REDDING, CA-Meecorp Capital Markets of Fort Lee, NJ, has provided a three-year, $75 million mezzanine/equity revolving line of credit to locally based Asset Real Estate & Investment Co. The company will reportedly use the funding to support its ongoing investment, marketing, development and real estate management.
"This facility will assist us in pursuing additional properties," says AREI chief executive Peary Wood. "It will enhance our position of strength in this effort."
AREI focuses primarily on senior housing facilities. Meecorp is a privately held commercial real estate lender and investment bank that specializes in value-added properties.
"We've worked with AREI a number of times," says Meecorp director Daniel Edrei. "AREI requested the revolving line of credit to augment its existing credit lines with Capital Source Corp., and others, to provide senior debt."
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