2002 Transactions

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Tremont Advises on $58,500,000 Acquisition Loan for Multifamily Portfolio

Tremont Realty Capital, Inc. announced that it has advised the buyer of a 20 property multifamily portfolio, located in Colorado and Wyoming, on a $58,500,000 acquisition financing transaction. The portfolio included mostly multi-story assets similar to the property shown, the Courthouse Square Apartments in Denver.

John Chase, Senior Director, based in the Tremont Annapolis office managed the assignment. The buyer, American Housing Properties, of Portland, Maine acquired the 1,407-unit portfolio from a Colorado based seller. Tremont advised on the placement of the financing with the Colorado Housing Financing Authority (CHFA), the state agency providing the subsidized financing for the mixed income housing deals in Colorado. John Chase noted, "The CHFA loan funded over 95% of acquisition costs and allowed our client, American Housing to close the transaction within the abbreviated time frame permitted under their purchase contract. While state agencies sometimes get bad publicity for taking too long to complete deals, we have nothing but praise on how professional this CHFA loan was handled."

For additional information on this transaction, please contact:

John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744