New York, NY, September 5, 2007 – GE Real Estate announced today it provided a $30 million loan to Kabro Associates to refinance its Southgate Shopping Center in Massapequa Park, NY. The loan is structured with $10 million in fixed-rate initial funding and a $20 million revolving line of credit.
Located in an affluent Long Island community, the 117,000 square-foot property is 96 percent leased to 26 tenants, including a King Kullen grocery anchor. This was GE Real Estate’s first deal with Kabro Associates, which develops and manages commercial and residential properties and has owned the neighborhood shopping center for more than 20 years.
The transaction was brokered by David Cronheim Mortgage, New Jersey's oldest and largest privately owned comprehensive real estate investment banker, which services and manages a portfolio of investments approaching $2 billion in value.
"Despite all the turmoil and re-pricing activity in the debt market, GE Real Estate gave our client a financing solution that remained true to the original terms,” said Andrew Stewart, the CEO of David Cronheim Mortgage. “We were impressed by GE’s ability to provide the certainty of execution that has become even more critical to success in today’s volatile environment.”
David Cohen, regional director, northeast, for GE’s Real Estate’s North America Lending division said, “With strong sponsorship, a committed and experienced owner and excellent market demographics, this was an attractive lending opportunity. GE Real Estate has a healthy balance sheet, and we continue to actively pursue deals that align with our value-add approach.”
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.
John Oliver
Office: 203/750-3089
Cell Phone: 203/984-7757
john.oliver@ge.com
For other inquiries please call 1-888-GE-First extension 333
HLB Communications, Inc.
Richard Ringer
312/649-0371
rringer@hlbcomm.com
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$72 billion in assets and a presence in 31 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$276 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.
