Dallas, TX, February 21, 2008 – GE Real Estate announced today it provided a $25.3 million on-book fixed rate, interest-only loan to the real estate investment firm RM Crowe to refinance an office building located in the highly desired Preston Center area.
The 13-story, 162,112 square-foot office tower at 8235 Douglas, which was acquired in 2005, is situated on 1.754 acres and is connected to its adjacent seven-level parking structure. Dallas-based RM Crowe plans to bring its below-market rents to market as tenants roll, renovate several floors and upgrade the common areas.
RM Crowe is a full-service real estate firm that acquires, develops, manages and sells a broad array of commercial properties, including the Park Cities Hilton and Fidelity Bank Building adjacent to the 8235 Douglas property, and self-manages more than 5.5 million square feet of office space. GE Real Estate and RM Crowe have completed several debt and equity transactions, totaling in excess of $150 million.
"GE Real Estate has been a reliable financing source for us for many years and provided the funding we needed to maximize the value of this quality property,” said R. Maurice Crowe Jr., CEO. “We look forward to growing our relationship as we pursue other opportunities in this improving market."
"This building is located within the highly desirable Preston Center submarket and should benefit from rising rental rates within this submarket,” said Bart Mills, director in GE Real Estate’s North America Lending division. “We are confident it will perform well under RM Crowe’s expert management."
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$79 billion in assets and a presence in 32 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$310 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 GE (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
