Toma Partners, LLC guides a high-profile multimillion-dollar short sale to benefit of “Arctic Bank” and a high-profile North Pole resident.
Saint Nicholas (Santa Claus) worked with Phoenix real estate firm Toma Partners, LLC in a nine-month-long negotiation process according to an inside source at the North Pole’s Arctic Bank.
“We work with luxury homes and high-profile clients all of the time – but none as high-profile as Claus,” explains Toma Partners designated broker Ben Toma. “I am very proud that our team was able to bring this deal to fruition on-time and confidentially, despite the source leak at the bank.”
Toma Partners – a luxury residential real estate company – hired professional interior designers to stage the residence and used professional studio lighting photographers to document the property.
“I know my property was beautiful,” says Claus. “But I had never seen it so beautifully lit and photographed in all of the years I’ve been there.”
The residence, which was also being used as a business, appraised for more than $18,000,000 in 2006 when Claus took out an equity line of credit for $12,000,000. Claus needed to keep the workshop running and elves employed while the economy recovered.
The global economy got worse and lenders began to lack belief in Claus and the workshop. When North Pole property values continued to drop and the workshop books showed continued loss – Santa’s note was called.
“The odds of this sale being negotiated in time were staggering,” says Toma. “If not for the buyer, Elf Pension Fund LLC, coming in with cash at the last minute the bank would have foreclosed and shut down the workshop. Luckily for Claus, Arctic Bank wanted to take the loss this year so it could post a profit in 2012.”
“We thank our lucky stars for Toma Partners,” says Vice President of short sales at Arctic Bank Kris T. Kringle. “Their performance has helped us in what could have been a very messy affair.”
About Toma Partners
Toma Partners, LLC is a Phoenix-based luxury residential real estate company with offices in the Biltmore area of Phoenix. Specializing in short sales, investment properties and bank owned properties; the company provides high quality services to its customers including staging, professional designers and photographers, and innovative uses of the Internet.