EL SEGUNDO, CA--(Marketwired - Dec 14, 2016) - Boustead Securities, LLC announced today the initial closing of the $7,500,000 Addison Corporate Center Regulation D 506(c) Crowdfunding Offering and recapitalization of the Addison Corporate Center, a 605,000 square foot office complex located in the Hartford suburb of Windsor, Connecticut. Versant Commercial Brokerage assisted the tenant-in-common (TIC) investors by originating new senior debt, mezzanine debt, and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors who needed to exit the investment, and roll up the TIC investors into a limited liability company.
"We appreciated the opportunity to work with the Versant and Virtua teams and their institutional approach to finding unique financial solutions to complex real estate restructurings. We are looking forward to serving as the managing broker dealer on future offerings they bring to market," commented Keith Moore, CEO of Boustead Securities.
Boustead is serving as managing broker dealer for the preferred equity when completed should total $7.5MM, while Versant originated $32MM in senior debt from Wells Fargo, and $10MM in mezzanine debt from an international private equity group.
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that advises clients on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions. Our core value proposition is our ability to create opportunity through innovative solutions and tenacious execution.
With experienced professionals in the United States and around the world, Boustead's team moves quickly and provides a broad spectrum of sophisticated financial advice and services.