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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