"The proceeds from the refinancing were used to repay the property acquisition loan, fund leasing costs and return approximately 55% of the original capital contributed by the partners," reports Michael J. Marcante, executive vice president for Collins. Officials add that the firm had invested approximately $2 million in renovations to the building. A previous building acquisition loan provided the renovation financing.
"This transaction reaffirms our strategy to buy 'B' office buildings in good locations, deploy capital as needed to re-tenant and renovate property, then refinance, taking advantage of increased occupancy and improved net operating income," Marcante says.
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