GE Provides $16M for Three Multifamily Properties

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NORWALK, CT-Locally based GE Real Estate reports it has financed approximately $15.5 million for three multifamily properties in Texas, Colorado and California. The three separate transactions were completed by the Denver-based Central Region of GE Real Estate, which is headed by Richard Morean, senior director, North America Equity.

Company officials say the financing transactions were first-time deals with the respective property owners. The largest GE financing deal was a $6.3 million common equity investment in Loveridge Terrace Apartments, a 148-unit, class B property in the Bay Area of California, provided to Seattle-based Big Rock Partners.

GE Real Estate also provided Metropolitan Homes of Denver with a $5.6 million common equity investment in its Whisper Sky Apartments development, a 212-unit, class A asset in southeast Denver. Its third reported deal was a $3.8 million common equity investment in the development of Cinco Ranch, a 268-unit class A project in Katy, TX. The borrower was Allied Realty Services of Houston.

Commenting on the financing deals, Morean says, "We are pleased to be able to grow our presence in these historically strong markets. We've significantly increased our regional interests in the multi-family market and are excited to be working with such high-level, first-time partners."