Chicago, IL, March 11, 2008 – GE Real Estate, a leading global resource for commercial real estate capital, has purchased $7.3 million in tax-exempt bonds and has provided a $3 million taxable tail to refinance the Martin’s Creek apartment complex in Summerville, SC, 26 miles northwest of Charleston. The borrowers are the principals of JL Woode Management Company, LLC, with offices in Chicago and Charleston, S.C.
The tax-exempt bonds are part of a standard 80/20 program, which makes 20 percent of the units available only to qualified, low-income tenants. GE’s five-year, interest-only loan on the bonds and taxable tail reduces the cost of capital for JL Woode.
Built in 1985 and renovated in 2000, the garden style apartments include 15 two-story buildings. It has 48 one-bedroom units, 128 two-bedroom units and 24 three-bedroom units.
Although this is the first transaction between GE Real Estate and JL Woode, GE has had considerable experience with the JL Woode principals, Edward Ross, Andrew Agostini and Jay Luzuriaga.
“GE Real Estate structured a creative deal that was less expensive than getting direct financing and gives us the funding we need to execute our business strategy,” said Laura McMahon, director of asset management for JL Woode.
“Martin’s Creek is extremely well maintained for its age with absolutely no deferred maintenance,” said Elizabeth Gooch, senior relationship manager for GE’s Chicago office. “The JL Woode property agents do a tremendous job competing successfully in this fast-growing market. We appreciate the opportunity to continue our relationship with the firm’s first-class professionals.”
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.
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
rringer@hlbcomm.com
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.
