When Matthew Rosenthal and Eric Silverman, Founders and Managing Directors of Eastham Capital, decided to relocate their private equity firm from Needham, Massachusetts, to Boca Raton, Florida, they chose the Realtor representing the seller from whom Rosenthal bought his home to broker the commercial deal.
Michelle Farber Ross, Managing Partner of MMD Realty, met Rosenthal as the potential buyer of the estate her client was selling in a private enclave in Boca Raton. Rosenthal was simultaneously looking for commercial real estate for his business to relocate at the same time as he was looking to move his family into a new home. It’s most unusual for a residential Realtor to successfully crossover into commercial real estate, but Ross has extensive experience and a myriad of contacts in both arenas, so she was able to guide Rosenthal through both deals.
“Although Michelle was representing the seller in the house deal, I liked the way she handled our residential transaction,” said Rosenthal. “To be honest, it was a difficult transaction. I was close to walking away from the sale probably three times. She talked me off the ledge and got the sale completed. I saw how diligent she was as a residential broker so I told her I was looking for an office to relocate my business. I thought if she could handle the commercial transaction as well as she handled the residential sale, then I wanted to have her on my side of the table.”
Eastham Capital is now located at 6001 Broken Sound Parkway, Suite 510, Boca Raton, FL 33487.
“Originally we were looking to acquire a building, but none of those transactions panned out,” said Rosenthal. “We ended up renting space rather than buying and we couldn’t be more thrilled with the location or the deal Michelle put together with Jason Carros of Stoltz Realty who represented the landlord. She helped us accomplish exactly what we wanted and needed to get done. This was an excellent move for Eastham Capital and for our investors. The increased proximity to our investments is reason enough to cheer and we look forward to continuing to invest in strategic multifamily properties nationwide from our new location.”
“While it’s highly unusual to be hired by the buyer of a property when you’re the selling agent to do another deal, it was also very flattering,” said Ross. “I simply did what had to be done to complete the transaction and keep both parties happy. Because I work with ultra-high net worth individuals, I have great contacts in business and commercial real estate as well as in the residential market. It was an easy transition to assist Matt and Eric in their commercial relocation. I look forward to having additional business dealings with them in the future.”