Norwalk, CT, March 31, 2008 – GE Real Estate announced today it provided loans totaling $44.6 million for the refinancing and acquisition of manufactured home communities by two real estate owners.
In the first deal, GE Real Estate funded an $18.1 million loan that enabled KDM Development to refinance loans on three of its existing manufactured home communities and raise capital for future acquisitions. For the second deal, GE Real Estate provided a $26.5 million acquisition facility to Global Texas to refinance loans on two existing communities, acquire another community and have unused borrowing capacity for future acquisitions.
“We are pleased to work with KDM and Global Texas and their experienced management teams, and look forward to closing more deals with them in the near future,” said Brian Mills, GE Real Estate’s director, Manufactured Home Communities for the Eastern U.S.
KDM Development Deal
KDM refinanced loans on three communities totaling 535 sites – Lake Haven in Berlin, MD, Royal Palms in Wilmington, NC and Northland Park in Watertown, NY. The communities have historically high occupancy rates and are located in stable markets.
“As a customer of GE Real Estate since 2005, I am impressed with their ability to close deals with reasonable terms and in a short timeframe, even during difficult market conditions,” said KDM’s Ken Burnham. “I’ve closed other deals with GE Real Estate in the last 18 months, and this loan was another example of their consistent performance.”
Global Texas Deal
Global Texas was able to increase existing GE Real Estate loans on two communities and finance the acquisition of a third, Buffalo Ridge, located 15 miles south of downtown Fort Worth, TX. Buffalo Ridge has a 94% occupancy with 180 total sites – 127 for manufactured homes and 53 for RV’s. The company plans to acquire additional communities with the remaining loan proceeds available in the GE Real Estate acquisition facility.
“With our plans for growth, we wanted to get the transaction completed as quickly as possible,” said Scott Jackson of Global Texas. “We went with GE Real Estate because they know this industry and our business, they provide deal structure flexibility and they can close deals in short timeframes.”
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 and manufactured home and RV communities.
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
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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.
