Word: dealing
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Dates: during 1990-1999
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...That was part of the deal," says Seton. "The College wanted to have a say over where the grants would go and they wanted to give them out in larger blocks...
...first deal was by any measure a sweet one. He and his partners, which include his brother Charles, now Oaksbranch's president, and his friend Mike Starcher, noticed that a single-tenant office building was significantly undervalued. "At that time, the market was still slightly depressed from the real estate crash in the late 80's," Pettigrew says...
Taking into account the occupants' plans to renew their lease, and setting up a buyer in advance, the group moved on the deal. They borrowed most of the money from a bank and the down payment from Pettigrew's father's company. After two years, as planned, the building was bought by a Post Office for 80 percent more than Oaksbranch had paid...
...partners were able to net nearly all of the gains, since the deal was so highly leveraged. Additionally, they avoided paying taxes on the profit by rolling their gains directly into new properties...
Pettigrew says his father was a major factor in the decision to pursue the first deal. Says Pettigrew, "You might say that he has been our inspiration and role model from the beginning...