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$78M Refinances 36-Property Portfolio

LONGMONT, CO-The three-year loan from GE Real Estate takes out existing debt on the portfolio and provides capital for tenant improvements.

By Brian K. Miller | Updated on October 24, 2007

(Read more on the debt and equity markets.)

LONGMONT, CO-Circle Capital Longmont LLC has refinanced its 36-property portfolio here with a $78.15-million loan, according to the lender, GE Real Estate. Located on 116 acres in a primarily commercial, light-industrial area servicing the high-tech industry, the portfolio includes class B suburban office/R&D buildings. GE Real Estate regional director Lance Wright tells GlobeSt.com the loan has a three-year term and an interest rate below 6.5%.

For the borrower, the loan not only pays off a previous loan on the portfolio but also provides capital for tenant improvements. For the lender, Wright says the financing allows GE Real Estate to increase its presence in what has traditionally been a very strong market for the company.

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