Broadway Partners recaps 1m s/f.Broadway Real Estate Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control announced a roll-up and recapitalization of three of its New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. suburban office buildings. Combined, these assets create a portfolio of properties totaling close to 1 million square feet which is currently 94 percent leased. Investcorp International Inc, a leading global investment group, acquired a 50 percent equity position in the new portfolio. This equity was used in part to retire mezzanine financing, which reduced average leverage from 77 percent to just under 70 percent. Broadway Partners marketed the assets as a portfolio in order to optimize value and attract institutional capital. The recapitalization value represented a significant step-up in value since acquisition, and resulted in attractive returns to existing investors. Investors were given the choice of having their equity interest redeemed at the increased valuation or reinvesting it into the portfolio. A majority of the investors reinvested their interest. "We believe the recapitalization transaction was very favorable for our investors," stated Scott Lawlor, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Broadway Partners. "It allowed them to take advantage of an attractive valuation while maintaining the option to continue to own the assets. Also, we utilized an efficient tax structure which provided significant benefits to those who reinvested." Jonathan Dracos, Investcorp Managing Director, commented, "We invested in this opportunity not only because we like the individual assets, which create a well-balanced portfolio, but also because we believe Broadway Partners will be an extremely proactive, value-added operating partner." The three assets included in the recapitalization were as follows: Three Huntington Quadrangle quadrangle Rectangular open space completely or partially enclosed by buildings of an academic or civic character. The grounds of a quadrangle are often grassy or landscaped. in Melville, New York Melville is a hamlet and census-designated place in the town of Huntington in Suffolk County on Long Island, New York, in the United States. As of the 2000 census, 14,533 people resided there. (401,600 square feet) The asset is currently 99 percent leased and is located within Western Suffolk County, Long Island; 1979 Marcus Avenue in Lake Success, New York Lake Success is a village in Nassau County, New York in the United States. The population was 2,797 at the 2000 census. The Village of Lake Success is in the Town of North Hempstead on northwest Long Island. (348,000 square feet) , 88 percent leased; Saxon Woods Corporate Center in Harrison, New York Harrison is a town/village in Westchester County, New York, United States. The population was 24,154 at the 2000 census. The village is coterminous with the town of the same name, and has a consolidated town/village government. (236,300 square feet), 99 percent leased. |
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