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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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