2003 Transactions
Tremont Arranges $8,000,000
Financing for Maine MHC
The Annapolis office of Tremont Realty Capital, LLC arranged
financing for the refinance of Baybridge Estates, a 487-site
manufactured housing community located in Brunswick, Maine.
John Chase, a Senior Director with Tremont,
arranged the $8,000,000 loan, which was funded through a
conduit lender. The 10-year, non-recourse loan was provided
after another conduit lender declined the loan just prior
to closing. The loan was closed through Tremont in just
45 days. The property was 90% occupied at the time of closing.
According to John Chase, "Tremont was able to act quickly
after another conduit lender failed to close the loan. We
structured the debt so as to achieve a reduced cost of capital
for the Sponsor which allowed him to recapture equity and
to buy-out his limited partners."
For additional information on this transaction,
please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
