Norwalk, CT, January 21, 2008 – GE Real Estate today announced it agreed to provide a $13.55 million, five-year loan to Haley Associates L.P., owner of a 254 unit, multifamily property located in suburban St. Louis, Missouri.
Haley Associates L.P., which earlier this year completed a CMBS loan with GE Real Estate, closed an on-book fixed-rate loan for its “Town and Four” multifamily property in Creve Coeur, a growing suburb of St. Louis.
The GE on-book fixed-rate loan, refinanced the existing debt on the recently renovated property, while providing the borrower the ability to expand their financing based on future performance metrics.
"GE Real Estate’s ability to provide our clients with flexible fixed-rate financing on transitional properties has significantly separated us from other lending institutions.” said Joel Traut, relationship manager at GE Real Estate. “We are constantly looking for ways to tap our diverse financing products to efficiently match our clients’ investment strategy on each transaction.”
"This transaction expands our relationship with GE Real Estate. This is the fourth loan we’ve placed with GE this past year and certainly one of our preferred lenders,” said Dan Clantanoff, Member of Key Associates, LLC the managing general partner of Haley Associates L.P. “We’ve used a couple different forms of debt solutions with GE Real Estate for each of our different properties. Each time, GE Real Estate has structured a loan best suited to our current needs.”
The 254 unit development serves a rapidly expanding area of St. Louis and offers residents state of the art amenities, including expansive views of an inland lake that winds throughout the property.
"Haley Associates L.P. has a stellar reputation for assessing and optimizing the underlying value of multifamily assets,” added Jill McEntegart, region manager at GE Real Estate. “We welcome opportunities to strengthen our relationship by collaborating on similar value-add, property repositioning investments in the near future.”
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.
Financing was arranged by Jonathan Gilfillan of Live Oak Capital, Ltd., a privately owned, full service commercial mortgage banking firm based in Houston, Texas.
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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.
