NEW YORK, Nov. 20, 2019 /PRNewswire/ -- CapStack Partners ("CapStack") is pleased to announce it has completed the turnaround and refinance of 88 Vilcom Center Drive in Chapel Hill, North Carolina. The REO office property was acquired less than a year ago from a lender that had previously foreclosed on it.
At the time, the property was 40% occupied with deferred maintenance issues. CapStack successfully implemented a building-wide renovation plan and brought occupancy up to 97.5%. "We knew from the very beginning that this asset was a diamond in the rough," said David Blatt, CEO of CapStack. "It is exceptionally well-located in Raleigh-Durham, which is a high-growth, supply-constrained office market. Our goal was to quickly upgrade the asset, sign new leases and secure financing that would allow us to hold the property for the long term."
Blatt added, "This is an excellent case study on how CapStack forms a value creation plan and effectively executes it for the benefit of our investors."
CapStack's investment banking division placed the 10-year fixed-rate mortgage on the property. "Once again, we were able to leverage both our investment management and capital markets capabilities for our clients' benefit." Blatt continued, "Overall, the firm is positioned for accelerated growth and we are quite excited for what's to come in 2020."
About CapStack Partners
CapStack Partners is an investment bank and investment manager specializing in alternative investments such as real estate and hospitality. Founded and led by capital markets expert and international public speaker David Blatt, CapStack provides managed account solutions for those seeking investment opportunities in the alternatives space. In addition, the firm provides a full range of investment banking services including project financing, mergers and acquisitions, loan syndications, and general corporate advisory. For more information about CapStack, please visit www.capstackpartners.com.
SOURCE CapStack Partners