Morristown, NJ - March 31, 2009 -- Starting in June of 2008, an investment partnership between Normandy Real Estate Partners and Five Mile Capital Partners has been acquiring, at discounted prices, pieces of the mezzanine loan secured by the equity interests of a portfolio of properties owned by Broadway Partners.  Normandy Real Estate Partners and Five Mile Capital Partners issued the following statement in response to inquiries regarding the Uniform Commercial Code auction held today by Green Loan Services, LLC:

 

“Normandy/Five Mile is pleased that our partnership has been designated as the winning bidder of the UCC auctions for the equity interests in two iconic properties – Boston’s John Hancock Tower and 10 Universal City Plaza in Universal City, California. As a leading owner/operator of first-class commercial properties, Normandy and Five Mile believe these two buildings are each one of the top properties in their respective markets, and we will look forward to serving their tenants in keeping with the high standards for which Normandy is known in the commercial real estate sector. Both companies are well capitalized with strong balance sheets and are committed to investing in these properties and owning them over the long-term. In keeping with our standard policies, we will refrain from commenting further about these transactions until the closing of the respective sales.” 

 

Normandy Real Estate Partners is a vertically-integrated real estate private equity fund manager with its headquarters based in Morristown, NJ with offices in Boston, New York City, and Washington DC. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.0 billion of equity commitments. Normandy’s existing portfolio includes 11.4 million square feet of commercial assets, 2,500 apartments, four hotels and numerous land development sites. Normandy is presently investing its second discretionary real estate fund, Normandy Real Estate Fund II, L.P. Targeting primarily the Northeast and Mid-Atlantic markets of Boston, Metro New York City, and Washington, D.C. Normandy is pursuing primarily office property equity and non-performing debt investments where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements.

 

Five Mile Capital Partners LLC is an alternative investment and asset management company established in 2003.  The Firm specializes in investment opportunities in asset-based lending, real estate, debt products, structured finance and financial services private equity. 

Five Mile’s Principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure.   The Firm is located in Stamford, Connecticut and has approximately $3 billion in assets under management.