2004 Transactions
Tremont Structures Financing
for Chicago Office Building
The
Chicago office of Tremont Realty Capital structured bridge
financing for 325 W. Adams Building, a 100,000 square foot
office building located in Springfield, IL.
Tony Kolomayets, a Senior Director with Tremont,
arranged the $6,960,000 refinance, which was funded through
a life insurance company. The 5-year, non-recourse loan
provided for roughly 70% loan-to-value with a 4.70% interest
rate. The property was 80% occupied, at the time of closing,
by the State of Illinois. According to Kolomayets, "Tremont
was able to get the lender comfortable with the value even
though there was a 20% vacancy in the property. The borrower
projects to have the balance of the space leased within
the next 12 months."
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
