"This recapitalization is consistent with our commitment to our investors to seek out value-add opportunities in the marketplace and to stabilize and reposition these assets for an ultimate disposition or recapitalization," says James Hanson II, CEO and president of Hampshire, in a statement. "We are pleased to have completed this complex and strategic transaction and look forward to building upon the relationship with our new partner."
As part of the recapitalization, the joint venture concurrently refinanced 11 of their 14 properties with a new fixed-rate first mortgage loan from New York Life. Managing directors Adam Spies and Ken Ziebelman of New York City-based Eastdil Secured structured the recapitalization and arranged the first mortgage loan with New York Life. Further details of the transaction were not released.
The Hampshire Partners Fund VI is a commingled, discretionary value-added real estate investment fund that focuses on value-add industrial, retail and suburban office properties in the Northeast and Mid-Atlantic region.
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