2006 Transactions
Tremont Structures $10,200,000 Financing
for Redevelopment
The
Chicago office of Tremont Realty Capital arranged pre-development
financing for 2100 S. Indiana, located in Chicago, IL. The
borrower plans to convert an existing office building on
the site into lofts and will build a condo tower with 230
units on the land adjacent to the office/loft building.
Michael Hart arranged
the $10,200,000, 24-month bridge loan which provided for
80% loan-to-acquisition cost, as well as, predevelopment
funds. According to Hart, "The Borrower was able
to successfully time the zoning process to be in place at
closing which enable him to recoup his predevelopment costs.
Tremont's close relationship management with the seller
and the lender on behalf of the borrower was instrumental
in establishing a smooth execution".
For additional information on this transaction,
please contact:
Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
