2005 Transactions
Tremont Structures $14,800,000
Permanent Financing for Connecticut Shopping Center
The Hartford office of Tremont Realty Capital arranged financing
for the refinance of The Elm Plaza Shopping Center, a 169,000
square foot Kohl's anchored shopping center located in Enfield,
CT.
Stephen Henderson, a Senior Director with
Tremont, arranged the $14,800,000 loan, which was funded
through a regional bank. The $14,800,000, non-recourse loan
provided for roughly 75% loan-to-value with a 95 basis point
spread over the 10-Year U.S. Treasury rate. The subject
property was undergoing a repositioning, with the Sponsor's
build-out of a new Best Buy store adjacent to the existing
Kohl's. According to Steve Henderson, "Tremont was
able to structure a fixed rate loan with an earn-out provision
that allowed the Borrower to earn additional proceeds once
Best Buy was in occupancy and paying rent, while locking
in the interest rate on those additional proceeds prior
to funding."
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
