GE Real Estate Loans $248 Million to Brookfield
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An affiliate of Brookfield Asset Management will use a $248 million mortgage from GE Strategic Capital Group to acquire a 3.5 million sq. ft. office portfolio of 46 properties in 14 states.
The seller was JP Morgan. The portfolio contains 34 office assets and 12 banking centers. The mortgage is a two-year, interest-only loan with three, one-year renewal options.
GE Strategic Capital Group has financed $438 million of acquisitions for affiliates of Brookfield in the past two years and is a limited partner in Brookfield’s first real estate opportunity fund. “GE Real Estate is a valued strategic partner whom we count on to deliver the flexible financing solutions needed to execute our strategy,” says Steven Ganeless, senior vice president of Brookfield’s real estate opportunity group.
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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