Regions West | Los Angeles
GE Real Estate Funds Legacy Partners Pasadena, Calif., Buy
May 5, 2008

GE Real Estate has announced it has provided a $36.5 million first mortgage facility to Legacy Partners Commercial for its acquisition of an office building in Pasadena, Calif. The Class B property totals 105,000 square feet and is being acquired from Los Angeles-based Arden Realty. The transaction, the first between GE and Legacy Partners, closed in five days. The three-year, first mortgage bridge loan included a hold back for future capital expenditures and tenant improvements of $4.5 million.

 
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