2002 Transactions
Tremont Arranges $3,362,000
Financing for the Key Islander Complex
The
Chicago office of Tremont Realty Capital, Inc. arranged
financing for the acquisition and repositioning of the Key
Islander Complex, a 32-unit apartment property being converted
to condominiums, located in Key Biscayne, Florida.
Tony Kolomayets, Senior Director with Tremont
arranged the $3,362,000 loan, which was funded through a
Midwest bank. The six-month loan provided for roughly 85%
of project costs with an interest rate of 9%. Te property
was 100% occupied at the time of closing, and there were
75% pre-sales for the condominium conversion. Amenities
included swimming pool, parking and private beach club located
100 yards away. Kolomayets commented, "With two dozen
buyers chasing the acquisition, the borrower looked to Tremont
for certainty of execution within a very narrow time frame.
We delivered a transaction that funded 30 days from presentation.
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
