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$45M Financing Covers Six Properties

MORRISTOWN, NJ-The funding from Capital Bank takes out earlier financing for the 1.2-million-sf portfolio owned by a Hampshire fund.

By Eric Peterson | Updated on July 08, 2008

MORRISTOWN, NJ-Hampshire Partners Fund VII LP, managed by the locally based Hampshire Cos., has picked up a $44.8-million loan secured by a half-dozen fund-owned properties in four states. The portfolio is made up of a mix of retail, office and industrial properties totaling just less than 1.2 million sf, including 39 Robinson Rd. in Lodi, NJ; 361-371 South St. in Newark; 401 E. Fayette, Baltimore; 2501 Riva Rd. in Annapolis, MD; 475 Willard Ave., Newington, CT; and 5700 Audubon in Richmond, VA.

At the time of the closing of the loan, which took out earlier financing, the portfolio’s occupancy was just shy of 83%. The breakdown includes four fully leased buildings, one at 68% and one property vacant.

According to information released by the brokers, CBRE’s New York City-based Capital Markets Group, the loan was financed by Capital Bank NA and structured at a floating rate over LIBOR on an interest-only basis. The brokers were SVP Michael Sherman and VP Efrat Sharon.

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