2003 Transactions
Tremont Arranged $8,750,000
Financing for Southwest US Industrial Portfolio
Tremont
Realty Capital arranged the refinancing of the Santa Teresa
Intermodal and Border Parks totaling 462 acres of developable
industrial land in Santa Teresa, New Mexico (Greater El
Paso, TX).
David Ross, a Senior Director with Tremont's
Boston office, arranged the $8,750,000 bridge loan, which
was funded through a life company. The loan was a short-term
facility that provided working capital for the developer
and paid off the existing senior and mezzanine debt. According
to David Ross, "We have been working with the Santa
Teresa Limited Partnership and Santa Teresa Real Estate
Development Company for a number of years now and have already
witnessed their successful development of one state-of-the-art
industrial park, the Santa Teresa Business Center (STBC),
which has over 2 million square feet of space.
Now that STBC is virtually full, the sponsors
have opened two new industrial parks: The Santa Teresa Border
Industrial Park located directly on the Mexican border,
straddling the international port of entry and the Santa
Teresa Intermodal Industrial Park, an intermodal facility
located on the Union Pacific railroad line, adjacent to
the airport and the highway connector to I-10. We have been
extremely impressed with the sponsor's progress in Santa
Teresa to date and are very excited about this next phase
of development. The Santa Teresa Real Estate Development
Company is rapidly becoming the premier industrial developer
on the Texas/New Mexico international border."
For additional information on this transaction, please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
