New York, NY, February 1, 2008 – GE Real Estate announced today it provided $105 million to Denholtz Associates for the refinancing of nine commercial properties in New Jersey.
The diverse portfolio totals over one million square feet. It includes Class B assets located in six distinct submarkets and the assets range in size from 33,000 to 166,000 square feet. The portfolio has over 225 tenants and is 84 percent occupied.
In 2006, Denholtz formed a partnership with Rothschild Realty to recapitalize its real estate portfolio and management company. The partners plan to strategically refinance certain portfolio assets while continuing to sell others to maximize value. The loan from GE Real Estate offers Denholtz maximum flexibility to implement their strategy.
GE had also committed $168 million to Denholtz in 2006 to refinance a 23-asset, 2.3 million square foot office/flex portfolio. Denholtz has sold six of these properties to date, and GE has since modified the deal to extend additional loan dollars given the strong operating performance of the remaining collateral pool.
"We know we can count on GE for flexible balance sheet financing,” said Stuart Green, Chief Investment Officer for Denholtz. “We look forward to collaborating again on acquisitions of other multi-tenant commercial properties in high quality locations throughout the Eastern United States."
"Denholtz has extensive experience in both development, and acquisitions and with active management and has performed well on assets financed by GE,” said Ravi Singh Anand, a director within GE Real Estate's Strategic Capital Group, which primarily works with opportunity funds, REITs and other institutional borrowers. “We hope to continue to build on our solid relationships with both Denholtz and Rothschild Realty."
Denholtz focuses on assets with small- and medium-sized tenants, and currently owns and manages more than six million square feet of commercial properties. Rothschild Realty Inc. was established in 1981 as a real estate investment advisor and has $700 million under management through Five Arrows Realty Securities.
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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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.
