Capstone acquired a defaulted $13.735M loan from Prudential Insurance and obtained title to the property via a deed in lieu of foreclosure.
During the first quarter 2010, Capstone completed the renovation of the ground floor lobby, installed a vending room, and hired a café operator. Capstone renovated the 2ndfloor positioning it for multi-tenant occupancy including a model office suite.
The property was 62% leased at the time of the note purchase. Under Capstone’s ownership, repositioning and leasing efforts, the property is currently 98.5% leased.
Further upgrades were made to the building’s HVAC system, including floor sensors for an energy management system. A 24/7 proxy-card access system and other lobby improvements have been well received by the tenants.
