(July 9, 2012, Weil News)
Weil advised GE Capital Corp. in the $2.51 billion sale of its real estate lending unit, Business Property Lending Inc., to EverBank Financial Corp., a newly public commercial bank. Business Property Lending Inc., which has 14 offices across the US, originates and services commercial real estate loans to small and mid-sized companies.
The deal, announced July 2, 2012, includes $2.44 billion in commercial loans as well as servicing rights on $3.1 billion worth of loans securitized by GE Capital, representing the largest bulk loan transaction in the US this year. It is expected to close in the fourth quarter of 2012. Alec Burger, president of GE Capital Real Estate's North American division, stated that "[t]he sale of Business Property to EverBank is a strong strategic win and is consistent with our stated strategy to reduce the overall size of our real estate portfolio."
The Weil team representing GE Capital included Mergers & Acquisitions partner Jon-Paul Bernard (New York); Tax partners Kenneth Heitner and Chayim Neubort (both of New York); Structured Finance and Derivatives partner John Dedyo (New York); Financial Institutions Regulatory partner Heath Tarbert (Washington DC); Executive Compensation and Employee Benefits partner Michael Kam (New York); Environmental Transactions partner Annemargaret Connolly (Washington DC); Structured Finance and Derivatives counsel Nancy Lynch (New York); Technology and IP Transactions counsel Arlene Hahn (New York); Corporate associates Arman Kuyumjian, Airi Hammalov, Jennifer Cheng, and Harry Mosely (all of New York); Tax associate Ben Solaimani (New York); and Regulatory associate Thomas Goslin (Washington DC).