New York, NY, January 17, 2008 – GE Real Estate announced today it provided a $32 million, on-book fixed-rate loan to a single-purpose entity, formed by Core Investments and O’Connell Investments, for the refinancing of the Reserve at Marina Bay apartments in Quincy, MA. The Class A property was purchased in February 2006 by Core Investments, which has spent over $3 million on renovations and upgrades.
The six-story, 141-unit building has 130,036 square feet and is the only rental property in the affluent Marina Bay section of Quincy, approximately eight miles south of Boston. In early 2007, Marina Bay Management Services LLC, an entity owned and operated by Peter, William, and Thomas O’Connell, took over as its property manager.
"GE Real Estate recognized the opportunity for this well-located asset and facilitated a fast, smooth transaction to meet our financing needs,” said David Pogorelc, the Chairman of Core Investments, a Boston-based real estate investment and development firm.
"We plan to continue taking advantage of the property’s improved reputation and unique location to enhance value through greater efficiencies,” said Peter O’Connell, a lifelong resident of Quincy who, along with his brothers, developed the master plan of the Marina Bay area, plus own and operate five local residential buildings.
"Both borrowers have a proven ability to perform well in the Boston-Quincy metropolitan area, which is now experiencing growth above the national average,” said David Cohen, regional director, Northeast for GE Real Estate’s North American Lending division.
“This transaction aligns with our strategy of building strong relationships with experienced property investors and managers that have a solid track record of success in their local markets."
Frank Petz of the Eastdil Secured - Boston office acted as mortgage banker on 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 ownership, 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.
