2003 Transactions
Tremont Structures a
$35,000,000 Condominium Construction Loan
Tremont
Realty Capital arranged a $35,000,000 construction loan
for Surf Club III. The loan provided for the development
of 190 condominium units located in Palm Coast, Florida.
David Ross, a Senior Director with Tremont's
Boston office, arranged the $35,000,000 loan, which was
funded through one of Tremont's national capital relationships.
The loan was a two-year, floating rate, construction loan
that represented over 85% of the project's actual hard and
soft costs. The subject loan was the second financing that
Tremont arranged for Surf Club III. In December 2002, David
Ross arranged a $10,000,000 bridge/mezzanine loan that was
structured to subordinate to the subsequent $35,000,000
construction loan. The total $45,000,000 financing ($35,000,000
construction loan and $10,000,000 mezzanine loan) provided
the developer with financing equal to 100% of project costs.
According to David Ross, "The developer
has put together a tremendously well thought out project
that contains all of the attributes necessary to attract
and keep qualified buyers. The oceanfront location, views,
layout and amenities combine to create a package that is
unparalleled in the area in the mid-market price point."
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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