Dallas, TX – October 25, 2007 – GE Real Estate announced today that it has provided a fixed-rate $20.2 million loan to Campus Acquisitions, LLC for the acquisition of River Mill Apartments in Athens, Georgia. This is the first deal GE Real Estate has completed with Campus Acquisitions, a firm that focuses solely on investments in education-related real estate. Campus Acquisitions has acquired more than 1,500 units during the past several years.
River Mill consists of 244 units and 571 parking spaces, and was 100 percent pre-leased for the recently begun fall semester. It features a swimming pool and fitness center, and apartments with one, two and three bedroom floor plans.
“The student housing market is very strong in Athens and the location of this property is particularly appealing,” noted Greg Pettigrew, director, GE Real Estate. “Our partner in the deal has a dedicated, skilled management team with significant experience in the student-housing market, and we’re excited to partner with them in this acquisition.”
Added Lance Wright, regional director at GE Real Estate, “This deal went under application just before the current credit crunch started to impact the industry. We were able to hold the terms and close the deal with no significant changes. This is our first deal with Campus Acquisitions and we look forward to partnering with them in the near future on additional student housing assets.”
"GE closed this deal with great efficiency and flexibility, which we very much appreciate,” said Thomas Scott, Principal, Campus Acquisitions. “The property’s location in Athens, with direct access to UGA is ideal, and the student housing market there remains vibrant. We look forward to an ongoing relationship with GE Real Estate.”
James Tramuto with CB Richard Ellis/Melody raised both the debt and equity for the transaction, with this being his third deal closed with Campus Acquisitions over the past 12 months. James remarked: “GE’s on-book program was the perfect fit for this transaction. The loan we structured allows Campus Acquisitions the flexibility to do what they are good at – and truly add value to the asset and the investors in this deal.”
Representing the seller was Ryan Reid with the Dallas office of CB Richard Ellis. 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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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.
