2002 Transactions
Tremont Arranges $7,000,000
Financing in 25 Days
The
Chicago office of Tremont Realty Capital, Inc. arranged
financing for the refinance of the U-Stor-It Self Storage
facility located on 79th Street in Chicago's Ashburn neighborhood.
The loan was closed in 25 days from the time the borrower
accepted the loan application.
Tom Lorenzini, Managing Director of Tremont,
arranged the $7,000,000 loan, which was funded through a
Midwest bank. The 7-year, non-recourse loan provided for
roughly 70% loan to value with a fixed interest rate in
the low 7% range. The financing allowed the borrower to
refinance the existing acquisition and development loan
while providing additional cash out. Because the property
still has significant lease up potential it was important
to the client that they be able to borrow more money as
the NOI increases. Tremont arranged for the lender to provide
an earn-out for an additional $1,000,000 that can be drawn
down over the next 30 months. The earn-out coupled with
very favorable prepayment terms assures that the client
will not be prohibited from selling or re-capitalizing the
project in the future.
For additional information on this transaction, please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
