Collins refinances Stamford property

Real Estate Weekly, June 27, 2001

Morgan Stanley Dean Witter 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 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 to retenant and renovate property, then refinance, taking advantage of increased occupancy and improved NOI," 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. 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.