2005 Transactions

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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