2005 Transactions

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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