WALTHAM, MA—An affiliate of Philadelphia-based EquusCapital Partners, Ltd. reports it has recapitalized thetwo-building, 288,127-square-foot University OfficePark complex here.

The transaction involved a restructuring and recapitalization ofa previous tenant-in-common ownership structure. Equus worked withDirect Invest, LLC on the TIC deal. No financialterms of the recapitalization and restructuring were released. Inaddition to its preferred equity infusion in the property, Equusalso acquired more than 25% of the ownership interests in thebuildings. Affiliates of Equus will serve as the managing generalpartner of the portfolio and perform property management services,company officials say. At the time of closing the University OfficePark complex was 87% occupied.

“By working with Direct Invest, LLC in restructuring andrecapitalizing the previous tenant-In-common ownership structure,Equus will be able to provide the properties with ample capital forbase building upgrades, tenant improvements, and leasingcommissions. With this infusion of equity, Equus will repositionthe buildings and revitalize these well located properties,”commented George Haines, vice president of Equus,who oversaw the transaction for the firm.