$21M self-storage loan closed by GE.GE Real Estate announced it provided a $21 million loan to Optivest Properties of Dana Point, CA for its acquisition of five Class A/B A/B Airborne A/B Afterburner (jet engines) A/B Air Blast A/B Answerback A/B Auto-brake A/B Air Bus A/B Afterburning self-storage facilities in the Dallas/Fort Worth area. The five facilities, with a combined 2,663 units, have prime locations in the cities of Allen, Murphy, Forney, Terrell and Grand Prairie Grand Prairie, city (1990 pop. 99,616), Dallas and Tarrant counties, N Tex., halfway between Dallas and Fort Worth; inc. 1909. Located in a highly urbanized and rapidly growing area, the city's boom caused its population to double between 1970 and 1990. and are in the process of being leased to stabilization. Additions were made in 2006-2007 to all of the properties except Forney and included a 32,000 square-foot expansion (190 units) at the Allen property and 13,900 square feet (129 units) at Grand Prairie. The GE Real Estate loan was funded under its Flexible Fixed-Rate Finance Program. The loan is interest only for a period of three years and offers two-one year extension options. Other key provisions include pre-payment flexibility and partial collateral releases. This is the first transaction between GE and Optivest Properties, a full-service self-storage consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , which has acquired and managed more than 33 properties nationwide. The mortgage banker Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. for the transaction was Chuck Mills Chuck Mills, a native of Chicago served as head football coach at seven collegiate institutions including Utah State University, Wake Forest University, Indiana University of Pennsylvania, Pomona College, Southern Oregon University, U.S. Merchant Marine Academy and U.S. who owns CEM CEM contagious equine metritis. CEM selective medium chocolate agar made with Eugon agar and 5% horse blood; used to cultivate Taylorella equigenitalis. Capital, a privately held, full-service mortgage finance and real estate investment company (www. cemcapital.net). "As a leader in self-storage, GE Real Estate recognized our opportunity to increase the economic occupancy at facilities that are currently underperforming the market," said Warren Allen, President for Optivest. "Despite the tightening in the credit market, GE delivered a competitive, flexible finance solution that gives us time to lease up these properties. We hope to build on this relationship as our business grows." "Optivest is a market leader that has demonstrated its ability to add value to self-storage properties across the country," said David Cohen For other persons named David Cohen, see David Cohen (disambiguation). David Cohen (November 13, 1914 - October 3, 2005), was an American politician, noted for his service in the administration of President Franklin D. , North east regional director, for GE Real Estate's North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Lending division. "We are pleased to support its purchase of these well-located properties in an attractive Dallas market with strong population growth. With their reputation, strong management team and the quality of the assets in this portfolio, we were able to structure an interest only loan that enables them to increase the properties economic occupancy. We look forward to closing additional deals with Optivest and continuing our long standing relationship with CEM Capital." GE Real Estate's North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf and RV resorts. |
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