Norwalk, CT, November 13, 2007 – GE Real Estate recently announced that it has provided a four-year, $49.9 million loan to an entity associated with Cambridge Holdings for the purchase of the Maryland Trade Center, located in Greenbelt, Maryland, in the suburban Washington, D.C. market. The property, which was built in the mid 1980’s, consists of two office buildings, one 12 stories and the other 16 stories, with a combined total of 341,965 square feet. This loan is the fourth GE Real Estate has made with Cambridge Holdings.
"The recent unrest in the real estate market has impacted TIC lending to some degree, but GE Real Estate delivered on the deal for us, as they have in the past” said Andrew Czekaj, CEO and Chairman at Cambridge Holdings. “A combination of strong real estate fundamentals, a proven sponsor and strong lender relationship facilitates performance during market turbulence. We look forward to expanding our relationship with GE.”
"The real estate market surrounding the nation’s capital is attractive and stable,” said Dan Martin, regional director, Eastern region, GE Real Estate. “Cambridge is an excellent operator – very professional and thorough. We look forward to expanding our relationship with them and growing our presence in the local market.”
The properties are located along the Baltimore-Washington Parkway (Interstate 295) and close to the Capital Beltway (Interstate 495). Major tenants include Lockheed Martin, Bank of America and Orbital Sciences Corp.
Gary McGlynn with NorthMarq Capital brokered the transaction.
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 owenrship, 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.
