Stonewater Closes $40 Million in Acquisitions in Six
Months
Mt. Kisco, New York – May 12, 2004: Stonewater
Partners announced today that it has closed on the purchase of the Unisys
Building, a 359,540 square foot Class B office building in Minneapolis, MN for
$26,075,000.
The building is 100% leased to Unisys (NYSE:UIS) through 2012. Commenting on the
transaction, David Stade, a Stonewater principal, stated "the Unisys acquisition
provides our portfolio with a high yielding asset and improving credit quality.
The asset is mission critical to Unisys’ operation with a history of occupancy
since 1964."
Jeffrey Toporek, also a Stonewater principal, added “The Unisys transaction is
Stonewater’s second acquisition bringing total volume to $40 million in the six
months since the Company’s inception. We anticipate an additional $40 million to
close by the end of the summer.”
RBS Greenwich Capital provided a 10 year fixed rate first mortgage of $20.86
million with a 30 year amortization and 5.2% interest rate. |
