2006 Transactions
Tremont Provides $6,000,000 Pre-Development
Financing
The
Chicago office of Tremont Realty Capital structured financing
for the acquisition and pre-development of a 12,800 sf land
assemblage to be developed into a 280,000 sf condo-hotel
project in Chicago, IL.
Michael Hart, a Senior Director with
Tremont, arranged the mezzanine loan, which was funded through
a Tremont sponsored program and provided for approximately
$19,000,000 in senior and subordinate-debt. The non-recourse
loan provided for roughly 80% of the pre-development budget.
According to Mr. Hart, "The project was unique in that
the availability of buildable land with this proximity to
Michigan Avenue is virtually non-existent and the combined
FAR value of the assembled parcels significantly exceeded
the cost. Recognizing the value allowed Tremont the ability
to provide proceeds well in excess of the acquisition cost."
For additional information on this transaction,
please contact:
Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
