CORFAC News

October 23, 2009—San Francisco, CA – TRI Commercial/CORFAC International Senior Vice President and Regional Manager Tom Martindale announced that brokerage principals Anton Qiu and Gary Cohen assisted a San Francisco-based bank in the successful disposition of an uncompleted Southern CaliforniaREO property.The project, called “Summerhouse”, was a fully entitled 110-unit senior living (“age-restricted”) gated condominium project. After only eight of the units were completed, the original developer went bankrupt. The bank then foreclosed and took title through a trustee’s sale in late 2008.Qiu and Cohen brought in the winning buyer, Bridge Housing Corporation, one of the largest nonprofit housing developers on the West Coast. Bridge plans to finish the project and market the units as affordable senior rental housing. Bridge’s purchase was supported and funded by the City of Temecula."Despite some initial bumps in the road with this development, we collaborated to create a solution that would make the development work as affordable senior rental housing. Bridge Housing’s reputation made it possible to bring the City of Temecula to the table, which was critical in making the deal feasible. Bridge intends to complete construction – which includes a state-of-the art clubhouse, and deliver much needed senior rental homes for the local community. Ultimately it represented a win-win for all the parties involved," Qiu said.About TRI CommercialIn 1977, TRI Commercial established itself as a full service real estate firm with an innovative spirit and an uncompromising dedication to serving client’s needs. Today, the company has offices in San Francisco, Oakland, Roseville, Rocklin and Walnut Creek with direct access to every major commercial market throughout Northern California. As a member of CORFAC International, TRI offers national and international coverage as well.About CORFAC InternationalCORFAC International is one of the largest commercial real estate services organizations in the world and celebrates its 20^th year in 2009. U.S.-based CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through alliances with UK-based King Sturge, BDI in Mexico, Rios CommercialCorp. in Puerto Rico and Panama-based Latin American Corporate Property Services. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. For more information on CORFAC contact 954-923-6160, info@corfac.com or visit: www.corfac.com.