- age center and retail shopping H NAI KLNB brokers 14,000 s/f office sale for $2 million
center loan for a client located in the suburbs Chicago, IL. The original lender was owed $2.6 million on the real estate. Unfortunately, the asset was underwater and GFCIB was able to establish the true value of the collateral, it’s short term and long term prospects and convinced the bank that it as well as the client would be bet- ter off if it provided a sizable discount to the existing note to avoid taking the asset into real estate owned or prolong- ing the process by a Chapter 11 Bankruptcy filing.
GFCIB’s also procured a new extension of credit for $1.7 million, thought a discounted note purchase financing for the client enabling the client to retain the asset,payoff the bank and feel confident that the cash flow associated with the asset in the future will be more than enough able to cover the new debt. This win/win scenario for both the lender and the client is what GFCIB strive for each and every day. In fact not only were we thanked my our cli- ent, but the bank as well. n
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350 South Washington St.
used all of the proceeds from the relinquished property and they wish to reinvest those funds to achieve full tax deferral. Scott R. Saunders is sr. VP of Asset Preservation, Inc. n continued from page 2A DST: A 1031 Exchange replacement . . . “This acquisition falls into the ‘timing is everything’ cat- egory,” said Simon. “Due to sus- tained growth of the company and the increased popularity of auction houses, Quinn’s Auc- tion Galleries initiated a search for expanded office, showroom and storage space to house its growing operations. Instead of moving its headquarters to a new location, the company was able to satisfy its immediate requirement by acquiring the adjacent property. n Falls Church, VA — NAI KLNB has brokered the sale of 350 South Washington St., a three-story 14,070 s/f commercial office building lo- cated in Falls Church to Quinn’s Auction Galleries for $2 million. Josh Simon and Marc Tasker of NAI KLNB represented the seller, NHP Foundation in this transaction. The building will be utilized by Quinn’s Auction Galleries to support the full-service auction and estate services company’s continued growth and expan- sion.
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