2003 Transactions
Tremont Arranges $7,905,000
Financing for Massachusetts Cold Storage Facility
Tremont
Realty Capital arranged $7,905,000 in financing for the
acquisition of a cold storage property in Southborough,
Massachusetts. The loan also allowed for the refinancing
of an existing cold storage property in the borrower's portfolio
located in Gloucester, Massachusetts.
Richard Gallitto, an Executive Director with
Tremont's Boston office, arranged the $7,905,000 loan, which
was funded through a local bank. The 10-year, floating-rate
loan provided for roughly 85% loan to value with an interest
rate of LIBOR +225. The financing also provided the borrower
with an option for a fixed SWAP rate during the course of
the loan. According to Richard Gallitto, "the specialty
of the property type, as well as the borrower's need to
finance within three weeks were hurdles overcome because
of Tremont's strong relationship with the lender."
For additional information on this transaction,
please contact:
Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
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