2005 Transactions
Tremont Structures $44,500,000
Equity Capital for California Mixed-Use Development
The
New York office of Tremont Realty Capital structured acquisition
and construction financing for Morena Vista, a 355,704 gross
floor area, mixed-use development in the Morena/Linda Vista
area of San Diego.
A Managing Director with Tremont
arranged the 12-year, $44,500,000 loan, which provided for
roughly 97% loan-to-cost. According to Tremont, "The
deal presented several challenges, not the least of which
included a ground lease with two municipal agencies. As
a part of the transaction, the developer had to provide
improvements to an adjacent trolley car station. In addition,
10% of the residential units were set aside for affordable
housing. Tremont was able to step in and negotiate a deal
with the lender to provide 97% construction financing, featuring
a permanent 10-year take out loan. The developer was pleased
to partner with a lender who could understand the structure
of the deal and shared his long-term strategy. The ability
to have a "one stop shop" for the entire capital
structure was also very convenient for all parties."
For additional information on this transaction,
please contact:
Richard Gallitto
Executive Director
Email: rgallitto@tremontcapital.com
Phone: 212.265.6622
