GE gets flexible with new fixed-rate loan.GE Commercial Finance Real Estate has provided a $391 million senior fixed-rate mortgage loan, backed by a portfolio owned by Ansonia Apartments. The deal is one of the first mortgages originated under GE Real Estate's new flexible fixed-rate product, offering borrowers more flexible terms, 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. flexibility and in-house asset management. The collateral for the loan is a 5,631 unit portfolio of 23 class A & B stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. multifamily properties in seven states--Alabama, Connecticut, Florida, Georgia, Maryland, Tennessee and Texas. Assets are concentrated in Connecticut and Florida. Ansonia acquired most of the properties from Tarragon tarragon (târ`əgŏn), perennial aromatic Old World herb (Artemisia dracunculus) of the family Asteraceae (aster family), of the same genus as wormwood and sagebrush. Corporation, an urban homebuilder specializing in the development and marketing of high-density residential communities. "Since 2003, we've provided nearly $1 billion in financing to Tarragon Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TARR TARR Trademark Applications and Registrations Retrieval (US Patent and Trademark Office) TARR Time of Arrival TARR Time Adjusted Rate of Return ). Our longstanding relationship with Tarragon Corporation and the geographic dispersion dispersion, in chemistry dispersion, in chemistry, mixture in which fine particles of one substance are scattered throughout another substance. A dispersion is classed as a suspension, colloid, or solution. of the assets made this deal attractive to us," said Troy White, Director, Eastern Region, 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, who originated the loan. GE Real Estate's flexible fixed-rate product was launched several months ago, in response to customer demand for a loan with more built-in flexibility than traditional financing options. A full spectrum of property types are covered, including multifamily, office, retail, industrial, self-storage and student housing. Available in three-, five-, or seven-year terms, the flexible fixed-rate product also offers additional fundings and earnouts, partial releases and property substitutions. Ed Coco, managing director, Eastern Region, North America Debt, commented, "Tarragon presented us the appropriate opportunity to showcase GE's capabilities and our flexible fixed-rate product. This $391 million commitment has the potential to grow to as much as $1 billion." "GE Real Estate's ability to fix the rate while offering the flexibilities of an on-book lending program was a key for us," said Ron Leichtner, executive vice president of Tarragon Corporation. |
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