Normandy Gathers $200M Refi for Portfolio

MORRISTOWN, NJ-Locally based Normandy Real Estate Partners has picked up $200 million of refinancing for a 1.2-million-sf portfolio of office properties in the Boston and Connecticut markets. The properties were acquired in multiple transactions in 2006 by the firm’s Normandy Real Estate Fund LP.

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.