recapitalization

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The identities of the specific properties were not released.According to information released by GE Real Estate, the portfolioconsists of nine commercial properties, mostly of the class Bvariety, totaling more than one million sf, located in a half-dozendifferent submarkets within the state. The assets range in sizefrom 33,000 sf to 166,000 sf, are home to 225 tenants and combinedwere 84% occupied when the refi closed.

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The refi is also the second major deal between Denholtz and GEReal Estate. As reported by GlobeSt.com, the latter committed$168million to Denholtz in 2006, a package secured by a23-asset, 2.3 million-sf office/flex portfolio. Denholtz has sincesold six of those properties and GE has modified the loan to extendmore dollars, tied to the operating performance of the remainingcollateral pool.

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"We know we can count on GE for flexible balance sheetfinancing," says Stuart Green CIO for Denholtz. "We look forward tocollaborating again on acquisitions of other multi-tenantcommercial properties throughout the Eastern US."

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