FOR IMMEDIATE RELEASE
31 October 2002
Contact: Kenneth G. McRae
(501) 661-1313
McRae Mortgage Announces the Closing of $106
Million Commercial Real Estate Loans
Little
Rock - McRae Mortgage & Investment,
LLC, announced today that GE Real Estate has
closed and funded a series of permanent fixed-rate,
non-recourse mortgage loans totaling $106,000,000
for Lindsey Management Company, Inc. of Fayetteville,
Ark. during 2002.
These loans are secured by 2,304 apartment
units contained within nine properties
in five states. Arkansas properties include:
Cliffs Phase IV, Fayetteville; Shiloh,
Fayetteville;
The Links, Bentonville; and Spring Lake
in Russellville. Properties in surrounding
states
include: Greens at McKinney, McKinney,
Tex.; Greens at Springfield, Springfield, Mo;
Broken
Arrow, Broken Arrow, Okla.; The Greens
at Owasso, Owasso, Okla.; Greens at Shawnee,
Shawnee, Kan.
According
to Roy Stanley, President of Lindsey Management, “The purpose of these new
loans is to pay off construction lenders and
other short-term lenders, primarily Arkansas
Banks – lowering interest costs.“ D.
Scott Rogerson, CFO of Lindsey continued, “The
transactions were structured to secure favorable
permanent, non-recourse loans for 12 years.“ adding, “We’ve
worked with GE for some time – we’re
approaching a quarter of a billion dollars
in transactions with them.”
“GE Real Estate has a long-tanding
relationship with Lindsey Development … working
on numerous multifamily transactions throughout
the Midwest. Through its association with McRae
Mortgage, GE Real Estate has provided Lindsey
with long-term debt on a number of quality
multifamily properties,” said Dan Smith,
senior vice president, GE Real Estate – North
America Debt.. “The professionals at
Lindsey know the business well and this is
reflected in the l strength of the properties
they develop.”
Edward
M. Coco, easternregion managing director,
GE Real Estate – North America Debt,
commented, “GE Real Estate is very happy
with the relationship and looks forward to
future ventures with Lindsey Development.“
Lindsey Management Company, Inc., (www.lindseymanagement.com)
under the leadership of James E. Lindsey, founder
and Chairman, began in 1985 and is headquartered
in Fayetteville, Arkansas. The company has
developed over 21,000 apartment units representing
90 apartment communities in seven states and
is the largest real estate company in Arkansas.
In addition to multi-family, the company has
also developed 22 golf courses and several
commercial centers in Arkansas and surrounding
states.
GE Real Estate (www.gecapitalrealestate.com),
a business unit of GE Commercial Finance, is
headquartered in Stamford, Connecticut, and
has a portfolio of approximately $30 billion
in assets and more than 30 offices throughout
North America, Europe and the Pacific Rim.
GE Commercial Finance offers businesses of
all sizes an array of financial services and
products worldwide. With more than $180 billion
in assets, and a particular expertise in the
mid-market segment, GE Commercial Finance provides
loans, operating leases, financing programs
and innovative structured capital to help customers
grow. It also offers loans and financing leases
for major capital assets, including a full
range of aircraft fleet and financing solutions;
industrial facilities and equipment, and energy-related
facilities; commercial and residential real
estate loans and investments; and loans to
and investments in public and private entities
in diverse industries. A wholly-owned subsidiary
of General Electric Company, GE Commercial
Finance, is headquartered in Stamford, Connecticut.
GE is a diversified services, technology and
manufacturing company with operations worldwide.
McRae
Mortgage & Investment, LLC, is a
private commercial mortgage banking company
headed by Kenneth G. McRae IV, with offices
in the Morgan Keegan Building in Little Rock
and a member of the Mortgage Bankers Association
of America. (www.mcraemortgage.com)
"GE
helps us win again and again. We can count
on
them to do what what they say they're going
to do. And while others are in and out of
the
market, GE is always there, ready to support
us. That makes our clients confident that
we'll
get there deals closed, as committed - and,
more often than not, we do."
KEN
MCRAE
McRae Mortgage & Investment
Little Rock, AR
At GE Capitol Real Estate
we're building our business
to serve you better.
