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Collins refinances Stamford property.


Morgan Stanley To comply with Wikipedia's , the introduction of this article needs a complete rewrite.  Dean Witter Dean Witter may refer to:
  • Dean G. Witter (businessman, Co-founder of Dean Witter & Company)
  • Dean Witter Reynolds (brokerage firm, now known as Morgan Stanley)
 Mortgage has provided a $12.8 million, first mortgage for Collins Enterprises' 2777 Summer Street property. The 110,000 SF Stamford, Conn., office building is 96% leased to a diverse tenant base and was acquired by Collins in December 1999 for $12.5 million.

"We had several financial incentives to close the MSDW MSDW Morgan Stanley Dean Witter
MSDW Multi-Cast with Same Destination Wavelength
MSDW Metal Studs, Dry Wall (construction) 
 financing before year-end," reported Michael J. Marcante, Executive Vice President for Collins. "The proceeds from the refinancing were used to repay the property acquisition loan, fund leasing costs and return approximately 55% of the original capital contributed by the partners."

MSDW's Pete Dunn arranged the financing, working directly with Marcante, who represented the borrower.

"This transaction reaffirms our strategy to buy 'B' office buildings in good locations, deploy capital as needed as needed prn. See prn order.  to retenant and renovate property, then refinance, taking advantage of increased occupancy and improved NOI NOI Net Operating Income
NOI Notice of Intent
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NOI Notice of Inquiry
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NOI No Offense Intended
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," said Marcante.

Collins Enterprises owns and operates a $150 million portfolio of multifamily and office properties in strategic urban. and: suburban locations, primarily in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . The company has a 30-year history of acquiring and developing a variety of successful projects, including office, residential, mixed-use and waterfront projects. Collins Enterprises is actively seeking commercial and residential properties that represent value-added opportunities to employ its repositioning and development skills.
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Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:Morgan Stanley Dean Witter Mortgage Capital
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 27, 2001
Words:214
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