2003 Transactions
Tremont Structures Financing
for Office Building
The
Hartford office of Tremont Realty Capital structured permanent
debt for the refinance of 15 Campus Drive, a single story,
30,000 square foot flex office building located in Franklin,
NJ.
Steve Henderson, a Senior Director with Tremont,
arranged the $2,700,000 loan, which was funded through a
national bank. The 10-year, loan provided for roughly 75%
loan to value with a 5.25% interest rate. The property was
100% occupied at the time of closing. According to Steve
Henderson, "the transaction was a perfect fit for both
parties involved. The borrower was seeking proceeds on a
fixed rate basis to buy out an existing partner while the
lender was seeking to add more office/industrial type assets
to their portfolio. The challenge was getting the lender
comfortable in a market that had extensive vacancy in this
product type. These issues were mitigated by the history
of the building and the experience of the operator. Tremont
emphasized the barriers to entry and that the subject property's
smaller blocks of space compared favorably with the larger
"big boxes" that were driving market vacancy."
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
