I’ve bought the building – Come Visit!

Today I become the owner of 739 Bryant Street, a two-story concrete and steel building between 5th and 6th Streets in San Francisco. If you have never bought commercial property or property at all, you may not fully understand what a feat it is to have a sale finally close. Even I don’t know all the intricacies involved, but I will share a bit of what I know.

The number of days to close a commercial property sale gives you an indicator of the complexity. For a regular residential property, the sale can close in 30 days. A commercial property usually takes 75. Seventy-five days ago I didn’t really understand why it needed to take that long. Looking back, I can see that even 75 days is a bit tight.

First, during the Due Diligence period, there are many more inspections and items to consider. That phase we made it through on schedule.

Second, we needed to secure financing. I am lucky to have been able to apply for a SBA (Small Business Administration) 504 loan. These loans are for small business owners to purchase property for their business. I may not agree with how our government spends all of our money, but I am thankful for this program. The SBA provides a portion of the funds needed and a bank provides the rest. This means that there are two lenders, who each have their own requirements and restrictions. Meeting everyone’s needs and coordinating all the reports and paperwork was challenging. We had to ask for an extension for this phase TWICE.

Despite the delay during the financing phase, everyone worked extra hard and we were still able to close the sale on time.

I’d like to thank some key members on the team:

  • Jay Shaffer, Colton Commercial, my real estate broker
  • Bill Luza, Objet Design, my architect
  • Katherine Zinsser, Bank of San Francisco
  • Ally Salazar and Kelly Ryan, CDC Small Business Finance

Many more people have helped along the way. Thank you for all your support. Now let’s get on to the fun stuff.

739 Bryant is going to be the home of my latest project: Shared – a shared work space for creative people. Over the next few months, we will be doing some minor renovations. I’m hoping to open in December.

I’m inviting all of you to come see the space before we actually start doing the work. Now is the time to give me some feedback about what you want in a shared work space. I will be showing the space on Tuesday, September 18th 2pm, 4pm, and 7pm. Please let me know what time you are coming – marilyn@shared-sf.com. Feel free to invite friends.

The website is up and there’s a FaceBook page (please “Like” us). Membership rates and forms to apply are up on the website. You may also apply for a discounted membership rate. The discounts are limited, so get your application in early if you want to get one.

I am really excited about Shared and I hope you are too. See you on Sept 18th.