|MEECORP Provides $75.0 Million Mezzanine Revolving Line of Credit to AREI
Fort Lee, New Jersey -- Meecorp Capital Markets, a privately owned commercial real estate lender and investment banker specializing in value-added commercial real estate projects, today announced it has provided Redding, California-based Asset Real Estate & Investment Co. (AREI), with a three-year $75.0 million mezzanine/equity revolving line of credit. AREI specializes in investment, marketing, development and management of real estate projects primarily focusing on senior housing facilities.
The three-year mezzanine revolving line of credit loan supports AREI's continued growth and acquisition of senior housing facilities throughout the United States.
"We are pleased to build on our relationship with Meecorp. They have been very flexible in fitting into places in our capital structure on several different acquisition transactions", said Peary D. Wood, President and Chief Executive Officer of AREI. "This facility will assist us in pursuing additional properties from an enhanced position of strength."
"We've worked with AREI a number of times, and most of the closings required both speed and sufficient leverage," said Daniel Edrei, director at Meecorp Capital Markets. We have a lot of faith in AREI, the subject market and their proven ability to realize upside in properties that are already performing effectively."
AREI requested the revolving line of credit to augment its existing credit lines with Capital Source Corp, and others, to provide senior debt.