Morristown, NJ (PRWEB) January 31, 2008
The Hampshire Companies, a full service private real-estate investment fund manager with equity in assets valued at over $1.5 billion, has announced the recapitalization of a pool of 14 industrial properties comprising a portion of its Hampshire Partners Fund VI institutional real-estate investment fund portfolio.
The recapitalization was strategically executed pursuant to a joint venture agreement with a prominent global institutional pension fund. The joint venture acquired the 14 industrial assets consisting of 3,688,778 square feet with locations in New Jersey, Pennsylvania, Massachusetts, Connecticut, and Maryland on December 12, 2007. As part of the recapitalization, the joint venture concurrently refinanced 11 of the 14 properties with a new fixed rate first mortgage loan from New York Life.
"This recapitalization is consistent with our commitment to our investors to seek out value add opportunities in the market place and to stabilize and reposition these assets for an ultimate disposition or recapitalization," said James E. Hanson II, CEO and President of The Hampshire Companies.
"We are very pleased to have completed this complex and strategic transaction and look forward to building upon the relationship with our new partner," added Mr. Hanson.
Managing Directors, Adam Spies and Ken Ziebelman of Eastdil Secured worked exclusively on behalf of Hampshire Partners Fund VI in structuring the transaction and arranging the first mortgage loan with New York Life.
Hampshire Partners Fund VI is a commingled, discretionary value-added real estate investment fund. The goal of Hampshire Partners Fund VI is to deliver superior, above-market returns to its institutional investors through the acquisition, repositioning and operation of investment-grade properties in attractive locations. The focus of investment for this value-add fund is on industrial, retail and suburban office products located in the growth corridors of the Northeast and Mid-Atlantic.
About the Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to
create and enhance value in real estate investments in order to consistently outperform the market. Additional information on The Hampshire Companies and its funds is available online at http://www.hampshireco.com.