Prior to marketing the asset, we inspected the property to confirm occupancy per the dated rent roll provided by the borrower. Once the occupied suites were verified, we were able to provide the information & confirmatory images to the marketing materials and due diligence.

The marketing period was our standard four week indicative bid period followed by a one week best & final round. Due to an unprecedented amount of interest, only the upper 3rd of national bidders was invited back for the best & final round, and all local investors were invited to bid. The highest bid was placed by a local investor who increased their bid 21% higer than their bid in the indicative round.