"Better brokerage through advisory and consulting services."
Marcus & Millichap Real Estate Investment Services
National Seniors Housing Group
Asbury Place of Gulf Breeze – Gulf Breeze, FL
The Challenges:
Negative press due to a silent partner’s legal problems
The Outcome:
Krone Weidler and Mark Myers had an institutional buyer under contract for 95% of the list price. During the due diligence phase and within days of the escrow money going non-refundable one of the partners was in the news for an indictment having to do with questionable business practices of his law firm. The institutional buyer cancelled the contract. Krone and Mark were able to work with the seller and seller’s attorney to reposition the property to sell. Within 30 days of the cancellation of contract, Krone and Mark brought in a regional buyer who closed the deal at 96% of the repositioned value.
Closed June 1, 2007
Partial quotes from the Seller in a reference letter to Krone and Mark:
“You demonstrated tremendous patience and ingenuity to locate a buyer and hold together the transaction when certain challenging circumstances arose that were outside your control."
“It was your professionalism, market knowledge, relationships with qualified buyers and negotiating skills that brought this transaction to a successful close.”
Partial quotes from the Buyer in a reference letter to Krone and Mark:
“Our partnership was successful in the financing along with the timeliness of the acquisition due to both of you reestablishing seller confidence and appreciation for the details related to the successful closing of the transaction.
I look forward to the next opportunities in front of us to work collectively on other transactions that would benefit our investors and partners.”
Dornoch Place – Cape Coral, FL
The Challenges:
50% occupancy
The business was plagued with financial, administrative and regulatory issues
The Outcome:
Krone Weidler was able to work with the buyer and seller to develop a very unique financing package to help the sellers move on and the buyers to have adequate time to increase occupancy as well as work with the state to get a provisional license.
Closed April 30, 2007
Partial quotes from the Seller in a reference letter to Krone:
“To say that this was a difficult property to market would be a huge understatement. Although the physical plant was in reasonably good condition, the business end was plagued with financial, administrative and regulatory issues. Krone, along with Marcus & Millichap’s great organization, worked tirelessly to find the right individuals who would see the potential that we had seen and could “do” the deal.”
Charlotte Manor (formerly Druid Hills) – Charlotte, NC
The Challenges:
Extensive deferred maintenance
Questionable location
The Outcome:
Krone Weidler generated multiple offers from across the nation. The buyer was a private client and came in at the full price offer.
Closed November 30, 2006
Partial quotes from the Seller in a reference letter to Krone:
“Due to your previous work with our company and your extensive knowledge of ALF’s we called you in consultation to assist us in the best way to maintain the integrity of the business while we went through the foreclosure process. Your recommendations and guidance through the entire process were invaluable.
When we hired you to sell this ALF there was only 50% occupancy and a negative Net Operating Income. Nonetheless, through your excellent contacts with qualified buyers, you created significant competition for this property and multiple offers. You were even able to convince a Buyer in contract to go non-refundable on their 5% earnest money deposit.”
Partial quotes from the Buyer in a reference letter to Krone:
“When I bought Charlotte Manor (formerly Druid Hills) the end of 2006 it was running at 50% occupancy. Through my company’s efforts and that of the management company, whom you consulted with during the transaction we are now at a 90% occupancy rate and anticipate being full within a matter of weeks.”