2003 Transactions
Tremont Arranges $90,000,000
Self Storage Financing
Tremont Realty Capital has arranged a $90,000,000 first
mortgage loan for the refinancing of the Storage Spot self
storage portfolio. The financing was arranged on behalf
of AEW Partners III, L.P. and its partners in Storage World,
which owns and manages the 26 Storage Spot facilities located
throughout Virginia, South Carolina, Georgia, Florida, Louisiana
and Texas. AEW Partners III is an investment partnership
based in Boston, Massachusetts, managed by AEW Capital Management,
L.P. on behalf of institutional investors.
Tremont's Boston office, arranged the $90,000,000
loan, which was funded through a national capital relationship.
The 3-year, floating rate bridge loan provided for roughly
a 70% loan to value. According to Richard Gallitto, Executive
Director, "We're pleased to deliver a facility of this
size, with competitive terms that provide a level of flexibility
that do not restrict our client from executing its optimal
hold/sell strategy, even in the short term."
For additional information on this transaction, please contact:
Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
