GE provides $113m on-book loan for Tarragon re-finance.GE Real Estate announced it provided an on-book loan totalling $113.75 million to 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 for the refinancing of four Class A multifamily complexes in Florida and Tennessee. The transaction included fixed rate financing for two stabilized assets and one that was recently built, plus a floating rate loan for the fourth property that enables Tarragon to initiate a condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. conversion under certain conditions. This was the second major transaction in the last 12 months between GE and Tarragon, an urban homebuilder specializing in the development and marketing of high-density residential communities. In November 2005, GE provided Tarragon a $411 million loan on a portfolio of 23 multifamily properties in seven states through its Flexible Fixed Rate Program, which offers borrowers more flexible terms, prepayment flexibility and in-house asset management. The four properties in the recent deal total 1,248 units and are located in Orlando, Jupiter and Panama City Panama City, city (1990 pop. 34,378), seat of Bay co., NW Fla., on St. Andrews Bay; inc. 1909. A Gulf Coast resort with amusement parks and excellent fishing, it is also a port of entry. The city's industries produce paper, clothing, and chemicals. in Florida and in Murfreesboro, TN. Three of the properties were developed in the last five years under Tarragon's Vintage brand and the other was acquired and renovated in 1999. "Despite facing time-sensitive pressures and complex challenges, GE once again exceeded our expectations by delivering a creative, flexible on-book loan structure at a good spread," said Ron Leichtner, executive vice president of Tarragon. William S William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack . Friedman, Tarragon chairman and 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. , concurred, adding, "This was another great transaction in a relationship that gets stronger and stronger with each closed deal." "Tarragon Corp. is one of the country's best builders, owners, and operators of multifamily real estate, and we are thrilled to provide the firm with a financing solution that meets its needs and gives us another solid on-book loan on great collateral," 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. , regional director, Northeast 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. "We've closed more than $1 billion in loans with Tarragon since 2003 and always appreciate the opportunity to contribute to its success." |
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