Dallas, TX – November 16, 2007 – GE Real Estate today announced that it has funded an $18.6 million loan to Crest Asset Management for its purchase of Steeplechase Apartments located in Round Rock, Texas.
The deal with Crest, demonstrates GE Real Estate’s commitment to fund loans for established, credit-worthy borrowers despite ongoing turmoil in the real estate market.
Steeplechase is a 324-unit, Class A garden-style apartment community in suburban Austin where multifamily occupancy rates are strong. The occupancy rate for Class A multifamily units in the area is currently 96%.
"Crest has an excellent record of purchasing apartment properties, repositioning them and creating value,” said Lance Wright, director, GE Real Estate. “Since its founding in 1986, Crest has acquired 19 multifamily properties in Texas with more than 8,000 units. We look forward to partnering with them on additional transactions.”
Crest, founded by Rajiv Naidu, has successfully partnered with numerous institutional investors including Strategic Capital Partners, which participated in the Steeplechase transaction.
"GE closed this deal with great efficiency and flexibility, which enabled us to acquire the asset during a difficult credit environment,” noted Naidu. “We look forward to an ongoing relationship with GE Real Estate.”
The mortgage broker in the Steeplechase deal was Jay Wagley, managing director, CBRE Melody.
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
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.
