10 Unit RTI Development | North Hollywood
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The successful closing on this RTI development project in North Hollywood.
Deal Story
We hit the market on this listing in mid-July and, in less than 90 days post the signing of the listing agreement, successfully closed escrow.
By early August, we locked in an offer at $2,190,000, granting the buyer a 21-day due diligence period. Marcus & Millichap Capital Corporation (MMCC) – our trusted loan origination partner for various deals – managed to secure a development loan for the buyer, an admirable feat in our current high-interest-rate environment. A looming challenge: the buyer's loan approval was set to expire by September's end. Missing that deadline would mean a tiresome re-approval process, potentially stalling escrow. To add to the tension, our seller, away for most of September, faced hurdles sending back essential documents, including the grant deed. In a show of true dedication, the seller took an overnight flight to LA and went directly to escrow to sign all outstanding docs in person. This proactive step allowed us to close escrow by month-end.
However, with limited time for title recording, we had to resort to a "gap" closing and an escrow holdback of the seller's funds to facilitate this expeditious closing date. The title eventually got recorded on October 2nd, but our escrow closing date was finalized on September 29th. This strategic gap closing and escrow holdback we negotiated was instrumental, ensuring timely closure and sidestepping potentially long loan delays.
The successful closing on this RTI development project in North Hollywood.
Deal Story
We hit the market on this listing in mid-July and, in less than 90 days post the signing of the listing agreement, successfully closed escrow.
By early August, we locked in an offer at $2,190,000, granting the buyer a 21-day due diligence period. Marcus & Millichap Capital Corporation (MMCC) – our trusted loan origination partner for various deals – managed to secure a development loan for the buyer, an admirable feat in our current high-interest-rate environment. A looming challenge: the buyer's loan approval was set to expire by September's end. Missing that deadline would mean a tiresome re-approval process, potentially stalling escrow. To add to the tension, our seller, away for most of September, faced hurdles sending back essential documents, including the grant deed. In a show of true dedication, the seller took an overnight flight to LA and went directly to escrow to sign all outstanding docs in person. This proactive step allowed us to close escrow by month-end.
