2004 Transactions
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 the Tremont-GRE
Mezzanine 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
