NewStar Financial Closes $20,900,000 Loan on Durham, NC Office Building
Medalist Capital advises Craig Davis Properties, Inc.
Boston, MA, July 10, 2007 NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based commercial finance company, announces that it has provided $20,900,000 in non-recourse, first mortgage loan financing to an affiliate of Craig Davis Properties in conjunction with First Point Partners for Durham Centre. Durham Centre is a 196,000 square-foot office building in the central business district of Durham, North Carolina. Developed in 1988, the fifteen-story Class A office building sits atop a 790-car parking garage that was built by the city of Durham. The NewStar loan provides both acquisition financing and additional capital to fund the renovation and re-tenanting of the property. The new owner will invest heavily in the renovation of lobbies and building common areas to create a modern, Class A environment for current and future tenancy. Jack Dunn of Craig Davis Properties said, "NewStar Financial was exceptional to work with. They were able to analyze and understand a complex transaction and build a debt structure that fully addressed the needs of both the borrower and the underlying asset." Medalist Capital's Barber noted, "New Star's team led by Dan Adkinson was responsive and an absolute pleasure to work with." "The NewStar team is very excited to be working with a quality organization like Craig Davis Properties on such a prominent Durham property," said Dan Adkinson who heads up the commercial real estate unit at the company. Bat Barber and Roger Montague of Medalist Capital's Raleigh, NC, office acted as exclusive financial advisors to the borrower and Medalist will service the loan on behalf of NewStar. In addition to Dan Adkinson, NewStar's team for this transaction included Zibby Shiver, Evan Turner, Don Davis, and Erica Salkow.About NewStar Financial, Inc.:
NewStar Financial is a specialized commercial finance company focused exclusively on meeting the complex financing needs of customers in the middle market through our corporate, commercial real estate, and structured products groups. Our senior banking teams call directly on customers to provide advice and finance a range of strategic transactions that may require some combination of senior secured, second lien and mezzanine financing. NewStar typically works with customers with financing needs of up to $150 million and cash flow as low as $5 million. We target 'hold' positions of up to $35 million, but may also underwrite or arrange transactions up to $100 million for syndications to other lenders. We are headquartered in Boston MA, with regional offices in Darien CT, Chicago IL, San Francisco CA, San Diego CA, and Charleston SC. In December of 2006, NewStar completed an Initial Public Offering. The Company's shares trade on the NASDAQ under the ticker symbol, NEWS. Please visit our website at www.newstarfin.com
for more detailed transaction and contact information.
Robert K. Brown
Gaffney Bennett Public Relations