DEAL OF THE DAY: GE Provides $10.3M for Refinancing of 200-Unit Property

Summerville, S.C.–GE Real Estate has purchased $7.3 million in tax-exempt bonds and has provided a $3 million taxable tail to refinance the Martin’s Creek apartment complex in Summerville, S.C., 26 miles northwest of Charleston.The tax-exempt bonds are part of a standard 80/20 program, which makes 20 percent of the units

Summerville, S.C.–GE Real Estate has purchased $7.3 million in tax-exempt bonds and has provided a $3 million taxable tail to refinance the Martin’s Creek apartment complex in Summerville, S.C., 26 miles northwest of Charleston.The tax-exempt bonds are part of a standard 80/20 program, which makes 20 percent of the units available only to qualified, low-income tenants. GE’s five-year, interest-only loan on the bonds and taxable tail reduces the cost of capital. The garden-style Martin’s Creek apartments were built in 1985 and renovated in 2000. The 15 two-story buildings feature 48 one-bedroom units, 128 two-bedroom units and 24 three-bedroom units.“GE Real Estate structured a creative deal that was less expensive than getting direct financing and gives us the funding we need to execute our business strategy,” says Laura McMahon, director of asset management for JL Woode, the borrower.Elizabeth Gooch, senior relationship manager for GE’s Chicago office, says, “Martin’s Creek is extremely well maintained for its age with absolutely no deferred maintenance. The JL Woode property agents do a tremendous job competing successfully in this fast-growing market.”