2003 Transactions
Tremont Arranges $8,475,000
for Boston Apartments
Tremont
Realty Capital arranged the financing for the construction
of the Mountfort Street Apartments, a planned 37-unit apartment
building with underground parking in Boston, Massachusetts.
The project is located on the corner of Mountfort Street
and St. Mary's Street on the Boston/Brookline line.
David Ross, a Managing Director with Tremont's
Boston office, arranged the $8,475,000 construction loan,
which was funded through a national lender relationship.
The five-year floating rate loan provided 83% of the project
cost. The construction interest rate is at Libor plus 265
basis points for a sub-4% current interest rate. The borrower
used a forward SWAP to lock his interest rate post-construction
at a sub-6% interest rate. According to David Ross, "The
developer, 120 Mountfort Street, LLC, chose an excellent location to build a Class A product with underground parking.
We anticipate rapid lease-up at project completion. This
loan gave the developer the flexibility to take advantage
of today's low floating interest rates, while also allowing
him to fix his longer-term rate."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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