Lori Bluett, principal with Bluett & Associates, tells Globest.com: "With 10 year loans coming due on many commercial assets purchased by TIC structures at the peak of 2005 and 2006, being able to find restructure opportunities and navigating the many complications of reforming TIC structures is paramount to some of California's key commercial assets. 2015/16 has 2,677 expiring CBMS loans in California with loan balances above $24BB. Many of these involve complicated TIC structures that are difficult to refinance and require new equity infusions and restructuring. Almost all of these TIC structures include senior citizens and other non-real estate-savvy investors who have invested their life savings. Without a strategy and people to approach these situations with a solution, not only will many real estate investors be faced with the loss of their investment, but it will also have an impact on California's recovering commercial real estate market. Most TIC assets are large, core assets that required TIC syndication due to the purchase price amount, and each one can affect the local real estate economy."

Parkway Corporate Plaza's ownership group chose Broe from among several national firms, based on Broe's ability to fund large amounts, appetite for complex and time-sensitive transactions, ability to partner well in the TIC space, and experience working with lenders of all types.

“We met Lori Bluett through a national lender that has used her team to handle complex situations,” said Jim Crawford, vice president of acquisitions at Broe Real Estate. “This was an intensive situation with many stakeholders and turbulent emotions.”

Jim Galovan with PCCP reinforced the urgency of the challenge. “It was a tall order, asking us to underwrite a loan of this size as a roll-up within two weeks. Based on our knowledge and market presence, and our relationships with Bluett and The Broe Group, we were able to underwrite and have this loan approved within 10 days of the ask.”

Bluett's Property Management arm, Juno Commercial Real Estate Inc., will stay on the asset as property manager, and Chris Lemmon, senior managing director of Newmark Cornish & Carey in Roseville, who consulted on this asset for Bluett, has been selected as the new landlord leasing representative.

“With a foreclosure looming and monumental issues at hand, we were able to not only save the asset, return it to its owners and new equity investors, but position it to thrive in the marketplace. Several owners of this asset invested their life savings in it and would have lost their investment and faced a taxable event with a foreclosure,” says Bluett.

As previously reported, another Roseville, CA property was sold last month.