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November 27, 2005
East Coast Realty Ventures LLC is pleased to announce the closing of its first 1031 TIC private placement for $2,524,000. ECRV secured senior financing from Bear Sterns.
The Property, Foxcroft Office Buildings, is located in Martinsburg West Virginia. The Major tenants include GSA, United State Social Security office, Verizon and Centra Bank. The offering was sold out in less then 2 weeks and was acquired by 11 accredited investors.
Management believes that this was the best type of product to bring to market for several reasons. First, Foxcroft is in a very stable and developing submarket of Washington, DC, which historically has been one of the strongest markets in the country. Secondly, the tenant mix is very strong and includes GSA, USSSA, and Verizion. Third, the financing was very favorable. Management believes that this should prove to be a very secure and reliable investment.
ECRV plans to focus on small to mid-size commercial properties on the east coast and mid Atlantic region. Our target markets will include those properties in the $7,000,000 to $20,000,000 price range that will offer the highest probability of providing competitive returns.
Of critical importance to ECRV is to be the lowest cost provider (minimizing sponsor fees) so as to insure highest returns possible to our investors. ECRV will continue to provide to brokers and investors alike, reliable information.