Marc Belsky Ltd
Danbury
$20,000,000
Core — Danbury, CT Acquisition
A client went to contract on a large multi-family deal in Danbury, CT with a commitment to the seller to close in 6 weeks from date of contract execution. We received a call immediately upon contract execution and were given the assignment to assist in securing equity for the deal. Despite already having a decent portfolio in several states in the NE, this was the client’s first deal in CT, so he was entering a new market, and this would have been his first deal partnering up with an institutional investor in a JV partnership. Furthermore, we were retained in the last week of July, giving us one of the most challenging months to close a deal, as many people travel in August and late summer through Labor Day, providing a challenging environment to execute in a timely fashion.
Notwithstanding all these challenges, within days we identified a JV partner for the project, and though they required an extra layer of diligence that needed to be conducted by a “big 4” accounting firm due to their structure, from the day of our initial intro call until closing, we were able to get the deal closed on time before Labor Day, and in only 5 weeks from start to finish with this investor coming into the deal with a $20,000,000 investment.
NYC Office One Battery Park Plaza New York, NY 10004 212.365.0281
