San Francisco, CA – December 5, 2007 – GE Real Estate has provided a $26.5 million loan that enabled a new client to refinance a downtown San Francisco business district boutique hotel that underwent an extensive renovation.
With the eight-month-long overhaul of the hotel completed in April and Galleria Park Hotel now refinanced, the owner, Interwest Capital Corporation, is stronger positioned to benefit from the local hotel market, which has improved in recent years.
The 117-room hotel is located in the financial district near Union Square, which enjoys strong business travel and a steady flow of leisure travelers. Hotel rents and occupancy rates here have been climbing following the dual impact of the dot.com downturn and Sept. 11.
"Refinancing the existing debt was potentially a complicated matter as there were many moving parts relative to the underlying collateral,” said Karl Coleman, President at Interwest. “We were quite happy with the GE Real Estate team and their ability to understand the transaction and accommodate our needs through a combination of creativity, thoroughness and execution."
Interwest Capital, a privately held San Diego, CA firm, focuses on debt and real estate acquisitions, corporate acquisitions, real estate development and management, and joint venture equity.
For GE Real Estate, the transaction paves the way to possible other deals with Interwest. “”The Galleria Park deal has opened doors for us to participate in other transactions Interwest is considering,” said Nathan McElmurry, director, GE Real Estate.
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.
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John Oliver
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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.
