Dallas, TX, May 21, 2007 - GE Real Estate announced today it provided a $15.4 million on-book fixed-rate loan to Angel/McIver Interests for its acquisition of Interchange Business Park in Houston, TX. The Class B eight-building flex office project totals 294,600 square feet and is situated on a 14-acre site. Nearby landmarks include the Texas Medical Center, Reliant Convention Center, Reliant Park, and the Astrodome.
The property is adjacent to another recent acquisition by Angel/McIver Interests, the former Six Flags AstroWorld amusement park site. Value creation will be provided through intensive hands-on management to improve property performance. This strategy will correspond with Angel/McIver Interests’ parallel plan to create a major mixed use redevelopment on the 104-acre former Six Flags AstroWorld site.
Lance Wright, regional director, North America Lending at GE Real Estate said, “Recent market improvement in Houston’s flex sector offers an immediate opportunity for value enhancement. One of the individual property’s strongest merits is its location near major Houston business centers.”
"In addition, the asset will be a beneficiary of the borrower’s plan for the adjoining property,” added Wright. “As the re-development of the AstroWorld site unfolds, Interchange Business Park will continue to be in the spotlight.”
Tom Melody and James Tramuto of CB Richard Ellis/Melody brokered the transaction.
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home communities and RV resorts.
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Notes to editors:
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$59 billion in assets and a presence in 28 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$246 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
