NewStar Financial Closes $14.4 Million Loan On 101 North Main Street In Greenville, South Carolina
Professional Mortgage Company advises local investor group led by John Boyd
Boston, MA December 29, 2006 NewStar Financial, Inc. ("NewStar"), a Boston-based specialty finance company, announces that it has provided $14,400,000 in non-recourse, first mortgage loan financing on 101 North Main Street, a 15-story, 191,181 sq ft office building in Greenville, South Carolina. The property is owned by a Greenville based investor group led by John Boyd, CEO of TIC Properties. The NewStar loan provides the sponsors with funds to refinance the existing debt on the property as well as additional capital for building renovations and leasing costs. The Sponsor will use the NewStar proceeds to upgrade the property to Class A space through the remodeling of the main lobby, front façade and common areas. "Ed Terry and his team at NewStar were able to customize a loan structure that made sense for the renovation and repositioning of this asset. This structure will allow the borrowers to take full advantage of an undervalued property", says Matt Good, Senior Vice President of Professional Mortgage Company, Inc.Professional Mortgage Company, Inc. acted as exclusive financial advisor to the borrowers. Professional Mortgage, a Greenville-based mortgage banking firm active throughout the Southeast, will service the loan on behalf of NewStar. "We had numerous lenders interested in our project but NewStar quickly established themselves with their creativity and flexibility. We are pleased to have them involved in this project" added Mr. Boyd.NewStar's deal team for the transaction included Ed Terry, Carolyn Pianin, and Evan Turner.About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three dedicated lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations