Secures $39M Refinancing
|November 6, 2003 - The Generation Companies, LLC, (Generation) a real
estate developer and operator of extended stay hotels, recently merged
nine individual partnerships to form Generation Properties I, LLC, (GP1)
a roll-up entity that owns over 1,100 extended-stay hotel rooms with a
market value of more than $60 million. Generation was the sponsor
of the transaction and will continue to be the operating company for, and
retains a significant equity interest in, the nine North Carolina and Virginia
Simultaneously with the formation of GP1, Generation closed on a $39 million, non-recourse, 10-year permanent loan with RBS Greenwich Capital (Greenwich), a prominent Wall Street firm. Andrew Bene and Enoch Lawrence of Marshall & Stevens Realty Capital Corp. provided advisory services to Generation on the refinancing.
“The move from asset managing only single asset partnerships to forming and running a strategic real estate portfolio is a significant milestone for our company,” says H. Mark Daley, III, Generation president. “It’s affirming to have an organization like RBS Greenwich Capital scrutinize our operations, personnel and properties and give us their stamp of approval. This gives Generation a new level of credibility and visibility, both in the industry and on Wall Street.” The refinancing and resulting new relationship with Marshall & Stevens and Greenwich gives Generation increased access to capital, supporting Generation’s long term business model of funding, developing or acquiring, and ramping up extended-stay hotel properties.
The Generation Companies is a Research Triangle Park, North Carolina based real estate developer and operator of extended stay hotels in North Carolina, Kentucky, Virginia, Tennessee and Florida. Generation has more than 2300 hotel rooms and $115 million in real estate assets under management and employs over 275 associates at 18 properties. .
The Generation Companies
Frank Dees, Executive Coordinator
|Also See:||Generation Companies Breaks Ground on Eighth Virginia Candlewood Suites / Aug 2003|
|Suburban Extended Stay Hotels Presents Curry-Henderson Award to The Generation Companies / April 2003|