Advance Realty Group Issues Trust Preferred Securities $25 million raised for company growth plans
Advance Realty Group, LLC, one of the largest real estate owners and developers in the Northeast, reported that its Advance Realty Group Capital Trust I subsidiary issued $25 million of trust preferred securities at par. Taberna Preferred Funding I, Ltd., an institutional investor, was the sole purchaser. Legg Mason Wood Walker, Incorporated advised the Company on the transaction. Proceeds will be used for real estate acquisitions, investments and general corporate purposes.
“This transaction indicates that our Company has achieved a broader level of access to the capital markets,” stated Greg Senkevitch, COO. “Trust preferred securities are used by financial institutions to raise low cost, permanent, long term capital. We now have the ability to tap this market on a continuing basis as Advance Realty Group strategically grows throughout the Northeast real estate markets.”
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With five million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast and is headquartered in Bedminster, New Jersey.