2004 Transactions
Tremont Structures Entire
$19,500,000 Capital Stack for the Construction of Condominiums
The
Boston office of Tremont Realty Capital recently completed
a capital raise assignment for a new development. Tremont
structured a $15,500,000 construction loan and $4,000,000
of mezzanine/equity loan, which provided 96% of the total
project costs for the development of The Atlantica Condominiums
on Revere Beach, MA. The property has 220 feet of frontage
on Revere Beach Boulevard and will consist of 82 one and
two bedroom units. It will be 4½ stories tall and
will provide 134 covered parking spaces as well as some
exterior spaces. The U-shape of the building as well as
the balconies will maximize the water views.
Senior Director, David Ross and Executive
Director, Rick Gallitto, worked with the developer, Crescent
Beach, LLC, to arrange the senior construction loan financing
and mezzanine/equity. Ross and Gallitto were able to structure
the financing with no pre-sales in order to give the developer
the flexibility they needed to meet both their capital and
timing constraints. According to Ross, "Tremont was
very excited that this would be the first residential condo
project on Revere Beach in almost 18 years. Despite the
lack of comparable properties, we were able to get the financial
community comfortable with this project. Buyers will now
have an opportunity to own wonderful beach view residences
at remarkably affordable prices. The project was very well
thought out and designed. The attention to detail was really
amazing and the development team impressed us with their
experience, professionalism and abilities."
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
