2002 Transactions
Tremont Arranges $10,000,000
Bridge/Mezzanine Loan for Florida Condos
Tremont
Realty Capital arranged a $10,000,000 bridge/mezzanine loan
for Surf Club III, a parcel of land approved for 190 condominium
units located in Palm Coast, Florida.
David Ross, a Managing Director with Tremont
Realty Capital's Boston office, arranged the $10,000,000
loan, which was funded through one of Tremont's national
capital relationships. The floating rate, hybrid loan provided
for roughly 67% of the initial land value which equates
to more than 100% of the land's cost basis. The $10,000,000
facility was structured as a senior loan that will eventually
subordinate to the developer's construction loan (thus becoming
a mezzanine loan). The facility provided the developer with
funds to pay off their existing land debt and provided working
capital for the Surf Club III project, as well as, the developer's
other projects. Also of note, is the fact that the loan
closed within 30 days of application. According to David
Ross, "Surf Club III and it's sister project, Surf
Club II, are rock solid beach-front condominium projects
that offer residents a luxurious lifestyle with all of the
amenities one would expect, including access to five championship
golf courses. Our client was pleased with the speed with
which we were able to arrange the hybrid bridge/mezzanine
loan. Their plans are to use some of the proceeds to accelerate
the development of Surf Club III and other imminent projects."
For additional information on this transaction, please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
