2004 Transactions

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Tremont Provides $3,940,000 Financing for Dallas Apartments

Tremont Realty Capital structured financing for the acquisition of La Valencia Apartments, a 384-unit Class A apartment property located in Dallas, TX.

Tom Lorenzini, a Managing Director with Tremont's Chicago office, arranged the mezzanine loan, which capped a total of $25,796,000 in financing. The $3,940,000, 5-year, non-recourse mezzanine loan, was funded through a Tremont sponsored Loan Program, which provided approximately 93% of the purchase price with a 12% interest rate. The property was 94% occupied at the time of closing with a lower economic occupancy. According to Lorenzini, "We were able to understand and get comfortable with underwriting the Dallas market and the property rental concessions, as compared to market concessions."

For additional information on this transaction, please contact:

Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960