Chicago, IL, October 29, 2007 – GE Real Estate announced today it has made a $26.87 million tax credit equity investment with the Wasatch Advantage Group for the acquisition and rehabilitation of Logan Apartments, a 661-unit affordable multifamily complex in Sacramento, CA. GE has owned $22.5 million of tax-exempt bonds on the property (formerly known as Valley Green) since 1999, and Wasatch has obtained a new issuance of bonds in the amount of $51.5 million for extensive property renovations.
This is GE Real Estate’s second Low-Income Housing Tax Credit (LIHTC) project for Wasatch Advantage in California. Earlier this year, it made a $4 million direct investment in Heritage Apartments located in Norco, CA.
Built in 1986, Logan Apartments have been well maintained, and Wasatch has budgeted nearly $20,000 per unit for renovations, including substantive exterior improvements, new appliances, doors and other amenities.
Since its inception in 2005, Wasatch Advantage has developed and rehabilitated five projects with a total of 908 units.
"GE provided us with a creative construction financing solution that will enable us to upgrade the property and optimize its value,” said Kip Shepard, president and CEO for the Wasatch Advantage Group. “We have had nothing but positive experiences with GE Real Estate and expect to build on our relationship in the coming months and years.”
"Kip has 11 years of experience in developing and rehabilitating multifamily rental housing and is one of the affordable tax credit housing industry’s most respected leaders,” said Elizabeth Gooch, senior relationship manager for GE Real Estate’s Chicago office. “Wasatch Advantage Group is the perfect example of the type of developer we look forward to doing additonal direct deals with in the near future.”
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:
(Press inquiries only)
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.
