GE Real Estate provides $122 million to upgrade 12 Arizona properties.GE Real Estate, Stamford, Connecticut Stamford is a city in Fairfield County, Connecticut, United States. According to 2006 Census Bureau estimates, the population of the city is 119,261, making it the fourth largest city in the state. , announced it has provided two flexible, fixed-rate loans totaling $122.145 million to The Bascom Group, Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , a privately held real estate investment and property management firm specializing in value-added multifamily properties. The proceeds will be used to enhance the appearance and marketability of 12 class-B/C apartment complexes located in Tucson and Sierra Vista, Arizona Sierra Vista is a city in Cochise County, Arizona, USA. According to 2005 Census Bureau estimates, the population of the city is 41,908.[1] Fort Huachuca, a U.S. Army base, is located just northwest of the city. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Tim Campbell, western regional director for GE'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 Group. "With more than 21,000 apartment units in its portfolio, Bascom has proven expertise in sourcing value-add opportunities and executing effective turnaround strategies," said Campbell. "We are pleased that the firm continues to rely on GE for the financing solutions to help grow its business." GE has provided more than $400 million in financing to the Bascom Group for implementing its business strategy at 22 properties, added Campbell. The Bascom Group will make significant improvements at the properties in the common areas, which were all built between 1973 and 1987 and have a total of more than 2,900 units, according to Jerry Fink, a managing director for the Bascom Group. "GE's on-book loans give us attractive terms and rates, plus the flexibility we need to move quickly when opportunities arise," said Fink. |
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