2001 Transactions
Tremont Arranges $12,500,000
Mezzanine Loan for To-Be-Developed Condo Project
The
Chicago office of Tremont Realty Capital, Inc. arranged
a $12,500,000 mezzanine loan for the development of the
Park Place Condominiums located at 600 Kingsbury in Chicago's
River North neighborhood. Park Place is a 19-story luxury
condominium project being developed by Oak Brook, Illinois
based Stonegate Development. The project, designed by Solomon,
Cordwell Buenz & Associates, Inc. will have 176 units
with roughly 135 feet of frontage on the Chicago River.
Amenities include related parking, 24- hour doorman, landscaped
river walk with boat taxi access, a 1st floor day care center,
high speed internet access, outdoor pool, Jacuzzi, fitness
center and dry-cleaners. The overall mix will feature 7
penthouse units, 18 duplex units located on the river, 9
duplex units facing the City of Chicago's proposed Erie
Terrace Park, and 142 tower units.
The transaction was structured by Tom Lorenzini,
Managing Director and Mike Hart, Senior Director of Tremont
and was funded by NEBF Investments based in Washington D.C.,
with whom Tremont has a longstanding relationship. Chrismond
Financial, based in Farmington Hills, Michigan brought the
transaction to Tremont. The 28-month, non-recourse loan
provided a full accrual feature with the option to extend.
More importantly the loan structure was unique in that it
allowed the developer to obtain effectively non-recourse
construction financing from the first mortgage construction
lender. The combined capital structure provided for roughly
95% of the estimated development cost.
For additional information on this transaction, please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
