Press Release: Heller Financial
March 15, 2001
CHICAGO, IL -- Heller Financial, Inc. (NYSE: HF), a leading provider of commercial finance products and services,
yesterday announced that its Real Estate Finance business unit has launched a new Golf Lending Group targeting
existing middle-market golf course properties across the United States. The new lending program has a dedicated
business development staff providing floating rate debt ranging from 50% to 75% loan-to-value (LTV).
Heller will be highly selective in the golf opportunities it pursues, focusing initially on financing stabilized
or transitional daily fee, semi-private and private non-equity golf courses. The company also will consider development
opportunities on a limited basis.
``We are very excited about the new golf course lending program and the outstanding team that will be spearheading
the effort,'' said Michael Rowan, Managing Director, Specialty Business for Heller Financial. ``Heller sees great
opportunity in this under-served market, where we can leverage our niche lending expertise to provide customers
with sophisticated, customized solutions to their financing needs. The golf program complements our current array
of products and services for niche markets, including hotel lending, vacation ownership finance and affordable
housing.''
Christy Lockridge was named Director and Product Manager of the Golf Lending Group. Based in the Chicago headquarters,
Lockridge brings 14 years of real estate experience. In her most recent position, she was responsible for Heller's
real estate business originations efforts in the Midwest. Joining Lockridge will be Richard (``Rick'') Nekoroski,
formerly with Bank of America where he served as a Vice President in its golf course lending unit since 1995 and
completed over $275 million in golf course investments. Nekoroski has more than 15 years of golf/real estate-lending
experience and will be based in Heller's Boston office, responsible for business originations efforts for the eastern
United States. The Golf Lending Group also plans to add a director who will be responsible for new business development
for the western United States.
Financing for golf properties has become increasingly scarce during the last 6-12 months, as a number of debt and
equity providers have left the market. Meanwhile, the golf business and its need for financing has not receded
to the same degree, thus becoming the latest among under-served industry segments. Recognizing a new opportunity
to exhibit its strengths in providing products and services to counter cyclical and niche markets, Heller has initiated
the golf-lending program.
Heller Real Estate Finance provides a variety of interim financing products to real estate developers and investors
in all property types for the acquisition and refinancing of existing, or to-be-built, income-producing properties.
The group also provides financing for the vacation ownership industry (project finance and receivable finance);
financing for affordable housing tax credits; financing for the acquisition of portfolios of mortgages and properties;
financing for build-to-suit developments; and capital for credit-sale leaseback of existing corporate properties.
Offices located in Atlanta, Boston, Chicago, Costa Mesa, Dallas, Houston, Los Angeles, San Francisco and Toronto
give Heller Real Estate the local resources to respond to market needs and provide flexible and creative real estate
financing.
Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of sophisticated, collateralized
financing solutions. With $20 billion in total assets, Heller offers equipment financing and leasing, sales finance
programs, collateral- and cash flow-based financing, financing for healthcare companies and financing for commercial
real estate. The Company also offers trade finance, factoring, asset-based lending, leasing and vendor finance
products and programs to clients in Europe, Asia, and Latin America. Heller's common stock is listed as ``HF''
on the New York and Chicago Stock Exchanges. Heller can be found on the World Wide Web at http://www.hellerfinancial.com
.
SOURCE: Heller Financial