Since then, the properties have largely been repositioned in aneffort that has boosted overall occupancy of the portfolio from 64%to 93%. The funding, provided by GE Real Estate of New York,replaces earlier debt used to acquire and reposition the assets.Details of the refinancing were not released. "This transactionclearly demonstrates the substantial value that was created withthese assets, as well as our ability to monetize investments in achallenging capital market environment," says Normandy managingprincipal Jeffrey Gronning.

"This transaction reinforces our presence in this market," saysGE Real Estate senior relationship manager Jeff Thompson. "Wecontinue to look for mutually attractive investment opportunitieslike this substantial refinancing for Normandy." The company closedits Normandy Real Estate Fund LP in 2006, and it currently has aprojected total purchasing power of about $1.8 billion. Targetscontinue to be major market in the Northeast and Mid-Atlantic, fromBoston to Washington, DC.