BCN president Craig Nassi tells GlobeSt.com they could have hada sellout if they had more brokers to write up contracts. "Thereason we were not able to sell 100% of the units was we only hadseven licensed California real estate brokers writing contracts,"Nassi says. "They were writing eight hours a day for three daysstraight."
The luxury high rise slated for 600 Capitol Mall is expected tobreak ground before the end of the month and take 24 months tocomplete. The construction lender is Corus Bank, Nassi says. Theequity required for the loan will come from Nassi and unnamedprivate equity partners.
Nassi says his two in-house brokers are continuing to write upcontracts and should have another 10% of the units under contractin the coming days. The final 10% of the units will be held backuntil construction is under way, he says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
