SAN DIEGO, Nov. 2, 2016 /PRNewswire/ -- Versant Commercial Brokerage announced today that it has successfully recapitalized Addison Corporate Center, a 605,000 square foot office complex located in the Hartford suburb of Windsor, Connecticut. Versant assisted the tenant-in-common (TIC) investors by originating new senior debt, mezzanine debt, and preferred equity. The new capital is being used to pay off the existing lender, stabilize the property, purchase the TIC interests of those investors who needed to exit the investment, and roll up the TIC investors into a limited liability company. Photo - http://photos.prnewswire.com/prnh/20161101/434976Photo - http://photos.prnewswire.com/prnh/20161101/434977 Some of the proceeds will fund tenant improvements, leasing commissions, and property upgrades. Since Versant was hired earlier this year, building occupancy has increased from 74% to approximately 96%. Recent leases include a new tenant, Triumph Group, which is taking approximately 88,000 square feet, and existing tenant Belcan Engineering Group, which increased its space by 9,500 square feet, to nearly 65,500 square feet and extended its lease. In addition, Quest, which occupied 17,323 square feet, expanded its space by 45,777 square feet. Other tenants at the property include General Electric, which occupies approximately 220,000 square feet, and Sun Life Financial, which occupies approximately 100,000 square feet. The new sponsor for Addison is Virtua Partners, an affiliate of Versant. Virtua oversaw the restructuring and provided the loan guarantees and a portion of the new capital. Asset management services will be provided by an affiliate, Clear Vista Management. "This was a difficult restructuring," commented Quinn Palomino, Principal at Virtua and Versant. "Our team had to overcome numerous hurdles in order to close this transaction. We appreciate all the efforts that went into making this deal a success." Versant originated $32MM in senior debt from Wells Fargo, and $10MM in mezzanine debt from an international private equity group. Versant syndicated preferred equity totaling $7.75MM, and arranged for the purchase of approximately 23% of the common equity. Ethan Schelin of Landmark Capital Advisors assisted with the capital raise, and Joel Grieco of Cushman & Wakefield handled the leasing transactions. About Versant Commercial BrokerageVersant Commercial Brokerage, Incorporated originates debt and equity capital for commercial real estate projects. We specialize in providing high quality investment opportunities for individual investors by creating access to exclusive deals. Our network of relationships, sophisticated analyses, and experience in deal structuring give us unique capabilities to place debt and equity for real estate projects nationwide.