2005 Transactions
Tremont Provides $35,000,000
Land Development Financing
Tremont Realty Capital, through its Boylston Investment
Fund, provided financing for the recapitalization of Bloomfield
Park, a "to-be-developed", mixed-use development
located on approximately 80 acres abutting Bloomfield Hills,
Michigan; one of the most affluent areas in the United States.
The property is zoned for approximately 4.4 million square
feet of mixed-use development including retail, residential
and office. Phase I is anticipated to include a 400,000+
square foot lifestyle center. The City of Pontiac and the
State of Michigan will be providing TIF funds to reimburse
the development of much of the common area infrastructure
and parking garages totaling $68 million.
Thomas Lorenzini, a Managing Director with
Tremont's Chicago office, arranged the $35,000,000 first
mortgage loan. The loan enabled the borrower to consolidate
the existing debt on the property. The loan also provided
an interest reserve, approximately $3,500,000 of pre-development
capital and acquisition financing for the final parcel to
be acquired. The 2-year, non-recourse, interest-only loan
includes extension features.
Eric Lutz of iCap Realty Advisors in Detroit,
who brokered the loan, said "There are not more than
a handful of lenders in the country that could have addressed
the twists and turns of this complex transaction and continued
on to bring it to a successful closing. Our client was delighted
with Tremont."
For additional information on this transaction,
please contact:
Thomas Lorenzini
Managing Director
Email: tlorenzini@tremontcapital.com
Phone: 312.236.0960
