2005 Transactions
Tremont Provides $4,200,000
Mezzanine Loan for an Ohio Industrial Portfolio
The
Boston office of Tremont Realty Capital recently provided
a $4.2 million mezzanine loan to a partnership that acquired
a 2.2 million square foot industrial portfolio comprised
of multiple single-tenant assets in Cincinnati and Columbus,
Ohio.
Tremont arranged the mezzanine loan which provided up to 89% loan-to-value
when combined with the $63 million Countrywide first mortgage.
The loan proceeds were used by a sponsorship comprised of
four principals who acquired the portfolio through a Tenant-In-Common
ownership structure. The mezzanine loan has a ten-year
term and earns a fixed interest rate. The portfolio
includes ten industrial warehouse and distribution buildings
each leased to single users on net leases with varying lease
terms. Major tenants in the portfolio include Kellogg,
the GAP, Eagle Logistics, Sears, and others. Tremont
successfully underwrote the portfolio of properties and
completed due diligence in a timely manner before year-end
2005. According to Tremont, “the attractive
credit metrics, including stable cash flow from high quality
tenants, solid real estate assets and strong sponsorship
means the long-term, fixed-rate mezzanine loan offers an
attractive risk-adjusted return.”
For additional information on this transaction, please contact:
Rick Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 617.867.0700 x772
