(For more retail coverage, click GlobeSt.com/RETAIL.)
SCOTTSDALE, AZ-GE Commercial Finance, Franchise Finance, a lender in the franchise finance market through direct sales and portfolio acquisition in the US and Canada, has purchased $203 million of restaurant real estate loans from Trustreet Properties Inc. The transaction covers 159 mortgages, representing most of the loans in Trustreet's portfolio.
The Orlando-based Trustreet moved the loans to better focus on growth through a stronger focus on sale-leaseback financing and more emphasis on its core net lease business. Trustreet, launched from the 2004 merger between Orlando-based CNL Restaurant Properties Inc. and US Restaurant Properties Inc. of Dallas, has $2.6 billion in restaurant-related assets, including quick-service and casual dining brands. Trustreet holds an interest in close to 3,000 properties throughout the United States and Washington, DC. Its brands include McDonald's, KFC, Steak and Ale and T.G.I Friday's.
GE Commercial Finance, Franchise Finance is a business-to-business unit of the Fairfield, CT-based General Electric Co. The locally headquartered financing arm is looking to boost its presence in the real estate mortgage lending arena, according to today's announcement.
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