The proceeds will be used for real estate acquisitions, investments and "general corporate purposes," says Greg Senkevitch, COO of Advance Realty Group. Legg Mason Wood Walker Inc. advised Advance on the transaction.
"This transaction indicates that our company has achieved a broader level of access to the capital markets," Senkevitch says. "Trust preferred securities are used by financial institutions to raise low-cost, permanent, long-term capital. We now have the ability to tap this market on a continuing basis as we grow throughout the Northeast."
Advance's holdings include five million sf of operating properties and a development portfolio of eight million sf of office, flex, industrial and retail properties and 9,400 residential units.
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