NewStar Financial Closes $7,859,000 Loan on Tempe, Arizona Office Building
Churchill Commercial Capital, Inc. advises Biltmore Holdings, LLC
Boston, MA, July 26, 2007 NewStar Financial, Inc. (NASDAQ: NEWS), a Boston-based specialized finance company, announces that it has provided $7,859,000 in nonrecourse, first mortgage loan financing to Biltmore Holdings for 734 West Alameda Drive in Tempe, Arizona. Biltmore is acquiring the 70,434 square foot property from Alaska Airlines which has operated a call center in the premises. Dick Lund, Principal of Biltmore, plans to significantly renovate, upgrade, and re-lease the property to a single tenant or multiple tenants who can utilize the property's high parking ratio of over 7 spaces per 1,000 square feet."NewStar provided us with a well-structured loan that will enhance our ability to add value to the property," noted Lund, "Dan Adkinson and his team delivered a loan that addressed all of our needs." The NewStar loan provides both acquisition financing and additional capital to fund the renovation and re-tenanting of the property. Cindy Hammond and George O'Connell of Churchill Commercial Capital acted as exclusive financial advisors to the borrower and will service the loan on behalf of NewStar.Dan Adkinson, Head of Commercial Real Estate at NewStar said, "At NewStar Financial we are committed to be an attentive and reliable financial partner for our great clients like Dick Lund and our key partners like Churchill Commercial." NewStar's team for this transaction included Andrea Goldman, Zibby Shiver, Evan Turner, Susan Strader, 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