PLEASANTON, CA—Three years ago, almost all of the tenant leasesat the Britannia Business Center were scheduled toexpire within 24 months and the loan was maturing at the same time.The tenant in common (TIC) investors did not have a business planor enough equity in the property to refinance through conventionalchannels. To address the looming deadline, Clear VistaManagement was hired to manage and restructure theinvestment, and Versant Commercial Brokerage Inc.stepped in to raise capital. That three year effort paid off, withthe Britannia Business Center now successfully recapitalized.

"We appreciate the years of effort that Clear Vista and Versantput into saving this property," said Dale Shoup,investor steering committee member. "Without their vision anddiligence the investors would have lost this property toforeclosure. We are happy to continue to own such a qualityasset in one of the most dynamic markets in the country."

Versant Commercial Brokerage Inc. assisted the TIC investors byoriginating new debt financing, bringing in new equity to stabilizethe property, purchasing the interests of those who needed to exitthe investment and utilizing Internal Revenue code section 721 toroll up the structure into an LLC on a tax-deferred basis.