Loan Programs
 Portfolio Management
 Advisory Services

 RE Portfolio Consulting Services

 Loan Sale Advisory
 Submit a Loan Request
 
 Employee Biographies
   
 Overview
 Community Relations
 History
 Industry Presence
11 10 11
11   78 11
11
 Immediate Openings
11
11 10 11
 Offices
 Contact Webmaster
 General Inquiries
 Employee Email
 Company Intranet
Logo
Header1
 About Us  Products & Services  Personnel  Newsroom  Careers  Contact Us
HeaderBlue
 Home
Header4
 

Archive

2007

2006

2005

2004

2003

2002

2001

 


2004 Transactions


Tremont Provides $6,500,000 Mezz Loan for Virginia Beach Apartments


Tremont Realty Capital provided mezzanine financing for the acquisition of Emerald Point Apartments, an 863-unit apartment property located only three miles from oceanfront in Virginia Beach, Virginia. Amenities include two pools, tennis courts and a fitness center.

A Managing Director with Tremont arranged the $6,500,000 mezzanine loan, which was subordinate to a $52,000,000 senior CMBS financing that was provided by Merrill Lynch. The 10-year, non-recourse loan, was funded through a direct lending program sponsored by Tremont, which provided approximately 90% of the purchase price at a blended cost of capital of 6.08%. The property was 95% occupied at the time of closing with a lower economic occupancy. According to Tremont, "In addition to becoming very familiar with the local apartment market, we also got comfortable with the Sponsor's plan to increase revenues." GMAC acted as the mortgage broker in this transaction.

For additional information on this transaction, please contact:

Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772













 


 
Footer