2005 Transactions
Tremont Structures $5,000,000
Preferred Equity Investment in 7 Days
David
Ross, a Managing Director in Tremont Realty Capital's Boston
office structured a $5,000,000 preferred equity investment
for a large office/warehouse building in Columbus, OH. The
owner/borrower was seeking a bridge loan to provide it with
some working capital until the complete recapitalization
of the property closed. However, the existing senior loan
documents precluded the use of junior or mezzanine financing.
Tremont was able to work with one of its capital sources
and arrange a short-term loan structured as an investment
of preferred equity for the borrower. Due to some capital
commitments of the borrower, Ross arranged and closed the
preferred equity investment in 7 days.
The facility is a 1.4MM SF office/industrial/warehouse
building that houses a wireless technology tenant on a short-term
lease. It is located in a free trade zone and has its own
zip code. According to Ross, "The facility is impressive.
After walking though it for 3 hours, the lender was able
to get sense of just how enormous it is. The building is
in excellent condition and has some components and fit-up
that would be difficult to economically replicate and is
located in a strong industrial and warehouse market. The
preferred equity lender/investor and the borrower were both
very happy with the transaction."
For additional information
on this transaction, please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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