2001 Transactions
Tremont Arranges $7,200,000
Bridge Loan for Land of Lincoln Building
Tremont Realty Capital, Inc. has arranged a $7,200,000 bridge
loan for the refinance of an 112,729 square foot office
building in Springfield, Illinois known as the Land of Lincoln
Building.
Tony Kolomayets, a Senior Director with Tremont
Realty Capital in Chicago arranged the loan, which was funded
by a local bank. The Land of Lincoln building is located
across the street from the State Capital of Illinois and
houses two state tenants including the State Comptroller
Office. Tremont arranged a 3 year, 80% LTV, bridge loan
which allowed the borrower the ability to repay the loan
without penalty at anytime. "Prepayment flexibility
was important to the client given that the cash flow should
continue to increase over the next few years. Once the project
is stabilized we will refinance the building on a long-term
basis", said Kolomayets. The borrower recently restructured
the two state leases, which have appropriate clauses, to
include an annual escalator in each lease. The final stabilized
rent will be in place within 3 years, and the project will
then be refinanced with a permanent, long-term mortgage.
Tremont Realty Capital is the exclusive financial advisor
for this borrower's office and retail real estate portfolio,
which is estimated at $70 million.
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
