Atlanta, GA – November 2, 2007 - GE Real Estate recently provided a $15 million, five-year variable floating-rate loan to Pacific Huntington for the acquisition of the 18-hole Shenandoah Springs Golf Course in Thousand Palms, CA. The course, formerly known as Tri Palms, also includes a nine-hole par 3 course, and will be part of Pacific Huntington’s innovative “green” Shenandoah Springs Village multi-use development, just outside Palm Springs.
This development is a noteworthy example of GE’s ability to deliver a range of coordinated solutions, beginning with those from the GE ecomagination Homebuilder Program, which helps residential developers and builders design and construct homes that are significantly more efficient in energy and water consumption. As GE’s Jeff Renaud, director, ecomagination, stated, “Each of the high-performance homes at Shenandoah Springs Village will have a turnkey solution of GE ecomagination products and services, from the building envelope to a GE solar power system, a GE SmartCommand™ Dashboard, which monitors both energy consumption and home security and energy-efficient GE appliances and lighting.”
Said Ron Safren, chief executive officer of Pacific Huntington, “Building an environmentally-sound community is not only the right thing to do, but it also differentiates and adds value to our offering. We’re extending that environmental responsibility beyond the residences, to the care and maintenance of the golf course and other facilities. We even plan to have solar-powered golf carts.” In addition to the homes and golf course, Shenandoah Springs Village will include a spa and wellness center, hotel and community theater.
Added Jim Mendelson, managing director, GE Real Estate, “Pacific Huntington recognized that the golf course was an essential amenity for this new community. We were pleased to facilitate its acquisition and be part of a GE solution for this exciting project.”
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, hotels, vacation ownership, manufactured home communities and RV resorts.
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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.
