GE ponies up $248m for Brookfield's latest purchase

Real Estate Weekly,  Oct 17, 2007  

Tags: General Electric Co.

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GE Real Estate announced it has provided a $248 million first mortgage loan to an affiliate of Brookfield Asset Management for its acquisition of a 3.5 million square-foot office portfolio with 46 assets in 14 states.

The Brookfield affiliate targets office, industrial, multifamily and mixed-use properties located in major U.S. and Canadian markets.

GE's Strategic Capital Group is a limited partner in Brookfield's first real estate opportunity fund and has financed $438 million of acquisitions for the Fund and affiliates in the past 24 months. The port folio was acquired from JP Morgan and contains 34 office assets and 12 "banking centers." The transaction included GE Real Estate's two-year, interestonly loan with three, one-year renewal options.

"GE Real Estate is a valued strategic partner whom we count on to deliver the flexible financing solutions needed to execute our strategy," said Steven Ganeless, senior vice president, Brookfield's real estate opportunity group.

"Brookfield is an excellent sponsor with a solid track record on a similar GE-financed portfolio in 2005," said Skip Wells, the managing director of GE Real Estate's Strategic Capital Group, which primarily works with opportunity funds, REITs and other institutional borrowers.

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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