October 20, 2021

Sale of North Bay offices, apartments involved in Ponzi scheme nears finish line

A large portfolio sale of commercial and apartment buildings in Marin and Sonoma counties moved a step closer to reality, as a San Francisco real estate investor emerged as the sole bidder on five dozen properties involved in the late Ken Casey’s sizable Ponzi scheme.

No qualified higher bids to Hamilton Zanze & Associates’ $434 million offer to buy 60 of the 70 related properties were received by the Sept. 7 deadline agreed upon in bankruptcy proceedings. That didn’t sit well with some creditors that thought a higher sale price could have been sought, according to court documents.

If completed as currently structured, it would be the largest commercial property deal in the North Bay since Basin Street Properties sold 1.44 million square feet of office space in Sonoma and Marin counties 16 years ago.

The final price at this point for the Casey portfolio is expected to go up slightly because the deal likely will take…

Read full article here: www.northbaybusinessjournal.com