MILWAUKEE—Broe Real Estate Group, a Denver-based investor, has launched a $100 million program to recapitalize properties across the US that need additional capital for refinancing, capital expenditures, leasing costs and legal fees, among other costs. Its first recap is the One Riverwood Place and Two Riverwood Place offices here in suburban Pewaukee.
Called Equity Solutions, the program will provide capital to Tenant-in-Common investors and other capital-constrained partnerships. Many TICs soured during the economic downturn due to the high prices paid for the properties during the height of the real estate cycle, high fees charged by TIC sponsors and a lack of funds to cover leasing costs and needed capital expenditures, Broe officials say.
“We currently have a significant pipeline of recap opportunities,” Jim Crawford, vice president – acquisitions for Broe, tells GlobeSt.com. “We're targeting major and secondary markets and will consider both class A and B properties. The Equity Solutions program is not specific to office as Broe will consider most commercial property types.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
