GE Refinances N.J. Office Portfolio for $105M
- Feb 22, 2008
Showing that sound assets can get refinanced even in today’s cautious lending environment, Denholtz Associates has obtained $105 million from GE Real Estate to refinance an office portfolio in New Jersey. The 1 million-square-foot portfolio encompasses nine Class B assets ranging in size up to 166,000 square feet. Located in six different submarkets, the portfolio is more than 84 percent occupied. A representative of GE could not be reached by today’s deadline, but a statement today said that the refinancing will enable Denholtz and its partner, Rothschild Realty, to pursue plans to refinance or sell assets in portfolio. The refinancing is the second that GE has provided for Denholtz. In 2006, GE refinanced a 23-asset, 2.3 million-square-foot office-flex Denholtz portfolio for $168 million. Since then, the firm has sold six of those properties, and solid performance of the other assets has prompted GE to boost the loan amount.GE Real Estate has continued to refinance selected assets nationwide. Last month the firm disclosed that it supplied Innisfree Hotels Inc. with a nearly $50 million fixed rate loan to refinance the Hilton Pensacola Beach Gulf Front Hotel in Pensacola Beach, Fla. And in December, a joint venture of Sterling American Property Fund IV and Hines obtained a $95 million short-term loan to refinance Parkside Towers, a two-building Class A office complex in Foster City, Calif., south of San Francisco. Also in December, Interwest Capital Corp. obtained a $26.5 million loan to refinance the Galleria Park Hotel in Downtown San Francisco.