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2004 Transactions


Tremont Provides $2,020,000 Mezzanine Loan for Georgia Apartments


The Chicago office of Tremont Realty Capital structured financing for the acquisition of Villages on the River Apartments, a 324-unit multifamily property in Jonesboro, GA.

Tom Lorenzini, a Managing Director with Tremont, arranged the $2,020,000 mezzanine loan, which was funded through a Tremont sponsored loan program. The 5-year, non-recourse loan provided for a total of 93% of the purchase price with a 12% interest rate. The property was 92% occupied at the time of closing with a lower economic occupancy. According to Tom Lorenzini, "We were able to quickly understand the market and concessions environment, which allowed us to get comfortable with the proceeds on a loan-to-value basis. Additionally, Tremont worked closely with the senior lender which gave us the ability to accommodate the borrower's and seller's timeline of closing the loan within three weeks of application".

For additional information on this transaction, please contact:

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
















 


 
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