2005 Transactions
Tremont Arranges Bridge/Equity
Financing for $102,000,000 Mall Acquisition
Tremont
Realty Capital advised IPofA West Oaks LP in structuring
the capitalization of the $102 million mall acquisition.
The proceeds funded the purchase of the West Oaks Shopping
Mall, a 498,829 square foot, enclosed, institutional grade,
regional shopping center in Houston, Texas. It is 90% leased
and anchored by Sears, Linens 'n Things, The Alamo Drafthouse,
Steve and Barry's, as well as, tenant-owned Dillard's and
Foleys.
David Ross, a Managing Director in Tremont's
Boston office, arranged a $98 million financing package
that included $80 million of senior debt and $18 million
of preferred equity. Ross noted, "Working with a sophisticated
borrower, along with experienced and knowledgeable capital
providers, allowed us to work around some of the unique
challenges associated with financing an asset of this size
and complexity in a very short time frame. In addition,
the asset itself is very attractive and well positioned
in the Houston market and should realize some upside in
the very near future. "
For additional information on this transaction,
please contact:
David Ross
Managing Director
Email: dross@tremontcapital.com
Phone: 617.867.0700 x773
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