"We represent a significant nonprofit visiting nurse association in the central part of the state, which had been operating out of a Victorian home for nearly 100 years. When the client outgrew its space and needed to expand, finding a site in New Jersey that was appropriately sized and priced for a nonprofit organization was difficult. In evaluating the options and determining whether our client could afford to purchase a larger site in our community, we identified a potential public user of a second building. That user did not have operational funds to lease a building, but had the capacity to issue bonds to purchase a building. Accordingly, we suggested that the client purchase the larger site, and then develop and sell a second unit (in condominium form) to the other nonprofit user. Reselling the second building allowed the client to spread out its land and development costs and still build a new office building that is appropriately sized for its operation. A successful fundraising campaign added to the project's feasibility. The use of the multi-unit business condominium idea, and our successful negotiations with respect to cost-sharing with both the seller of the parcel and the purchaser of the second building, were the primary reasons that our client was able to afford this perfect location for its new facility."
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