ETRE Financial Listed on NASDAQ
Lauren Elkies Schram May 6, 2014, 11:14 a.m.
In February ETRE Financial filed with the U.S. Securities and Exchange Commission for an initial public offering of ETRE REIT, LLC with a proposed ticker of ECAV, as Commercial Observer previously reported. Well, now that ticker is official.
As of May 2, ECAV is officially listed on NASDAQ, though it is not yet trading since the price has not been set.
The New York firm plans to raise $56 million by offering 3.7 million shares at a price of $14 to $16, according to the investor presentation.
The firm’s first building asset is a 12-story office building, originally built in 1940 and renovated in the late 1980s, at 1201 Connecticut Avenue, NW, also known as Longfellow Building, in downtown Washington, D.C.
ETRE, which declined to comment, launched as the first real estate-specific trading platform in beta stage at the end of last year.