2005 Transactions
Tremont Funds $19,200,000
Arizona Condo Conversion Loan
Boylston
Investment Fund made a first mortgage loan for the acquisition
and conversion of Avalon Hills, a 20-building, 348-unit,
Class-B garden style apartment complex located in Phoenix,
AZ. Loan proceeds were used to acquire the property and
provide the necessary funds to upgrade the units to condominium
quality, while allowing for some additional base-building
work.
Tony Kolomayets, a Senior Director with Tremont Realty Capital's
Chicago office, arranged the $19,200,000 loan, which was
bifurcated into a $12.75 million A-Note and a $6.45 million
B-Note. Tremont Realty Capital's Boylston Investment Fund
MMV, LLC funded the B-Note. The 24-month recourse loan provided
for approximately 85% of total project cost, 81% loan-to-value
(as complete) and 56% of net project sellout with a Libor
+600 interest rate. According to Kolomayets, "This
was an all around solid project from both an economic and
market risk perspective, and for those reasons, many purchasers
pursued the project. Boylston Investment Fund was able to
move quickly in underwriting and funding the project, for
this particular Converter, during the slow "Dog Days
of Summer".
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
