RECAP REAL ESTATE ADVISORS STRUCTURES $130 MILLION REFINANCING OF CHURCH PARK APARTMENTS
August 12, 2009
"We have a longstanding relationship with Recap Real Estate Advisors, and we are thrilled with the result of this transaction and the value we have created in the property over the last 40 years," said F. William Smith, President of Boyd-Smith Inc. and one of the developers of
The refinancing success is particularly gratifying for Recap Real Estate Advisors and its principals, who have worked closely with the owners for three decades. This transaction, the fourth financing Recap Real Estate Advisors S has arranged for the property since 1996, culminates more than a decade of strategic actions each of which has built value for the property. During this time, Recap Real Estate Advisors has provided property repositioning advice and support, completed an exit from value-restricting regulations, restructured critical partnership agreement provisions, and negotiated an extension of the owner's land use rights.
"This transaction speaks volumes about the high quality of the property and its management team," said Ed Sarno, the owner's chief financial officer.
"This refinancing is just the most recent and visible benefit of the close partnership between the owner and ourselves," said Todd Trehubenko, president of Recap Real Estate Advisors. "Even with a highly desirable asset, we had to resolve a myriad of challenges to obtain attractive financing terms in this troubled market, and it took all of our skills, creativity, and persistence to achieve this outstanding result for the client."
"Accolades are in order here," said Richard N. Thielen of RINET Company, LLC, the limited partners' representative. "This is, and has been, a truly remarkable investment whose rate of return tops the charts of any passive real estate investment our firm has seen or recommended in the 35 years I've been in practice. Investors should be very proud of their investment."
About CAS Partners
CAS Partners is a world-class property and asset management services company. The company’s integrated business approach provides clients with a comprehensive array of multifamily real estate business services. CAS Partners’ unique network of services includes property management, financial advisory services, insurance services, construction management, utility services, credit services, and purchasing services. For more information, visit CAS Partner’s Web site at www.CASPartners.com.
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