November 14, 2018 – Edgecap Partners II LLC, an affiliate of Edgewater Group LLC (“Edgewater”) is pleased to announce the refinancing of the Edgewater Corporate Center by North Monroe Properties LLC. Edgewater Corporate Center was purchased by North Monroe Properties LLC in April, 2016 for an “all-in” purchase price of $9,600,000. With this refinancing the property was appraised at $19,800,000. Edgecap partners II LLC was able to borrow $11,720,000 and pull out nearly $1,000,000 in equity to distribute to their investors with this deal. The lender in this transaction was PFP Holding Company VI, LLC.
The Edgewater Corporate center is located on North Monroe Street, one of Tallahassee’s major thoroughfares, and has just under 125,000 square feet in rentable space. It is one of several properties in Edgewater’s portfolio located in Tallahassee, along with Chapel Hill Partners LLC(student housing), Belmyers LLC(multi-family), TPIS LLC(retail), and Capital Circle Properties LLC (TownePlace Suites by Marriott).
Founded in 2008, Edgewater is a boutique multidisciplinary real estate Firm that provides distressed advisory, management and value-add investment services. Edgewater’s unique focus is on the micro and middle market segments in secondary and tertiary locations in the United States.