2005 Transactions
Tremont Funds $2,300,000
Houston Apartment Mezzanine Loan
Tremont
Realty Capital refinanced The Club at Copperleaf Apartments,
a newly constructed Class-A, 240-unit multifamily community
located on 13+ acres in the northwest quadrant of Houston,
Texas approximately 15 miles from the CBD. Amenities include
a 5,000 square feet clubhouse, a putting green, a sand volleyball
court, a business center, and attached and de-attached garages.
John Raggio, a Managing Director with Tremont's
New York office originated the $2,315,000 loan, which was
funded through the Tremont-GRE Mezzanine Loan Program. The
10-year, non-recourse loan provided for a total of capital
and 90% loan-to-value. The mezzanine loan was priced at
an 11% interest rate, which is interest only for the first
5 years. The property was 90% occupied at the time of closing.
According to Raggio, "Tremont funded this mezzanine
loan with one of our capital partner senior lenders. This
seamless transaction allowed the borrower to buy out their
partner and enjoy the future upside of the property."
For additional information on this transaction,
please contact:
John Raggio
Managing Director
Email: jraggio@tremontcapital.com
Phone: 212.265.6622
