2003 Transactions
Tremont Arranges $3,850,000
Development Financing for Self Storage
The Annapolis office of Tremont Realty Capital arranged
financing for the development of Crescent Avenue Self Storage,
a 71,800 square foot storage facility located in Pennsauken,
New Jersey. The unique property, an existing building, will
be completely rehabbed into 680 climate-controlled, self-storage
units.
John Chase, a Senior Director at Tremont,
arranged the $3,850,000 first mortgage loan with a Tremont
affiliate. The three-year, bridge loan provided for roughly
85% loan to value with a floating interest rate over prime.
The loan is a non-recourse loan with standard carve-outs.
The borrower wanted a bridge loan to acquire and reconfigure
an existing structure previously used as a discount drugstore
and stabilize it within three years. According to John Chase,
"Tremont was able to provide very high leverage acquisition
and construction financing for this specialized asset class.
Our client was very pleased with our ability to quickly
close this non-recourse loan."
For additional information on this transaction,
please contact:
John Chase
Senior Director
Email: jchase@tremontcapital.com
Phone: 410.604.1744
