BEDMINSTER, NJ-Advance Realty Group Capital Trust II, a subsidiary of Advance Realty Group, based here, has issued $35 million of trust preferred securities at par, GlobeSt.com has learned. Taberna Preferred Funding II Ltd. and its affiliates bought up the whole issue. Advance Realty was advised by Legg Mason Wood Walker Inc.

"The growth of our capital base and profitability allowed us to tap this market for the second time this year," Greg Senkevitch, Advance Realty's COO tells GlobeSt.com. "The proceeds will be used to fund acquisitions in our pipeline, and for general corporate purposes."

The earlier tapping of the market referenced by Senkevitch came in March when the firm's Advance Realty Capital Trust I subsidiary's $25-million issuance was bought up by Taberna Preferred Funding I Ltd. Both funds are managed by Taberna Capital Management, which itself is an affiliate of the Philadelphia-based Cohen Bros. The Baltimore-based Legg Mason Wood Walker similarly advised Advance on the earlier issuance.

The privately-owned Advance Realty's real estate portfolio currently consists of five million sf of operating properties and a development portfolio of eight million sf of commercial properties, plus 9,400 residential units. Those holdings are primarily in New Jersey, as well as metro Washington, DC and the Boston area.