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Morgan Stanley Refinances Collins' Building with $12.8-Mil First Mortgage

STAMFORD, CT-Collins Enterprises report that it has received a $12.8 million first mortgage for its 2777 Summer St. property from Morgan Stanley Dean Witter Mortgage Inc. The proceeds repaid the acquisition loan.

By John Jordan | Updated on March 07, 2001

STAMFORD, CT-Morgan Stanley Dean Witter Mortgage, Inc., has provided a $12.8 million first mortgage loan for Collins Enterprises’ 2777 Summer St. office building here. The 110,000 sf office building, which is 96% leased, was acquired by Collins in December 1999 for $12.5 million.

“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.

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