Normandy floats on $74m GE mortgage.GE Real Estate announced it has provided a $74.5 million floating rate mortgage loan to Normandy Real Estate Fund, a real estate opportunity fund based in Morristown, N J, of which GE is a limited partner. The funds, granted on a three-year term with two one-year options, will be used to stabilize stabilize See peg. four Class B+ office properties located in suburban Boston's 128 corridor. Normandy Real Estate Fund, which recently acquired the 63% occupied, 540,000 square foot portfolio, will use the funding to renovate and lease the properties. Saracen Properties will continue to manage the properties. "Normandy was looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a flexible loan structure that allowed them to execute their business plan to renovate and lease-up the properties," said Skip Wells, the Managing Director of GE Real Estate's Strategic Capital Group, which primarily works with opportunity funds, REITs and other institutional borrowers. "Their track record with these types of situations has been impressive and we're confident in their value creation plan." Added Jeff Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. , Senior Director, "Their ability to source and close on opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. real estate plays in this very competitive market is outstanding. "GE Real Estate has a proven track record of building long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. relationships with its customers, and we look forward to partnering with Normandy on future deals." Justin Krebs Krebs , Sir Hans Adolf 1900-1981. German-born British biochemist who discovered (1936) the Krebs cycle. He shared a 1953 Nobel Prize for investigations into metabolic processes. , a Normandy Principal responsible for the acquisition commented, "The opportunity to acquire a well located, 63% percent occupied portfolio and complete an intensive renovation and leasing program begun by the Seller with a fresh infusion of capital is a great fit for the "value-creation" objective of the Fund." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion