Houston, TX – November 15, 2007 – GE Real Estate announced today it has provided a $37.6 million loan to Chase Merritt for the acquisition of a two-building office property in the Galleria/West Loop South area of Houston.
The two office towers, one seven stories and the other eight, have a combined 313,900 square feet of Class B office space, of which nearly 90% is occupied. Upon completing a capital improvement plan, Chase Merritt expects to lease vacant space and retain tenants at market rates.
"GE Real Estate specializes in working with borrowers such as Chase Merritt that have a good track record of acquiring properties and executing on value-add strategies to improve the acquired properties.” said Kevin Tucker, senior director, GE Real Estate.
Chase Merritt targets growth markets across the country. The Newport Beach, CA-based real estate firm and its principals have acquired more than $700 million of real estate in the last three years, including office, industrial, retail, resort, hospitality and land.
Chase Merritt was within hours of completing the acquisition with another lender, which pulled out of the deal. “GE Real Estate is a good partner and a firm that we can count on,” said Chad Horning, Principal and CEO of Chase Merritt. “Their attention, commitment and efficiency are what allowed us to complete this deal.”
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
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Richard Ringer
312/649-0371
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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.
