CRE Capital, Inc.
1777 North California Blvd., #300
FOR IMMEDIATE RELEASE
CRE Capital, Inc. Co-Brokers Note Purchase of 1111 Civic Office Building in Walnut Creek, CA
Walnut Creek, CA
April 2, 2010
CRE Capital today announced the closing of
the note purchase of the 1111 Civic Office Building in Walnut Creek. This
75,000 s.f. building is strategically located in the
downtown area of Walnut Creek and close to the Walnut Creek BART Station. This
building had been converted to condominiums and about 15,000 s.f. of condominium units were sold at the time the note
was purchased. The buyer purchased the note from a group of 3 banks headed by
Fremont Bank. The buyer subsequently foreclosed on the property one day after
purchasing the note. The buyer ultimately sold the property to Mechanics Bank
who will be occupying the space for their continuing operations. The purchase
was unique as several issues had to be overcome. This was a broken condominium
project so the buyer was not buying the entire building. The lenders in the
selling group had different motivations and one of the lenders was taken over
by the FDIC during the sales process. This was a note purchase and there was
also a concern the seller could declare bankruptcy so a fast foreclosure on the
real estate was critical. The buyer had been familiar with the property over a
long period and their intimate understanding of the building was critical in
completing the transaction. CRE Capital, Inc. co-brokered the transaction with
Kevin Herman of Herman Commercial Real Estate in Walnut Creek. Tom Dewar represented
CRE Capital, Inc. in the transaction.
About CRE Capital, Inc.
CRE Capital is a commercial mortgage brokerage firm founded to provide the best experience possible for owners financing their commercial properties. CRE Capital works to find the best financing available, close that financing in the shortest time possible, and insure the loan closes on the same terms as in the application. CRE Capital provides owners value by saving money, time and energy using the industries best tools and focusing completely on closing on time, on budget and on the best terms.
company was an early adaptor of the internet as a tool to solve problems
borrowers often face when hiring a broker. The broker's traditional role as
intermediary often leads to frustration as borrowers struggle to determine what
is best for them. CRE Capital removes the stress by representing borrowers and
making the process transparent. The delivery system is award winning software
developed by CRE Capital to open and to automate the financing process. The
increased efficiency allows CRE Capital to manage more lender
relationships, obtain better financing, and close faster with fewer
Award Winning Software
RealComm awarded CRE Capital, Inc. the 2003 Digie Award Winner for Commercial Lending. CRE Capital received the award for the best use of the internet. Each year, Realcomm recognizes the leaders and innovators in the Commercial Real Estate industry who are maximizing the use of technology and automation in their businesses. Other 2003 award winners included Equity Office, Lincoln Property Company and Sperry Van Ness.
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