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Craig Nassi Accomplishes 1st Step
February 14th, 2007 categories: Condo, Downtown, Real Estate, Sacramento
Craig Nassi, of BCN Development has accomplished the first step toward securing a $10 million loan with the City of Sacramento for the Aura Condo project by finally agreeing on a purchase price with the Landowner, David Taylor for the property at 601 Capitol Mall in Downtown Sacramento. This was one of the prerequisites to the agreement reached with Craig Nassi when he met with the City Council Members and asked the City of Sacramento to become a bank for the Aura shortfall of $10 Million.
The next step is for Craig Nassi to provide our City officials with all the loans and conditions he has on other loans. I personally hope that the City officials will require Mr. Nassi to document his Secret Investors. Lastly, an agreement must be reached by Mr. Nassi and the City of Sacramento on the conditions of the $10 million loan. Hope this is public information since it is our tax dollars being loaned!
Ray Tretheway, City Councilman for Downtown Sacramento stated, there were some doubts that economics would allow him to pull of a building of that size. Well, time will tell, Mr. Tretheway. Although, I would love to see the skyline change and the Aura built I have some concerns about Craig Nassi.
Recently, a reader sent this web site link where Craig Nassis quality of work was negatively addressed. The caveat to this states, before you buy a condo built by Craig Nassi, you need to see this! Any thoughts after reading what some of his customers had to say?
Unfortunately, I was unable to find any documentation about the recent acknowledgment by Craig Nassi at the Sacramento City Council meeting about reorganizing his financing with Reno Condo project. If anyone has any information about his Reno project, please comment and let me know where that information can be found.
In todays Sacramento Bee, which you can obtain on-line this story goes on there is more trouble in River City with Land Suing for the K Street project which too, is suffering.
Mayor Fargo announced today the she has been suffering from MS for 10 years but plans on running for a third term. Our best wishes to you, Mayor Fargo!
Feel free to leave comments below.
I would think that the city would be extremely cautious about involving themselves in any private development projects in a financial way. Give the current market conditions, it’s like playing political Russian Roulette.
Jonathan, I couldn’t agree more. It’s either going to be a win, win and a loose, loose. Not sure there is anything in between here. The Towers are in financial trouble as well.
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