GE closes $35m deal with Italian subsidiary.GE Real Estate announced it provided a $35.5 million on-book, fixed-rate loan Fixed-rate loan A loan whose rate is fixed for the life of the loan. to Palladium palladium, chemical element palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. USA, the domestic subsidiary of Milan, Italy-based Palladium Group, to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. the Verona Apartments, a 274-unit Class A apartment in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. . The loan structure featured GE's on-book fixed-rate product, which offers borrowers more flexible prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. options as well as in-house asset management. Since introducing the flexible fixed-rate product earlier this year, GE Real Estate has closed 40 transactions, representing more than $2.1 billion in financings. This transaction is the first between Palladium USA and GE Real Estate. The properties include a 16-story tower with 173-units, two surrounding four-story town home buildings containing 101 units, and both an underground parking garage and surface parking spaces. Built in 2000, Verona Apartments is located adjacent to LBJ Freeway and the Galleria Mall. "From our initial meetings with GE Real Estate, we knew we were talking with the lender that matched all of our needs and one that we believed could get us to the goal line," noted Tom Huth, president of Palladium USA. "In the end, GE actually delivered more than we expected and were truly able to underwrite this asset outside of the box. The closing process was very easy and smooth with no surprises. We envision doing many more deals in the future with GE." "This new partnership is ideal for our value creation strategy of financing well-located properties within recovery markets," commented Lance Wright, Regional Director, Southwest of 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. "Palladium develops high-quality, institutional properties and has a growing presence in the D/FW D/FW Dallas Fort Worth region. They represent the type of long-term client that we hope to support continually as they expand their presence in the U.S." "Without this unique finance product, the loan structure would not have completely met the Borrower's needs," added Paul Nauschutz, a Dallas-based Senior Relationship Manager with GE Real Estate. "This loan offered Palladium the opportunity to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the asset and fix the rate on a non-recourse basis. It also provides them with the facility needed to execute their business plan and the ability to earnout additional proceeds." Concluded Wright, "Palladium is also active in six European countries, and given GE's global presence, could become a customer of multiple GE platforms." |
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