Everyone said “Buying a building is really hard; it’s a huge undertaking, it’s a big challenge, and so on… yes, it is. But, people do it, don’t they? Can it be harder than running a nonprofit? Well, combine the two, and you have a really REALLY big challenge! So, we took a run at the Broadway Furniture building, going all the way to the last day. We did what other developers do, gathering funding, tenants, and designs. (It’s not THAT hard after you assemble the right professionals). And, we even got the loan term sheet. However, it came in the day AFTER our due diligence deadline, and the sellers said no go. Apparently, they need a quick cash sale before their bank comes calling. So, we are looking for other buildings…
Happily, the work we have done to date is not wasted. Most of the work is applicable to any building, and it has helped shape our criteria and our partners. We’ve gotten new funding from the Harbourton Foundation and Irving Levin, who continue to push us to make this happen. So, we have a few buildings up our sleeve, and new ideas. Stay tuned. And have a great New Year Holiday!
