recapitalization

The identities of the specific properties were not released. According to information released by GE Real Estate, the portfolio consists of nine commercial properties, mostly of the class B variety, totaling more than one million sf, located in a half-dozen different submarkets within the state. The assets range in size from 33,000 sf to 166,000 sf, are home to 225 tenants and combined were 84% occupied when the refi closed.

The refi is also the second major deal between Denholtz and GE Real Estate. As reported by GlobeSt.com, the latter committed $168 million to Denholtz in 2006, a package secured by a 23-asset, 2.3 million-sf office/flex portfolio. Denholtz has since sold six of those properties and GE has modified the loan to extend more dollars, tied to the operating performance of the remaining collateral pool.

"We know we can count on GE for flexible balance sheet financing," says Stuart Green CIO for Denholtz. "We look forward to collaborating again on acquisitions of other multi-tenant commercial properties throughout the Eastern US."