2005 Transactions
Tremont Structures $13,800,000
Acquisition Financing for Two Loft Office Buildings
The
Chicago office of Tremont Realty Capital arranged the acquisition
financing of 833 W. Jackson & 322 S. Green Street. Both
are "A" quality loft buildings located in the
West Loop/River West office market, which border the West
loop and "Greek Town" on the east, and the University
of Illinois-Circle campus to the south.
Tony Kolomayets, a Senior Director with Tremont,
arranged the 5-year, non-recourse loan with a 30-year amortization,
which provided for approximately 80% of the value. The property
was 85% occupied at the time of closing. According to Kolomayets,
"The project had a unique position within the downtown
office market where the rents were substantially below the
Class-A office buildings in the West Loop and yet this property
offered brand new space at affordable rental rates. The
property is well located within blocks of the commuter train
stations that service the city and the suburbs, as well
as, many restaurants that line the sidewalks in Greek Town
and along Randolph Street."
For additional information on this transaction,
please contact:
Tony Kolomayets
Senior Director
Email: tkolomayets@tremontcapital.com
Phone: 312.236.0970
