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
