2005 Transactions

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Tremont Provides $4,200,000 Mezzanine Loan for an Ohio Industrial Portfolio

The Boston office of Tremont Realty Capital recently provided a $4,200,000 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 $63,000,000 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