2005 Transactions
Tremont Structures $20,100,000
Bridge Financing for Texas Shopping Center
The
Hartford office of Tremont Realty Capital arranged financing
for the Rio Norte Shopping Center, a 236,524 SF retail project
in Laredo, TX. The borrowing entity was a partnership between
a REIT and a national investor. The property is anchored
by Linens-N-Things, Office Max, and Toys "R" Us.
The property is located just off Interstate 35 and was acquired
by the partnership in 2004. The borrower is adding additional
space to the center and hence was seeking a loan with some
flexibility.
Stephen Henderson, a Senior Director with
Tremont, arranged the 3-year, $20,100,000, non-recourse,
floating rate loan with two extensions, through a national
bank. The loan was 80% of value, had no reserves to the
borrower and also provided an earnout provision. According
to Henderson, "the borrowing entity had some rigid
requirements created by the partnership of the REIT and
the investor. Tremont was able to negotiate some unique
problems to satisfy both the borrower and the bank."
For additional information on this transaction,
please contact:
Stephen Henderson
Senior Director
Email: shenderson@tremontcapital.com
Phone: 860.548.9289
