Property Details

  • 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.
Asset Class Office
Property Size 136,000
Investment Status Long Term Hold
Forecast Deal IRR 30%
Forecast Deal EM 4.75X
Year Acquired 2009
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