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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 the Tremont-GRE Mezzanine 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".

The Tremont-GRE Mezzanine Loan Program, managed by Tremont Realty Advisors, expects to close approximately $150M in mezzanine financing during the next 12 months, providing financing for cash-flowing assets. Loans are typically in the range of $3M to $30M for up to 90% LTV. Terms start at two years and can be as long as 10 years; a bonus for borrowers looking for mezzanine to match up with today's extremely attractive long-term senior financing. The minimum yield target is typically 12%, although the lender will go as low as 8% on a pay rate. The lender is also willing to go as low as 1.0 on DSC for select deals with value-ad.

For additional information on this transaction, please contact:

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
















 


 
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