2003 Transactions
Tremont Provides $13,960,000
Bridge Loan for Dallas Shopping Center
The
Chicago office of Tremont Realty Capital has provided financing
for the acquisition of Prestonwood Place, a 162,000 square
foot retail center located in Addison (Dallas), Texas.
Tom Lorenzini, a Managing Director with Tremont,
arranged the $13,960,000 loan, which was funded through
Tremont's affiliate, Capital Source. The 3-year, non-recourse,
first mortgage loan provided for approximately 89% loan
to cost with a floating rate of interest.
The property was approximately 60% occupied
at the time of closing. The primary vacancy in the center
is a two-story building, formerly a Service Merchandise.
Major tenants include Bennigan's, Steak & Ale, and The
Consignment Store. Located at Belt Line Road and Montfort
Drive, this property lies on Addison's "Restaurant
Row" one block east of the Dallas North Tollway and
directly across from the old Prestonwood Mall. Rushmore
Properties, LLC an acquirer of value-added real estate assets
nationwide, purchased the property. According to Lorenzini,
"Tremont and CapitalSource were able to provide a high
leverage senior mortgage with a rapid closing in lieu of
the borrower obtaining a traditional first mortgage and
subsequent mezzanine debt piece. This one stop shopping
allowed the borrower to meet the sellers year end closing
requirement."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
