LOUISVILLE, KY-After five years of deciding what to do with a 13-office portfolio here, Fenley Real Estate has decided to keep the properties, totaling almost one million sf, and raise capital with them instead. CBRE Capital Markets has arranged a $109 million loan, structured on a three-year, fixed-rate term.

In January 2003, Fenley hired Holliday Fenoglio Fowler LP to explore capital alternatives for the properties, that includes 11 sites in the Louisville suburbs and two in the CBD. The portfolio was attractive then, listed at about 90% leased, with the buildings averaging four years old.

It’s not clear what prompted the company to wait five years to make a decision with the properties, though back then David Fenley, president and CEO, indicated that he wanted to keep the buildings. A spokeswoman for the company refused on Thursday to discuss the recent financing.

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