Since then, the properties have largely been repositioned in an effort that has boosted overall occupancy of the portfolio from 64% to 93%. The funding, provided by GE Real Estate of New York, replaces earlier debt used to acquire and reposition the assets. Details of the refinancing were not released. "This transaction clearly demonstrates the substantial value that was created with these assets, as well as our ability to monetize investments in a challenging capital market environment," says Normandy managing principal Jeffrey Gronning.

"This transaction reinforces our presence in this market," says GE Real Estate senior relationship manager Jeff Thompson. "We continue to look for mutually attractive investment opportunities like this substantial refinancing for Normandy." The company closed its Normandy Real Estate Fund LP in 2006, and it currently has a projected total purchasing power of about $1.8 billion. Targets continue to be major market in the Northeast and Mid-Atlantic, from Boston to Washington, DC.