|
Project Outline
Homestead Capital is a Portland-based
nonprofit that invests in and manages subsidized housing projects on the
West Coast. Because it competes with for-profit firms for funding and
projects, Homestead wanted to have quarters that didn’t look like a
non-profit but met the financial requirements of the Homestead Board.
The cost of moving and furnishing the new quarters were of paramount
importance.
Services Provided
-
Operating Expense Review
-
Tenant Representation
-
Creditor Negotiation
-
Transaction Management
How We Added Value
We were initially retained by Homestead to review the
operating expense estimates and reconciliations provided by Homestead’s
landlord. Soon thereafter, Homestead determined that they wanted to
consider relocation. After reviewing the entire market, we identified
premises that were coming available because of a high-profile
bankruptcy. By moving quickly with a space planner we had helped
Homestead hire and by negotiating directly with the
debtor-in-possession, we were able to secure a transaction that reduced
Homestead’s rental rate by 15%, took advantage of significant
high-quality improvements that resulted in the client obtaining $250,000
worth of high-quality furnishings.
|
“Homestead Capital is a non-profit
that serves our community by providing high-quality housing for
low-income residents. It was important for us to have high-quality
office space within a constrained budget. Mark and Brandon
understood our needs and helped us accomplish them.”
Deborah
Saweuyer Parks
CEO |
