Washington D.C., October 29, 2007 – GE Real Estate announced today it provided a $29.85 million fixed rate, on-book loan to MGP Real Estate for the refinancing of Summit Centre, which is located in Arlington, VA, just two miles from the Pentagon.
The Class “B” property totals more than 114,000 square feet and includes a five-story office building, a retail strip center and a parking garage. The 77,000 square-foot Summit Centre office building is fully leased to the General Services Administration (GSA) for the U.S. Army Corps of Engineers through August 2011. The remaining square footage is retail space, anchored by TGI Friday’s.
GE has closed six transactions totaling more than $260 million with MGP Real Estate of Bethesda, MD, a privately held real estate development, investment and management firm focused on Washington, D.C. and other east coast markets. MGP also will serve as the asset manager for the Summit Centre property.
"We are extremely pleased to have closed on this refinancing with GE Real Estate, particularly given the uncertainty and volatility surrounding the current credit markets. This five year loan allows not only for the minimization of risk through the return of the original equity investment, but also provides funding for future possible rollover costs," said Charles A. Salcetti, principal and founder of MGP Real Estate.
"MGP is an experienced owner well-qualified to maximize the value of this asset,” said Andy McLay, senior director, Eastern region, GE Real Estate. “We are interested in additional investment opportunities within the Washington, D.C. metropolitan area, which continues to experience healthy economic conditions.”
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.
GE Contact:
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John Oliver
Office: 203/750-3089
Cell Phone: 203/984-7757
john.oliver@ge.com
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Richard Ringer
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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.
