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Majestic’s Capital: Activities Solid in 2002
Majestic Realty Co. worked to perfect its capital market activities in 2002,
with positive results. The company and its affiliates raised more than $500 million last year,
in the form of construction loans, new permanent mortgages, refinancing of existing loans, and
joint venture equity capital.
Over the past several years, Majestic has increased its loan activity and
greatly expanded its relationship base of lenders and advisors. As a result, Majestic and
many lenders are benefiting from the efficiency and synergy of repeat business.
“We feel very fortunate,” said Val Achtemeier, vice president and director
of capital markets. “While the broader equity and bond markets were volatile in 2002, the
commercial real estate industry benefited from the lower interest rate environment and general
positive trends in our product sector from the capital markets perspective.” As a result, we
exceeded our goals in the capital markets area and reduced our overall portfolio interest rate
level significantly.
On behalf of Majestic, Edward P. Roski, Jr., chairman and chief executive
officer, offered sincere gratitude to the company’s joint venture partners, permanent lenders,
construction lenders and correspondents. “We realize that the capital provided by our lenders
and partners is the fuel that keeps our company running. We thank you for the opportunity to
continue to do business together, and most importantly for the solid business relationships we
continue to build.”
“We also thank the many individuals who worked diligently to procure and
close the loans and equity capital for our projects,” Val added. With a number of potential
new developments scheduled to commence construction, a full roster of deals reaching
stabilization with the placement of permanent mortgages and another major refinance pool,
Majestic anticipates that 2003 will result in another strong capital production year.”
Following is a list of Majestic’s joint venture partners, lenders and
advisors for 2002:
Joint Venture Partners
- AMB Property Corporation
- Florida State Board of Administration
- Northwestern Mutual Life Insurance Company
- Principal Financial Group
Lenders and Advisors
- Bank One - David Wood and Ed Flanigan
- Bank of the West - Jerry Hornbeak and Sue O’Bannon
- Churchill Mortgage Corporation - Braden Turnbull and Peter Welch
- City National Bank - Mark Forbes
- Colliers Cauble - Hank Hall
- D. Ansley Company - Steve McAllister
- Heitman Financial Services Ltd. - Maury Tognarelli and Tony Ferrante
- ING Investment Management, LLC - Skip Foley and Greg Michaud
- Johnson Capital Group, Inc. - Guy Johnson and Greg West
- Lend Lease - Gary Wong
- Lincoln Financial Group - Sherri Davis
- Manulife Financial - Scott Croul
- David L. Babson (Mass Mutual) - Lydia Shen and Robert Durand
- Principal Real Estate Investors, LLC - Randie Tayner and Darin Allshouse
- Prudential Capital Group - Paige Hood, Curt Colon and Marcia Diaz
- The Suntrust Bank - Randy Havens and Neil Wedower
- State Farm - Eric Bridges
- SunAmerica Investments, Inc. - Matt Burton and Matt Slaughter
- Union Bank of California - Kathleen Crandell and Matt Felsot
- Wells Fargo - Mike Marino and Robert Siegel
- Western and Southern Life Insurance Co. - Thomas Stapleton
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