Press Release
Additional Information:
Michael London
(203) 261-1549
NEW YORK, June 16, 2004 – T-Rex Capital, a national real estate investment firm, today announced the completion of $250 million in refinancing, including its signature property in Florida as well as other more recent acquisitions.
“The properties have combined capitalization of approximately $400 million,” said Thomas M. Mulroy, T-Rex Chief Executive Officer. “The refinancings allowed us to eliminate higher interest rate debt with medium and long term instruments carrying far more attractive rates.”
“We are continuing to explore refinancing opportunities for additional T-Rex properties,” Mulroy said, “as well as expansion of our mortgage portfolio through acquisition of distressed debt on unrelated properties.”
“Of course, we also continue to investigate targets of opportunity for expansion of the company’s real estate portfolio nationwide,” he added.
The company said it closed on a $125 million refinancing of its signature T-Rex Corporate Center, Boca Raton, Fla., one of the most technologically advanced office parks in the nation. The 2 million square-foot office complex is more than 80 percent leased and includes:
- Triple-redundant air filtration in most areas;
- Triple-redundant fiber optic “sonnet” ring and connections to two separate telecommunications network backbones;
- Two independent, automatically switched 138 kilowatt transmission lines; a 10 megawatt on-site generator and back-up safety generators; and
- Parking for more than 5,000 cars.
The company also announced the closing of a $35 million refinancing on T-Rex Technology Center – Manassas, a 335,662 square foot, mission-critical facility the company acquired about 18 months ago.
This property is located within a 116 acre secured, corporate campus near the rapidly growing Prince William County Innovation Park. Acquisition of the property expanded the company’s presence in the specialized real estate market for mission-critical facilities needed by government and corporations.
Finally, T-Rex announced that Greensboro Corporate Center – a 440,000 square foot Class A+ office complex on Greensboro Drive in Tyson’s Corner, VA, has been refinanced for approximately $90 million.
This two-tower complex, completed in 2000 and now 100 percent leased, was refinanced through Greenwich Capital, Greenwich, Conn.
Terms of the refinancings were not disclosed.
T-Rex Capital, LLC and its affiliates have investments in more than 7 million square feet nationwide with a combined value of $600 million. The company’s headquarters is at 747 Third Avenue, 24th Floor, New York, New York 10017, with regional offices in Washington, D.C. and Boca Raton, Florida.
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