2002 Transactions
Tremont Arranges $5,400,000
Financing for The Elms of Hanover
Tremont
Realty Capital arranged a construction loan for the financing
of The Elms of Hanover, a 44-unit townhouse subdivision
in Hanover, Massachusetts.
David Ross, a Managing Director with Tremont's
Boston office, arranged the $5,400,000 loan, which was funded
through one of Tremont's regional lender relationships.
The loan was structured as a $4,100,000 land and road development
loan with a $1,300,000 revolving construction line. The
2-year, loan provided for roughly 70% loan to value on the
land, and 75% loan to value on the townhomes (which provided
100% of the cost of the townhomes). According to David Ross,
"Our client is quite happy with the loan structure,
because it provides him with the proceeds and commitment
he needs to assure that the project will be completed according
to his schedule."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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