Norwalk, CT, October 11, 2007 – GE Real Estate announced today it provided a $12.9 million, on-book fixed rate loan to Galaxy Southbrook Holdings, LLC for the refinance of a multifamily community located in the Inland Empire, in Redlands, California. This is the first deal GE Real Estate has completed with Galaxy Southbrook.
Galaxy Southbrook is a regional developer that has owned real estate in Southern California since 1996. The proceeds of the loan will be used to refinance the existing construction loan on the property.
"GE Real Estate worked diligently with us to provide the financing we need at an attractive rate,” said Elliot Joelson, vice president at Galaxy Southbrook. “This was a successful transaction and we will certainly consider broadening our relationship with GE as we grow our portfolio.”
This class ‘A’ apartment community opened in 2005. It comprises a total of 82 units, and has a current occupancy rate of 95%. Amenities featured at the garden-style apartment complex include 24-hour on-site management, resort style pool and spa, fitness center, recreation room, storage units, elevators, covered parking, and all units are hard wired for satellite TV, high-speed Internet and wireless connectivity.
"The growth rate and job market in the Inland Empire continues to be robust and demand for apartments has been steadily growing,” noted Brandon Loveridge, director at GE Real Estate. “Our partner, Galaxy Southbrook, has a skilled management team with significant local market expertise. We’re delighted to partner with them in this acquisition.”
The deal was brokered by Jeff Kearns with Johnson Capital.
Galaxy Southbrook is a joint venture between Galaxy Commercial Holding, LLC and Southbrook Equities, LLC.
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$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.
