WHAT WAS THE CHALLENGE?
The property was a 37,000 square foot parking lot in Old Montreal, zoning in place and build-ready. The client was ready to sell two weeks before Christmas and wanted a simple handshake to seal the deal. It was the way this private investor had bought the property over 50 years ago and he wanted to forgo lengthy inspections and evaluations. The investor knew exactly what price he wanted for the property – 28 million dollars – no flexibility.
WHAT WAS THE SOLUTION?
After an asking price offer from an investment fund was rejected because of prolonged closing dates, a private residential developer was approached as a potential buyer. With his strong track record in condos and rental properties in growth neighbourhoods, he was willing to take the risk on a prime location in Old Montreal.
Although the opportunity was clear to the buyer, a financial dilemma presented itself – the buyer would need flexible financing to comply with the tight time frame the seller demanded. Joé Rullier proposed a balance of sale agreement which both the seller and buyer agreed to.
THE RESULT?
This off-market deal closed in under two weeks during the holiday season. The seller was so satisfied that all his conditions were met that he subsequently gave the Rullier team another property to divest which recently sold. The buyer’s risk turned into rewards – the vacant lot is now being developed as a multi-residential property with over 300 units.