Advance Realty Group Issues Trust Preferred Securities
$35 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 II subsidiary issued $35 million of trust preferred securities at par. Taberna Preferred Funding II, Ltd. and its affiliates were the sole purchasers. 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 is our second Trust Preferred transaction with Taberna,” stated Greg Senkevitch, COO. “The growth of our capital base and profitability allowed us to tap this market for the second time this year. Proceeds will be used to fund acquisitions in our pipeline.”
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.