iStar turns to secured loan as tough conditions persist

05/6/2008 | Commercial Property Executive

GE Real Estate loaned iStar Financial Inc. $960 million loan against a portfolio of 34 triple-net-leased single-tenant properties. "Normally a publicly traded, investment grade REIT such as iStar would just borrow unsecured," said Janet Krolman, director with Holliday Fenoglio Fowler, which arranged the loan. "But that market is pretty tough right now, and the most cost-effective way to raise capital is by doing a secured financing such as this."

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