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Capital Lease Funding Files for $230M IPO

NEW YORK CITY-A new company is formed as Capital Lease Funding LLC goes public as a REIT with a $23- million IPO. Capital also plans to broaden its focus from debt financing for credit-tenant leased properties.

By Michelle Napoli | Updated on November 25, 2003

Michelle Napoli is the editor of GlobeSt.com’s sister publication, NetLease Forum.

NEW YORK CITY-Capital Lease Funding LLC, based here, plans to go public as a REIT with a $230-million IPO and expand beyond its historical focus as a debt financier for credit-tenant leased properties. The new company, to be called Capital Lease Funding Inc. and traded on the New York Stock Exchange, will target all pieces of the capital structure and expand its fee-based financial advisory services.

“We intend to invest across the net-lease market through a variety of structures, including development, acquisition and ownership of net-lease properties, joint ventures to develop and acquire net-lease properties, first mortgage financing, junior and mezzanine financing for owners of net-lease properties and corporate credit notes, a proprietary 10-year credit-tenant loan product that we developed,” the company says in its Securities and Exchange Commission filing.

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