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Henry
S. Miller Office Closes Virginia Apartment Portfolio DALLAS,
TX - September 29, 2001-- Henry
S. Miller Capital Market's Group, a division of Henry S.
Miller, Texas’ largest independent commercial real estate
services firm, closes
apartment loans totaling $28,850,000 and breaks in house loan
size record.
The
three
Virginia
properties, part of an expanding portfolio owned and operated
by Chandler Management, include the Alexandria,
Va.-based Presidential Greens Apartments, loan amount
$20,520,000 with 397 units. The Richmond, Va.-based Gates of
West Bay Apartments loan amount $5,190,000 with 202 units and
the Newport News, Va.-based Landmark Apartments loan amount
$3,145,000 with 112 units. The 5 and 10-year fixed-rate loans
maintain interest rates of approximately 7
percent and
all have a 30-year amortization. The loans were made at 80%
loan to value with a 1.20 debt coverage ratio.
“The
Presidential Greens Apartment loan sets a
records for the Capital Markets Group," explains
Mark Baldwin, founder and managing director of the Capital
Markets Group. "It's the largest single asset loan ever
closed by our group."
These
results are important because they indicate the willingness of
GE Capital as the strongest national CMBS lender to real
estate to "step up and make a loan in excess of
$15 million on a quality property. The funding
indicates the lender's resolute confidence in the market and
the skill of the owner operator to continue historical income
growth,"
Baldwin
continues.
"While
these loans had issued commitment prior to the WTC attacks of
September 11th it would have been easy for the
lender to walk away from the closings or delay the process
which was wide spread throughout the industry. However, this
was not the case with GE Capital Real Estate. The loans that
were scheduled to close on September 29th remained
on schedule despite the enormous economic fears on Wall
Street. "As a result, GE Capital has earned my respect as
the paramount real estate lender as never before. I am very
thankful to David Marindale, Dan Smith and Dan Littauer for
their courage and calm during this difficult time, "
Baldwin
remarks. Henry
S. Miller Capital Markets Group (HSMCMG), Mark Baldwin
Managing Director, was founded in 1995. HSMCMG provides
commercial property financing throughout the nation for all
property types. As part of the Henry S. Miller family of
companies, established in 1914, the group draws off the
experience of Henry S. Miller Commercial; Miller Realty Investment Partners ; Henry S. Miller Development Group; Miller Club
Group; Henry S. Miller Interests, Inc. and Vance C. Miller
Interests, Inc.
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