Norwalk, CT, December 10, 2007 – GE Real Estate, a leading global resource for commercial real estate capital, has made a $24.6 million equity investment to develop 592 Class A+ luxury apartments near downtown Atlanta in partnership with Trammell Crow Residential (TCR). TCR also has an equity investment in the development, and construction will be financed with an $82 million construction loan from US Bank.
The multifamily property will be comprised of four 4-story mid-rise buildings on 9.6 acres on the eastern edge of the city, across the street from the Martin Luther King Museum. Residents will have a superb view of Atlanta’s skyline as well as top-of-the-market amenities, including granite countertops, rooftop terraces, 9-foot ceilings, modern lighting and travertine backsplashes.
Demolition and construction are scheduled to begin in January 2008 with the first units to be delivered in May 2009. Founded by Trammell Crow in 1977, TCR has developed more than 200,000 multi-family units in most major markets across the United States.
“We appreciate the opportunity to partner with GE in capitalizing on the revitalization trend in Atlanta, where rent growth in the past year has been the strongest since 2001,” said Michael McGwier, TCR Executive Managing Director, Southeast Division. “GE Real Estate has the resources to meet our financing needs and we expect our relationship will continue to grow."
"TCR is one of the most respected firms in multifamily development with an outstanding track record,” said Mark DePucchio, managing director for GE Real Estate North America Equity. “We look forward to future collaborations as TCR uncovers and pursues other high value opportunities through its deep development pipeline."
GE Real Estate North America Equity actively sources and manages single property and portfolio acquisitions to produce quality returns across Office, Multifamily, Industrial, Retail, Hotel, Parking and Assisted Living asset classes.
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.
