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2006 Transactions


Tremont Structures $14,750,000 Condo Development Capital


The Chicago office of Tremont Realty Capital structured capital for the land acquisition and construction of 2800 W. Chicago Avenue and 2300 S. Michigan Avenue in Chicago, IL. 2800 W. Chicago Avenue will have 33 residential condos and 9 commercial units. 2300 S. Michigan which is located in Chicago's "hot south loop" and directly west of McCormick Place Convention Center will have 99 units, seven stories tall

Michael Hart, Senior Director, arranged both transactions. 2800 W. Chicago's $10,400,000 senior loan was funded through a regional bank and a $1,200,000 mezzanine loan that was funded through a Tremont sponsored loan program. The total proceeds provided for 90% loan-to-cost. 2300 S. Michigan was capitalized with a $2,250,000 senior loan also funded through a local bank and a $900,000 mezzanine loan that was funded through the Tremont sponsored loan program. According to Hart, "Tremont was approached by the client for these transactions to accommodate a three week closing timeframe for a sensitive acquisition. Tremont used its proprietary mezz program to credit enhance the senior and provide the mezzanine debt for the land acquisitions in a timely manner to accommodate the borrower's timing and leverage needs."

For additional information on this transaction, please contact:

Michael Hart
Senior Director
Email: mhart@tremontcapital.com
Phone: 312.236.1162
















 


 
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