“We heartily recommend Asset Strategies”
This letter attests to the outstanding work that Asset Strategies and particularly its principal, Susan Arrowsmith, performed for 3202 LLC, an entity that purchased Montrose Office Park in 2009 and converted the property into a condominium development, Tower Oaks Professional Park in 2010. Fred Klein, our counsel at DLA Piper, had recommended Susan to analyze the economic feasibility of the conversion. This effort expanded into production of the investment package itself, developing models to assist our lender, Eagle Bank, to understand the projected cash flows throughout the conversion process, and creating a template for lease versus purchase analyses for existing tenants. The property purchased consisted of about 150,000 square feet in three buildings about 2/3 tenanted with leases having various expiration dates in addition to land that would enable new construction of another building when market conditions enabled.
The lending environment in late 2009 proved most challenging, but the timely and thorough work that Susan Arrowsmith performed enabled 3202 LLC to close on its contract to purchase the property. As sacred dates approached, her thorough and correct financial analyses and ability to respond to bank requests for modified permutations proved crucial. Susan provided extraordinary access as email traffic occurred at almost any hour of the day to allow the responsiveness necessary to complete the transaction. We relied heavily upon the outstanding work of Asset Strategies, and heartily recommend Asset Strategies and Susan Arrowsmith for similar real estate or financial tasks.
John P. Kyle
Senior Vice President
Eric G. Meyers
Chairman & CEO
Capital Financial Group