2004 Transactions
Tremont Structures $35,100,000
Financing for Walmart Shadow Anchored Retail Centers
The
Hartford office of Tremont Realty Capital arranged financing
for the acquisition of ten Walmart shadow anchored retail
centers in five states for a major national real estate
investor. The centers are between two and five years old,
range in size from 6,600 to 43,000 square feet and are located
in the Southeast and Southwest regions of the United States.
The sponsor has a goal to purchase $200MM of this type of
retail product in the next two years.
Stephen Henderson, a Senior Director with
Tremont, structured the $35,100,000 fixed rate loan, which
was funded through a conduit lender. The 10-year, non-recourse
loan provided for 85% loan-to-value with a 5.65% interest
rate. The portfolio was 90% occupied at the time of closing.
According to Henderson, "the concept of having any
successful retail near a Super Walmart (which carries almost
everything) was difficult for many lenders. Tremont was
able to demonstrate the viability of this asset class and
its tenant mix of specialty retail like Radio Shack."
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
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