Broe Launches $100M Recap Program

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.