2004 Transactions
Tremont Structures $4,000,000
Acquisition Mezzanine Loan
The
Chicago office of Tremont Realty Capital structured mezzanine
financing for the acquisition of Ventana Hills Apartments.
The collateral is a 470-unit, luxury multi-family asset
in the Pittsburgh, Pennsylvania area.
Tony Kolomayets, a Senior
Director with Tremont, arranged the 3-year, non-recourse
loan, which was funded through a national mezzanine debt
lender and provided about 90% financing. The property was
80% occupied at the time of closing.
The newly completed property included amenities such as
controlled access entrance, heated swimming pool, clubhouse
with fitness center and a business center. According to
Tony Kolomayets, "Because this property is new and
the finest asset in the market, we faced several underwriting
challenges: lack of occupancy history, no new apartments
in the market to serve as comparable properties, and numerous
rent concessions. These factors posed a challenge in determining
the true stabilized value, which we were ultimately able
to resolve for our client."
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
