Meecorp Closes on $5.1 Million Mezzanine Revolving Line of Credit for Sunrise Retirement Village; Acquisition Loan is First in a $75.0 Million Line of Credit Extended to AREI.FORT LEE, N.J. -- Meecorp Capital Markets, a privately owned commercial real estate lender and investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. specializing in value-added commercial real estate projects, today announced the closure of a three-year $5.1 mezzanine revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. to Roseville Capital Resources, an affiliate of Redding Redding, city (1990 pop. 66,462), seat of Shasta co., N central Calif., on the Sacramento River; inc. 1872. A principal tourist center for a mountain and lake region, it also has lumbering, food-processing, and diverse manufacturing. , California-based Asset Real Estate & Investment Co. (AREI AREI Avian Research and Education Institute AREI Autosomal Recessive Exfoliative Ichthyosis ), for the purchase of Sunrise Retirement Village, a 176,923 square foot, 196-unit/bed assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. and special care facility in Roseville, CA. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]The investment banker bringing Meecorp and AREI together, P.J. Camp of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based Shattuck Hammond Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , noted, "MeeCorp provided the mezzanine capital to our client in an efficient manner allowing them to make this important acquisition quickly in a competitive market." E[acute accent]The loan is the first in a $75.0 million line of credit series to be provided to AREI by Meecorp, and is the third successful loan between the companies. This specific loan carries a debt to equity ratio The debt to equity ratio (D/E) is a financial ratio indicating the relative proportion of equity and debt used to finance a company's assets. It is equal to total debt divided by shareholders' equity. of nearly 60 percent and a combined loan to value approaching 87 percent. E[acute accent]"The assisted living facility sector of the seniors housing business is growing dramatically as the age demographic for assisted living (85 and over) is projected to double over the next five years," says Peary D. Wood, chief executive officer, AREI. "In order to stay active in a very competitive acquisition market, creative capital structuring and reliable execution are essential. We have found both of those with Meecorp." E[acute accent]"The interest being generated in assisted living properties as baby boomers start to grey and plan for their December years is great," says Daniel Edrei, director at Meecorp Capital Markets. "In 2005, GE did $1.4 billion in senior housing and plans to greatly exceed that number in '06. And guess what, Meecorp is one of the only players in the mezzanine market for senior living." E[acute accent]ABOUT MEECORP CAPITAL MARKETS E[acute accent]Based in Fort Lee, New Jersey Fort Lee is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 35,461. Fort Lee was formed by an Act of the New Jersey Legislature on March 29, 1904, from the remaining portions of Ridgefield Township. , Meecorp Capital Markets is a commercial real estate lender providing fast, creative funding solutions nationwide. Meecorp provides bridge loans, mezzanine debt, construction financing (including land development) and occasionally even equity participation, and specializes in non-conforming transactions ranging from $1 million to $100 million and above. For more information visit http://www.meecorp.com. E[acute accent]ABOUT ASSET REAL ESTATE & INVESTMENT CO. E[acute accent]Asset Real Estate and Investment (AREI) is a diversified real estate holding company. AREI specializes in investment, marketing, development and management of real estate projects which range from business centers and mini-storage facilities, housing subdivisions to assisted care facilities, upscale homes and golf courses. E[acute accent]AREI operates in partnership with other developers, as well as creating new projects. These projects are funded through syndicates with equity partners. AREI also provides venture capital for selected new and existing businesses. E[acute accent]ABOUT SHATTUCK HAMMOND PARTNERS LLC E[acute accent]Shattuck Hammond Partners LLC is an independent investment banking and financial advisory firm with offices in New York, Atlanta, Chicago and San Francisco. The Firm offers a broad array of strategic and financial services related to mergers & acquisitions, capital markets and real estate. Shattuck Hammond has deep industry expertise in healthcare as well as other sectors such as specialty non-profit, and real estate. E[acute accent]Shattuck Hammond's investment bankers have executed over $10.8 billion in M&A transactions and over $13.8 billion in capital raising transactions since 1993. For more information regarding Shattuck Hammond Partners LLC, please visit our website at www.shattuckhammond.com . |
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