2002 Transactions
Tremont Arranges $15,000,000
Acquisition Loan for Palm Beach Hotel
The
Boston office of Tremont Realty Capital, Inc. arranged financing
for the acquisition of the Brazilian Court Hotel, a 103-key
resort hotel located in Palm Beach, Florida.
David Ross, Managing Director, arranged the
$15,000,000 loan that was funded by one of Tremont's national
lender relationships. The acquisition loan, which provided
for roughly 75% of appraisal value and over 80% of acquisition
cost, allowed the buyer to close within the abbreviated
time frame permitted under their purchase contract. The
borrower expects to convert the property to luxury hotel
condominiums in the near future. The Brazilian Court Hotel
received Five Star designation in 1998 and is the only resort
in Southeast Florida with membership in the Preferred Hotels
and Resort system.
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
