Bank of Marin OK as building owner defaults

Construction at 136 W. Napa St. has begun, the key managers have been named and the planned summer opening is on track. The only thing Bank of Marin is unsure of is who its landlord will be.

The 6,200 sq. ft. building is on the market after being foreclosed by Westamerica Bank. The previous owner, Haury-Cohn, LLC, defaulted on loans in excess of $3 million, said Susan Irvine, the listing real estate agent.

Bank of Marin is locked into a lease regardless of any ownership change. A non-disturbance agreement is in place, guaranteeing the terms of the deal made with the previous property owner.

The asking price for the 1940’s building is $2.67 million. “It’s a good price, a foreclosure price,” Irvine said.

Bank of Marin will occupy the front, street-side portion of the building. An additional space opening to the back of the property, also about 3,000 sq. ft. in size, is for lease.

Irvine said the building has already drawn interest from prospective buyers. “It’s a fabulous location,” she said, and includes 30 parking spaces.

The structure was built in the 1940’s by contractor Ed Peterson. It has been through many incarnations since then, including a restaurant and bar and, prior to sitting vacant most recently, a Bank of America loan office.

The building was offered at a June 7 auction, Irvine said, but no bidders met Westamerica’s minimum price.

As the ‘For Sale’ sign went up, Bank of Marin announced key personnel to manage day-to-day operations at the Sonoma office. Marck Zuehlsdorff, formerly of the Bank’s Ignacio branch, has been named Branch Manager and Claudia Levindofske has been hired as Assistant Branch Manager. They will be supported by Carol Kneis in business development. All three employees are residents of Sonoma County.

Bank of Marin has also hired a Sonoma-based contractor, Jenkins Construction, to complete the construction project. A long-time resident of Sonoma, Jenkins started his business in 1997 and has completed high-profile local projects including Villagio Inn & Spa in Yountville and the Jacuzzi winery and Cline Cellars Museum in Sonoma.

2 Responses to Bank of Marin OK as building owner defaults

  1. Ralph Hutchinson says:

    This connection Haury-Cohn LLC is from San Jose. Brokers are said to have been involved in this referral into Sonoma Valley Bank. Interesting network of brokers emerging from Marin-Sonoma connecting Bijian Madjlessi recently arraigned for four counts of felony insurance fraud and Sonoma Valley Bank’s largest customer relationship widely written about in Sonoma Valley Journalistic reviews.

    They are also said to have purchased the Nicholas Farms Riverside Dr property and shopped it to SVB. Loans to Haury-Cohn, LLC with Sonoma Valley Bank date back to circa April 2006 and December 2005 and interestingly enough in May 2005 deed transactions with Clem Carnelli (large Sonoma County Bankrupt Developer involved with numerous Santa Rosa Bank).

    More examples of underwriting characteristics of the Lending team at failed Sonoma Valley Bank.

    Interesting circle of business dealings. Seems there is more to this story in my opinion? Time will tell.

  2. Ralph Hutchinson says:

    This area and immediately adjacent was the subject of a hotly contested “Hotel” or commercial proposed project some years ago. Discussions at City Council were supportive of the commercial proposed “highrise” but backlash of the community was said to be strong against such development.