A private Seattle lender took back an empty 60,000 sq. ft. office building in a market with 18% vacancy. The roof leaked, the elevators did not work, and the building looked like a sore thumb. The lender’s goal was to minimize their loss and get back to cash.
What I Did
I put together a recovery plan to improve the building and its marketability, and turn it into an investment with a positive cash flow and a decent yield up until a sale. I demonstrated the plan in a step-by-step pro forma of costs, cash flow, NOI, IRR and value. Today, I am “herding the cats” for the lender to ensure the various players interact as and when they should so the plan is achieved.
This is a current work in progress and the lender is enthusiastic about the program.