GE announces $159m loan to Bethany Group.GE Real Estate announced it provided a $159 million flexible, fixed-rate loan Fixed-rate loan A loan whose rate is fixed for the life of the loan. to The Bethany Group, a real estate and investment company based in Irvine, CA, to fund its acquisition of nine Class B multifamily properties with a total of 2,873 units. The loan structure featured GE's new flexible fixed-rate product, which offers borrowers more flexible terms and prepayment options as well as in-house asset management. The on-book financing has a five-year term and permits prepayment if the assets are sold before the loan matures. This was the second deal between the two companies; in September, 2005 GE provided a $151.6 million loan that enabled The Bethany Group to acquire and reposition a portfolio of 12 multifamily properties. "We knew from experience that GE delivers exceptional service" said Greg Garmon, Bethany Group's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our new loan gives us the certainty of a fixed rate plus the flexibilities of an on-book lending program, which are both key to our growth strategy." The collateral for the loan are two properties located in Orlando, FL; two in Jacksonville; one in Tampa; two in San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , TX; and two in Columbia, SC. "Our strong relationship with The Bethany Group and the geographic dispersion of the assets made this an attractive deal," said Linda Gorbenko, Senior Director in the 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. Debt Group at GE Real Estate. "We appreciate the opportunity to help grow its business." The brokers for this transaction were HFF HFF Hochschule für Fernsehen und Film München (Germany) HFF Heartland Film Festival HFF Hardy Fern Foundation HFF Half Forward Flank (football position) HFF Horizontal Flute Factor (Holliday Fenoglio Fowler) and Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Financial. |
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