NEW YORK CITY-Brookwood Financial, a Massachusetts-based private equity real estate firm, has completed its $455 million suburban office portfolio recapitalization. The Carlton Group, a real estate investment banking firm, arranged the financing from JP Morgan Chase, which Brookwood applied to an existing loan and to buy out minority partners.
Brookwood raised capital to complete the transaction of the 4.3-million-square-foot portfolio, comprised of 27 metropolitan office properties across the Northeast corridor and in Florida, Texas and California.
Promptly closing the transaction was important to the real estate investor. It raced against the clock to adjust its financial position in favor of changing market conditions, according to Michael Campbell, CEO of The Carlton Group.
Recapitalizing the portfolio meant beefing up investment returns in the long run. "We were able to work closely with the sponsor's team and JPMorgan Chase to structure a single transaction that allows Brookwood to buy out partners and gain maximum return on investment over the long term for a wide range of office properties," said Campbell in a statement.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
