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CSR Commercial Capital Closes $17M Construction Loan

CSR Commercial Capital closed on a $17,000,000 construction loan for a 4 story mixed use podium build project located at 955 South First Street just south of downtown San Jose.  The project consists of 50 apartment units ranging from 1 to 3 bedrooms, along with five ground floor retail spaces totaling 5,136 s.f. Parking for the project consists of 74 residential spaces and 28 commercial spaces.  Tenants will also benefit from lush landscaping, a 452 s.f. children’s play area, and over 5,800 s.f. of courtyard space featuring barbecue and picnic areas.

The project was brought in to CSR Commercial Capital by the President of CSR’s commercial sales and leasing division, Tony Odom, who previously acquired the property for the client.

“The most challenging aspect of this transaction,” commented Duane Hood, President of CSR Commercial Capital, “was that we had an out of country borrower who, although he possesses permanent residency and extensive experience overseas, is not a U.S. citizen and has not previously developed in the U.S.  Aside from those regulatory challenges, however, we could not have asked for a better client. His responsiveness and decisiveness were instrumental in his ability to close this loan and move this exciting project toward completion.”

A representative for the buyer and partner in the ownership group commented, “In addition to just obtaining the land, CSR acted as a full service commercial real estate firm throughout this transaction, including interviewing the architects and general contractors and working with the city and title company to resolve issues. Moreover, CSR interviewed many qualified lenders, then brought us the most competitive commitments. We were able to select a lender which best suited our needs. We couldn’t be happier with the work the team at CSR has done.”

Learn more about what CSR Commercial & Commercial Capital can do for your business.

Broken Record Price per Sq.Ft.

Broken Record Price per sq.ft.

CSR Commercial broker the record price per square foot on North San Jose warehouse early 2017.
Steve Malech, Senior VP of CSR Commercial Real Estate, represented his client on sale of north San Jose warehouse for highest price per square foot.

 

 

Landlord’s Responsibility on Previous Tenant’s Personal Property Left Behind.

How to handle when personal property remains on the premises after a tenancy has terminated and the premises have been vacated by the tenant.

There are specific procedures and laws in place that a landlord must follow. Failure to follow the processes and procedures outlined in this article leaves the landlord vulnerable to a lawsuit by the tenant for the possessions that were left on the premises.

  • According to California Civil Code1980-1991, the landlord is required to give the previous tenant a written “Notice of Right to Reclaim Abandoned Property”.
    • This notice needs to notify the tenant that a reasonable costs of storage may be charged before the property is returned.
    • Where the property may be claimed and the date before which the claim must be made.
    • The date specified has to be not less than 15 days after the notice is personally delivered emailed, or mailed by  first-class mail and not less than 18 days after the notice is deposited in the mail.
    • The notice shall also contain ONE of the following statements:
      (1) “If you fail to reclaim the property, it will be sold at a public sale after notice of the sale has been given by publication. You have the right to bid on the property at this sale. After the property is sold and the cost of storage, advertising, and sale is deducted, the remaining money will be paid over to the county. You may claim the remaining money at any time within one year after the county receives the money.”
      (2) “Because this property is believed to be worth less than $700, it may be kept, sold, or destroyed without further notice if you fail to reclaim it within the time indicated above.”
  • If the previous tenant pays the reasonable cost of storage and takes possession of the property not later than the date specified in the notice then the landlord, at his option, can release the property.
  • If the personal property is not released and the notice stated that the items would be sold at a public sale, the landlord will release the personal property to the former tenant if he or she claims it prior to the time it is sold and pays the reasonable cost of storage, advertising, and sale incurred prior to the time the property is withdrawn from sale.
  • Please note, if the property remained in the dwelling and the former tenant reclaims the property within two days of vacating then the landlord has to release the personal property and can not require the former tenant to pay the cost of storage.

Disclaimer: This is a summary of the California Civil Code1980-1991. Please consult the code in full prior to taking any steps to remove personal possessions left by a former tenant. The full code can be found at, CIVIL CODE SECTION 1980-1991